Analysts are optimistic about the growth potential of MicroStrategy Inc.’s shares following its Bitcoin acquisitions during the bull market. According to Bloomberg, analyst Andrew Harte has raised his price forecast for the company’s stock to $1,800, indicating a potential increase of at least 10% from its current trading price. This new target is a significant jump from the previous estimate of $780.

The rapid rise of MicroStrategy’s shares has exceeded many Wall Street predictions in the past month. The company, which holds over 214,000 Bitcoin as of March 18, has closely followed and even outpaced the cryptocurrency’s price surges. Despite reaching an intraday peak of $1,999 in March, the stock’s current valuations still surpass most analysts’ expectations.

The upcoming Bitcoin halving event, expected to take place later this month, usually leads to a price increase for the cryptocurrency by reducing its new supply. Bitcoin’s surge of over 50% to new highs this year has been instrumental in MicroStrategy’s success, driven by the acquisition of more digital assets through capital fundraising.

MicroStrategy currently boasts the largest Bitcoin holding among all public companies. Following its latest acquisition in March, the company now holds nearly 1% of BTC’s total supply.

For more news and updates on cryptocurrencies, investing, and finance, visit Global Crypto News.

Post Views: 3