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Home»BLOCKCHAIN NEWS»Analysts forecast MicroStrategy’s stock price to rise 16%.
BLOCKCHAIN NEWS

Analysts forecast MicroStrategy’s stock price to rise 16%.

By Crypto FlexsApril 6, 20242 Mins Read
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Analysts forecast MicroStrategy’s stock price to rise 16%.
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Analysts see MicroStrategy Inc.’s stock price likely to grow further following its Bitcoin acquisition throughout the bull market.

According to Bloomberg, analyst Andrew Harte recently raised his price estimate for the company’s stock to $1,800, suggesting at least a 10% upside from its current trading price. The new target is a significant jump from the previous estimate of $780.

MicroStrategy’s sharp rise in stock price has surpassed many Wall Street forecasts over the past month. The company, which held more than 214,000 bitcoins as of March 18, has reflected and even exceeded the cryptocurrency’s price appreciation. Despite reaching an intraday high of $1,999 in March, the stock’s current valuation still exceeds most analysts’ expectations.

MicroStrategy stock growth in 2024 | Source: MarketWatch

The upcoming Bitcoin halving event, which is expected to occur later this month, typically results in a decrease in new supply, increasing the price of the cryptocurrency. Bitcoin’s rise of more than 50% to new highs this year has been instrumental to MicroStrategy’s success by securing more digital assets through capital financing.

MicroStrategy currently has the largest holdings of Bitcoin of any publicly traded company. Following its acquisition last March, the company now holds nearly 1% of the total supply of BTC.

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