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With the Bitcoin halving event drawing near, tech giant MicroStrategy, founded by Michael Saylor, is gaining attention for its potential benefits. Berenberg Capital Markets, a prominent New York investment firm, forecasts significant gains for MicroStrategy, as the halving event cuts Bitcoin's issuance rate in half.
Berenberg confidently sets MicroStrategy's stock price target at $430, a substantial increase from its current trading price of $408. This projection is based on the 152,333 Bitcoins held by MicroStrategy, with the company expected to profit from the anticipated Bitcoin rally following the halving event.
Historically, the Bitcoin price has experienced surges before and after each halving event. If this pattern repeats itself for the fourth Bitcoin halving scheduled for April 26, 2024, a pre-halving rally can be expected. Previous halving events have propelled the Bitcoin price by at least 682%, demonstrating the potential impact of such an event.
According to a research note authored by Mark Palmer, Matthew Laflash, and Hassan Saleem of Berenberg, accurately gauging Bitcoin's overall demand is crucial for predicting the extent of the rally. The researchers anticipate a surge in Bitcoin's demand, evidenced by the increasing number of Bitcoin ETF applications from top-tier asset managers, indicating growing institutional interest in the cryptocurrency market.
Further supporting this notion are recent comments by BlackRock's CEO Larry Fink, who emerged as a strong Bitcoin advocate on July 5. Fink's remarks reinforce the growing institutional interest in the cryptocurrency market.
MicroStrategy's shares have already surged nearly 180% since the beginning of 2023, while Bitcoin has seen an 84% increase. With the halving event approaching, the tech firm is poised to ride the Bitcoin wave, promising an intriguing spectacle for investors and the crypto world.
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