Forecast for Bitcoin in April 2024 Increased to $56.6K: Berenberg

According to the report, the bank increased its MicroStrategy price objective to $510, which would indicate a potential upside of 24%.

The investment bank Berenberg increased its projected price of bitcoin (BTC) to $56,630 for April 2024 in an analyst study released on Wednesday. At the time of publication, the largest cryptocurrency in the world by market value was selling for about $30,800.

“Improving sentiment driven by anticipation of the bitcoin halving estimated to occur in April 2024, and keen interest demonstrated by large institutions, supports our expectation that bitcoin will appreciate significantly in the coming months,” stated analysts under the direction of Mark Palmer.

The business intelligence software developer MicroStrategy has made significant bitcoin investments. The bank maintained its buy rating on the company’s stock and increased its share price target to $510 from $430 because of an improved forecast for the company’s software business and a higher estimate of the value of the company’s bitcoin holdings. On Tuesday, the shares finished at $411.18.

The bank announced that it is increasing its projections for the company’s bitcoin holdings to $8.74 billion from $6.27 billion as of late April 2024. It raised its estimate of the business intelligence software market’s worth from $859 million to $1.37 billion.

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