As the current bull market clicks into high gear, investors will be keen to be backing the fastest horses. In the crypto sector, these may include Bitcoin ($BTC) and Solana ($SOL). However, from the stock market, investors might want to think about the potential for Microstrategy ($MSTR), Coinbase ($COIN), and Tesla ($TSLA).
Bitcoin ($BTC) is still the leader
Bitcoin is the king of the cryptocurrencies – of that there is no doubt. This bull market, $BTC has led from the front, and there are very few cryptocurrencies that have managed to outperform it.
Source: TradingView
The current towering green candle on the weekly time frame bears testament to the jet propulsion coming from the U.S. Spot Bitcoin ETFs, which bought 18,000 $BTC on Thursday alone. With the higher time frames displaying targets of $102,000, to $150,000 and above, the rest of this bull market is potentially going to be very exciting.
$SOL – the outperformer of the layer 1s
Source: TradingView
Solana ($SOL) recently displaced Binance Coin ($BNB) to become the third biggest cryptocurrency by market capitalisation, behind Bitcoin ($BTC) and Ethereum ($ETH), (not counting $USDT given that it is a stablecoin).
With its super fast transaction times and ridiculously low fees, compared with Ethereum, Solana is arguably the fastest horse among the layer 1 blockchains.
The weekly chart above shows that $SOL has broken through the descending trendline, and is now hurtling towards a new local high. If this previous local high is surpassed, the next target would be the all-time high itself at $260.
Microstrategy ($MSTR) – the monster
Source: TradingView
MicroStrategy (MSTR) is a monster. It can be viewed as a leverage play on Bitcoin, given that it has far outperformed the king of the cryptocurrencies in this bull market, with 1880% gains since early January 2023.
Michael Saylor has announced his company’s decision to take on more debt in order to buy a lot more $BTC over the next five years. Taking on debt and using those dollars to buy $BTC is working a charm. Investors will have to ask if there is any reason why this will not continue over the years to come.
Coinbase ($COIN) on brink of breakout
Source: TradingView
Coinbase ($COIN) is another leverage play on Bitcoin, and is also seen as a proxy for the altcoins. A price surge of 44% this week has taken $COIN to the brink of a breakout of a descending trendline that began in late 2021. If the trendline can be broken, and the price can confirm above, there just remains a higher high to be made, which can put $COIN on track to $370, and from there to the all-time high at $430.
Tesla ($TSLA) – the most disruptive of them all
Source: TradingView
Finally, what could arguably be the most disruptive of all the assets mentioned here, including Bitcoin, is Tesla ($TSLA). Many still think that Tesla is a car company, and not an AI giant. If one looks at the disruptive technology fields that Tesla is leading, it can only be imagined where the $TSLA stock can get to over the next 5 years or so.
From full self-driving taxis, to robots, to energy storage, to the biggest AI cluster in the world, to name but a few, Tesla is looking to dominate the world in the most disruptive technologies of this age.
Looking at the chart above, it can be seen that $TSLA has broken out of the triangle and is currently at the very important $300 resistance. If this can be broken, the $415 all-time high awaits above. Also, if Elon Musk’s Tesla becomes the world leader in the technologies already mentioned, expect this stock to become the biggest by market capitalization in the U.S. stock market within the next few years.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
