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Bitcoin April 2024 Forecast Raised to $56.6K: Berenberg
The bank lifted its MicroStrategy price target to $510, representing 24% potential upside, the report said.
Updated Jul 12, 2023, 12:03 p.m. Published Jul 12, 2023, 12:03 p.m.
Berenberg raised its bitcoin (BTC) price forecast for April 2024 to $56,630, the investment bank said in an analyst report Wednesday. The world's largest cryptocurrency by market value was trading around $30,800 at publication time.
“Supporting our expectation that bitcoin will appreciate significantly in the coming months is improved sentiment driven by anticipation of the bitcoin halving estimated to occur in April 2024, and keen interest demonstrated by large institutions,” analysts led by Mark Palmer wrote.
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The bank reiterated its buy rating on stock of MicroStrategy, a business intelligence software developer that has invested heavily in bitcoin, and raised its share price target to $510 from $430 due to a higher estimate of the value of the company’s BTC holdings and improved forecast for the value of its software business. The shares closed Tuesday at $411.18.
The bank said it was raising its estimates for the value of the company's bitcoin holdings as of late April 2024 to $8.74 billion from $6.27 billion. It increased its estimate for the value of the business intelligence software business to $1.37 billion from $859 million.
Read more: Michael Saylor’s MicroStrategy Can See Substantial Gains From Bitcoin’s Next Halving: Berenberg
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What to know:
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- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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