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.
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 estimated to occur in April 2024, and demonstrated by large institutions,” analysts led by Mark Palmer wrote.
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.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Timeless Strategies for Investing in Today's Market
- R.W. McNeel and Warren Buffett share timeless value investing principles emphasizing emotional discipline, long-term vision, and intrinsic value. - Both stress faith in the U.S. economy, with Buffett's Berkshire Hathaway exemplifying this through long-term investments in American icons like Apple and Coca-Cola . - Retained earnings and margin of safety strategies, demonstrated by Apple's reinvestment and Berkshire's share buybacks, highlight compounding's role in mitigating market volatility. - Modern be
Investing for Tomorrow: Preparing the Workforce and Advancing Tech Education in the Digital Age
- AI, cybersecurity, and data analytics are reshaping industries, driving 29% growth in cybersecurity roles and 56% wage premiums for AI skills. - Educational institutions like CCBC and Cengage Work are bridging skill gaps through AI-powered training and industry partnerships. - Government-industry collaborations aim to train 500 AI researchers by 2025, emphasizing workforce readiness as a shared responsibility. - ROI metrics for tech education now include operational efficiency gains and strategic alignme
FARTCOIN Trades at $0.347 as 9.6% Daily Gain Meets Strong $0.38–$0.40 Resistance
Aster Holds Near $1.06 as Tightening Channel Highlights Key Resistance
Trending news
MoreCrypto prices
More
