In a report published on Wednesday, Berenberg increased its Bitcoin (BTC) forecast for April 2024 from $56,630 to $56,630. At the time of publication, the world’s biggest cryptocurrency in terms of market value was trading at around $30,000.

Analysts led by Mark Palmer wrote: “Supporting the expectation that bitcoin would appreciate significantly in coming months is an improved sentiment driven by the anticipation of the Bitcoin halving, estimated to take place in April 2024 and keen interests shown by large institutions.”

The bank reiterated a buy rating for MicroStrategy stock, a software developer specializing in business intelligence that has heavily invested in bitcoin. It also raised its target price to $510, up from $430, due to an improved estimate of the BTC holdings of the company and a better forecast of the software business’s value. The shares closed at $411.18 on Tuesday.

The bank increased its estimate of the value of bitcoin held by the company as of April 2024 from $6.27 to $8.74 billion. The bank increased its estimate of the value of business intelligence software to $1.37billion from $859m.

Berenberg: Michael Saylor’s MicroStrategy can see substantial gains from Bitcoin’s next halving

Sheldon Reback is the editor.