3 Crypto Stocks to watch if Bitcoin price crosses $120K: Marathon, Coinbase, MicroStrategy Analysis

Bitcoin price analysis: 

Bitcoin price peaked at $99,600 on November 22. While bulls failed to stage a decisive breakout above the $100,000 mark for the first time in history, Trump’s re-election on Nov 5 has triggered a positive shift in US regulatory stance on cryptocurrencies.

This analysis explores 3 US stocks to watch ahead of Trump’s inauguration in January 2025.

Bitcoin price hits $100K as Trump re-election Sparks 50% November rally

Bitcoin price has been on a steady uptrends since Trump won the re-election bid on November. But since then, fresh bullish catalysts have emerged, prompting US-based corporate entities to allocate capital towards the cryptocurrency sector.

The chart above shows how Bitcoin price rose 49.3%, moving from $66,800 on November 5, to reach a new all time high of $99,662 on November 22. While BTC has retraced 2.7% towards the $97,000 mark at press time on November 24, the market momentum remains dominantly bullish.

Recent reports shows that Trump’s re-election has prompted major US corporate entities to scale up their investments in Bitcoin. Here are 3 crypto stocks flash bullish signals ahead of the Trump’s inauguration in January 2025.

1. MicroStrategy (MSTR): Stock price surges 135% amid $6B BTC buying spree in November

MicroStrategy is a US-based IT firm that made headlines , when CEO Michael Saylor announced a “Bitcoin strategy” to shareholders in 2020. Since then, the firm has become the major proponent of Bitcoin adoption in corporate America.

Amid intense volatility, and several systemic risk event such as the TerraUST crash and the infamous FTX exchange blow-up in 2022, MicroStrategy continued to double-down on it’s Bitcoin acquisition strategy.

With the positive sentiment surrounding the cryptocurrency sector ahead of Trump’s inauguration, Microstrategy’s MSRT stock, is one of the top stocks poised to score considerable gains in the coming weeks.

Following Trump’s re-election, MicroStrategy has promptly bought BTC worth $6B in two tranches of purchases in November. Michael Saylor first announced the first purchase of 27,200 BTC for $2.03 billion on Monday November 11. And on Novmber 18, another 51,780 BTC for $4 billion.

This drove current holdings to 321,300 BTC. At press time, MicroStrategy’s current BTC stash is worth $34.4 Billion, held at 96% unrealized profit.

In reaction to the bullish events surrounding Bitcoin’s price action since Trump’s re-election, MSTR stock price rose 250% in 30-days to reach an all-time highs above $400.

Notably, with the company sitting on 96% unrealized BTC gains, the MSTR price has outperformed BTC in five-fold in November. Strategic investors are likely to re-direct capital towards MSTR to benefit from this rare correlation dynamics.

MSTR Technical Analysis: $500 rally in sight

If BTC stages a decisive breakout above the $100,000 level, MSTR is likely to advance further toward the $500 territories in the weeks ahead.

Looking ahead, it is important to note that MicroStrategy announced a plan to acquire $42 billion worth of BTC over the next 3-years.

Having raised another $1 billion in debt notes issued last week, the firm is expected to announce further BTC purchases in the weeks ahead, a move that would not only drive up BTC price, but also indirectly drive up up its MSTR stock value if the $100,000 resistance caves.

Key Resistance Levels:

$450: This level marks the immediate resistance, where profit-taking has emerged during recent sessions.
$500: A psychological and technical barrier that aligns with the upper Bollinger Band and Fibonacci extensions from the recent rally.
Key Support Levels:

$400: A strong support zone, coinciding with the 20-day exponential moving average (EMA), which has acted as a dynamic trendline in the rally.
$366: The lower Bollinger Band and a previous consolidation area provide further support, likely preventing a deeper retracement.

MSTR Price Forecast: If Bitcoin price sustains above $100,000, MSTR could decisively break $450, targeting $500 in the near term. However, a breakdown below $366 may invalidate this outlook, signaling a broader market correction.

Marathon (MARA): Largest Bitcoin Miner raises $1B to purchase more BTC 

Marathon Digital (MARA) is a U.S.-based Bitcoin mining firm. Over the past decade, it has significantly expanded its mining operations, becoming the largest Bitcoin miner globally.

