Berenberg Raises Bitcoin Forecast to $56.6 Thousand for April 2024; MicroStrategy Target Price Also Raised

Berenberg, the investment bank, has increased its Bitcoin price forecast for April 2024 to $56,630, citing improved sentiment and growing interest from institutional investors.

Berenberg, a leading investment bank, has raised its Bitcoin price forecast for April 2024, projecting a price target of $56,630. The bank’s analysts, led by Mark Palmer, believe that Bitcoin’s value will appreciate significantly in the coming months due to improved sentiment and the anticipation surrounding the Bitcoin halving expected in April 2024. Alongside this, there is a notable increase in interest demonstrated by large institutions, which further bolsters the positive outlook for the world’s largest cryptocurrency.

The bank’s optimistic stance on Bitcoin is also reflected in its updated rating on MicroStrategy, a prominent business intelligence software developer that has made substantial investments in Bitcoin. Berenberg has reiterated its buy rating on MicroStrategy’s stock and raised its share price target from $430 to $510. This revision takes into account a higher estimate of the value of the company’s Bitcoin holdings as well as an improved forecast for the value of its software business.

MicroStrategy’s Prospects Set for Growth

As of late April 2024, Berenberg now projects MicroStrategy’s Bitcoin holdings to be valued at $8.74 billion, up from the previous estimate of $6.27 billion. This upward adjustment reflects the bank’s confidence in the long-term potential of Bitcoin and its positive impact on MicroStrategy’s balance sheet.

In addition to the increased valuation of Bitcoin holdings, Berenberg has raised its estimate for the value of MicroStrategy’s business intelligence software business to $1.37 billion from $859 million. This upward revision underscores the bank’s belief in the company’s ability to leverage its software expertise and capitalize on emerging market opportunities.

The raised price targets for both Bitcoin and MicroStrategy reflect Berenberg’s optimistic outlook for the future. With the anticipated Bitcoin halving and growing institutional interest, the bank foresees a favorable environment for Bitcoin’s value to soar. Simultaneously, MicroStrategy stands to benefit from the rising value of its Bitcoin holdings, alongside the continued growth of its software business.

Overall, Berenberg’s revised Bitcoin price forecast and upgraded target for MicroStrategy’s stock signal a positive trajectory for both entities.

Berenberg Capital also predicts that the upcoming Bitcoin halving will trigger a surge in MicroStrategy stocks, based on historical halving patterns.

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