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The upcoming Bitcoin (
$75,607.00 ) (BTC) halving is set to blow fresh wind in the sails of Bitcoin ( $75,607.00 ) -focused stocks such as Michael Saylor founded tech firm MicroStrategy.
In a research note shared with Cointelegraph, New York-based investment firm Berenberg Capital Markets explained its reasons for a bullish outlook on MicroStrategy (MSTR), which Berenberg has given a $430 price target.
According to the analysts, MicroStrategy derives the bulk of its value from the 152,333 Bitcoin ( $75,607.00 ) it held on its books as of June 28, adding that a Bitcoin ( $75,607.00 ) halving rally could see its shares gain significantly in price.
“[It] is our expectation that the price of Bitcoin (
The Bitcoin ( $75,607.00 ) halving, which is scheduled for April 26, 2024, reduces the BTC issuance rate by 50%, significantly dampening the velocity at which new Bitcoin ( $75,607.00 ) enters the crypto market.
Last Bitcoin (
Bitcoin (
— Will Clemente (@WClementeIII) July 10, 2023
“If the historical pattern established by the first three Bitcoin ( $75,607.00 ) halvings continues to play out with the fourth halving, then the pre-halving rally would begin about four months from now,” read the note.
As Berenberg highlights, previous halvings cycles have seen the price of Bitcoin ( $75,607.00 ) surge by a minimum of 682%. At the time of the first Bitcoin ( $75,607.00 ) halving on November 28, 2012, the price of Bitcoin ( $75,607.00 ) hovered around $12.
367 days later its price peaked at $1,164.
The analysts noted that while Bitcoin ( $75,607.00 ) ’s supply treads a “predetermined path,” the overall demand for Bitcoin ( $75,607.00 ) that needs to be gauged before anyone could predict the “potential magnitude” of a future rally.
To measure this, the research looked to the recent surge in spot Bitcoin ( $75,607.00 ) ETF applications from some of the world’s “largest and highest-profile” asset managers as proof that institutional adoption of Bitcoin ( $75,607.00 ) is on the rise.
The investor note also drew attention to the pro- Bitcoin ( $75,607.00 ) remarks made by BlackRock CEO Larry Fink on July 5, where he sounded like “a high-conviction Bitcoin ( $75,607.00 ) maximalist.”
Related: Bitcoin ( $75,607.00 ) supply shock will send BTC price to $120K — Standard Chartered
The research report was written by equity analyst Mark Palmer along with associates Matthew Laflash and Hassan Saleem.
Shares of MicroStrategy are currently trading for $408, having gained nearly 180% since the beginning of 2023, according to data from TradingView. Meanwhile the price of Bitcoin ( $75,607.00 ) has increased 84% since the start of the year.
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