Berenberg Believes Bitcoin Rally Will Benefit MicroStrategy

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MicroStrategy has amassed a hoard of over 150,000 Bitcoins since August 2020, when its CEO Michael Saylor became convinced that digital currency would take up 80% of all capital directed to the crypto market.

As a result, the company’s securities correlate closely with the price of BTC. Analyst firm Berenberg Capital Markets has predicted that the value of the IT giant will boom during the next Bitcoin bull market.

Their report suggests that MicroStrategy shares will be sold at around $430 each – currently their average price is just over $400.

The Berenberg analysts also argued that another major hike for Bitcoin is expected before the 2024 halving – a common occurrence for the digital asset which has seen a surge in demand and price in the years before and after previous reductions in miner rewards. Historically, following each halving, Bitcoin’s value has risen at least 600%.