Berenberg, an investment bank, has raised its Bitcoin (BTC) price forecast for April 2024 to $56,630, according to an analyst report released Wednesday. At the time of publication, the world’s largest cryptocurrency by market value was trading around $30,800.
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, said Mark Palmer, lead analyst of the report.
The bank also 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. This was 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.
Berenberg increased its estimate for the value of the company’s Bitcoin holdings as of late April 2024 to $8.74 billion from $6.27 billion. It also increased its estimate for the value of the business intelligence software business to $1.37 billion from $859 million.