In a marketplace with more ups and downs than a rollercoaster ride, MicroStrategy’s stock just saw a nice little 7% boost. The credit goes to an optimistic forecast from investment bank Berenberg, which suggests that next year’s Bitcoin halving could bring good tidings for MicroStrategy’s stock (MSTR). Eyeing a mouth-watering target of $430, Berenberg foresees a possible 18-month peak for MSTR.
Hailing from the city of Hamburg, Berenberg Capital Markets spread a bit of sunshine with their latest research note. It proposes the next Bitcoin halving as a catalyst for a leap in the share price of the American software giant MicroStrategy. With Bitcoin’s fourth halving on the horizon, Berenberg is betting on a substantial rise in the share price of the Bitcoin enthusiast Michael Saylor’s brainchild.
The bullish price target for MicroStrategy finds its roots in the company’s considerable Bitcoin holdings, which now tally more than 150,000. The bank has faith in the bullish aftermath of BTC’s halving event, known to historically cause a surge in Bitcoin’s price, to propel a similar upward swing for Saylor’s firm.
Currently, Berenberg is quite upbeat about MicroStrategy’s future, predicting a bullish $430 price target. The firm anticipates that the software company’s stock will see numbers unseen since the peak of January 2022. The stock was last recorded trading at $407.7, indicating a promising 7% rise in the past day.
MicroStrategy’s stock has historically reflected Bitcoin’s market movements, with the firm’s stock prices often mirroring BTC fluctuations. This was confirmed by a recent report from banking bigwig Standard Chartered, which supported MSTR’s bullish position. The British bank even raised its BTC price target, suggesting a whopping $130,000 BTC price by the close of 2023.