In early 2024, MARA stock faced substantial underperformance due to two bearish catalysts. First, the U.S. SEC’s lawsuits against major crypto firms, including Ripple Labs, Binance, and Coinbase, created negative sentiment across U.S. crypto-related equities. Second, the Bitcoin halving in April 2024 reduced mining revenues by half, further pressuring profitability and stock performance.

However, Trump’s election victory has helped alleviate these bearish factors. The confirmed exit of SEC Chair Gary Gensler has raised expectations for a crypto-friendly regulatory environment, boosting investor confidence.

To counter revenue challenges from the halving, Marathon initiated two strategic measures. It invested in advanced NVIDIA chips to improve mining efficiency and launched AI-driven enhancements to optimize operations. These efforts aim to position the firm for stronger performance as Bitcoin’s rally continues.

Marathon Digital has appointed board members with backgrounds in AI, data centers, and energy. One of the new board members, Humpton, was previously the President and CEO of Siemens USA, where she led the integration of AI and industrial data.

Furthermore, Marathon Digital has also moved to capitalize on Trump’s win by increasing it BTC reserves. On November 20, the firm sealed a deal to raise $1 billion to acquire BTC.

These key factors highlighted above put MARA stock price if prime position to outperform the market average if BTC price breaks past the $100,000 mark in the weeks ahead.

Marathon (MARA) Technical Analysis: Bulls positioned for $30 breakout

Marathon (MARA) has regained investor confidence after a challenging first half of 2024. At the time of publication, MARA stock price rose above the $26 mark,  showing 63.58% gains within the monthly timeframe,

From a technical viewpoint, the MARAUSD daily chart shows the stock has formed a series of higher lows, moving within an ascending channel.

Improved mining efficiency, AI adoption and increased BTC holdings provide strong fundamental backing.

• Key Resistance Levels:

$27: The immediate resistance level where the stock has struggled to break out recently.
$30: A crucial level, representing the top of the ascending channel and a breakout target if BTC crosses $100,000.

Key Support Levels:

$24: The 20-day EMA serves as a critical support to sustain the bullish momentum. The rising Volume delta, signals strong demand supporting the price uptrend.
$20: A stronger support level, aligning with the lower boundary of the ascending channel.

Marathon (MARA) Price Forecast: A successful breakout above $27 could lead MARA to test $30 and potentially rally further in Q4 2024. However, a drop below $20 might trigger a bearish reversal, invalidating the bullish outlook.

3. Coinbase (COIN) : US Monopoly Could Spur 2025 rally

Coinbase is the second-largest cryptocurrency exchange globally, behind Binance. In 2021, Coinbase went public, listing its COIN shares on NASDAQ. Following the SEC’s legal actions against Binance, which forced the exchange to exit the U.S. market and sever ties with its U.S. subsidiary, Coinbase effectively gained a monopoly within the U.S. crypto market.

In January 2024, Coinbase’s custodial services gained significant traction after the SEC approved 10 Bitcoin spot ETFs. According to Blockworks’ data, 9 of the 11 US spot Bitcoin ETFs have adopted Coinbase as custodian.

If Trump’s presidency ushers in the approval of additional crypto ETFs, Coinbase is positioned to capture a substantial share of new capital inflows. This could significantly drive COIN’s price upward in the coming weeks.

Coinbase (COIN) Technical Analysis: US Monopoly Could spark $400 Rally

Coinbase (COIN) is firmly positioned to capitalize on the positive shift regulatory landscape in the United States. The monthly timeframe chart indicates COIN has already gain 72% since Trump’s re-election.

With COIN trading comfortably above major moving averages, rising speculative demand ahead of Trump’s Presidency could spur further gains.

Key Resistance Levels:

$360: A near-term resistance level, marking a previous high and aligning with Fibonacci retracement zones.
$400: A major psychological and technical resistance, which aligns with extended Fibonacci targets from the recent uptrend.
Key Support Levels:

$320: The 20-day EMA offers immediate support, maintaining COIN’s bullish trajectory.
$300: A crucial level, representing the lower Bollinger Band and the base of the recent rally.

Coinbase (COIN) price forecast: If crypto ETF approvals accelerate, COIN could break $360 and rally toward $400. A dip below $300, however, might signal a bearish shift and invalidate the bullish outlook.

Recap:

These three stocks—MicroStrategy, Marathon Digital, and Coinbase—are positioned for major gains as Bitcoin flirts with $100K. Strategic investors should keep an eye on BTC’s next moves. If broader crypto market trends remain bullish, these stocks could test new peaks before Trump’s inauguration in January.