April 2024 BTC Price Prediction Upgraded to $56.6K by Berenberg; MSTR increased to $510

Berenberg raised its April 2024 Bitcoin (BTC) price prediction to $56,630, the investment bank said in an analyst report on Wednesday. The world’s largest cryptocurrency by market value was trading at around $30,800 at the time of publication.

“Our expectation for Bitcoin to appreciate significantly in the coming months is supported by improved sentiment driven by expectations of a Bitcoin halving event likely in April 2024 and strong interest from major institutions,” analysts wrote under the lead by Mark Palmer.

The bank reiterated its “buy” rating on shares of MicroStrategy, a business intelligence software developer that has invested heavily in bitcoin, and raised its price target to $510 from $430 on a higher estimate of the value of the company’s BTC holdings and an improved forecast of the value of its software business. Shares closed at $411.18 on Tuesday.

The bank announced that it is raising its estimates of the value of the company’s bitcoin holdings to $8.74 billion at the end of April 2024 from $6.27 billion. It increased its estimate for the value of the business intelligence software business to $1.37 billion from $859 million.

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