Forecast for Bitcoin in April 2024 is now $56.6K: Berenberg.

The investment firm Berenberg increased its estimate for the price of bitcoin (BTC) for April 2024 to $56,630 on Wednesday. At the time of publication, the largest cryptocurrency in the world by market value was selling for about $30,800.

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“Improved sentiment driven by anticipation of the bitcoin halving estimated to occur in April 2024, and keen interest demonstrated by large institutions,” analysts led by Mark Palmer wrote, “supporting our expectation that bitcoin will appreciate significantly in the coming months.”

The bank increased its share price target to $510 from $430 due to an increased estimate of the value of the company’s BTC holdings and an improved forecast for the value of its software business. The bank reiterated its buy rating on the stock of MicroStrategy, a business intelligence software developer that has heavily invested in bitcoin. The shares’ Tuesday closing price was $411.18.

The bank announced that it was increasing its projections of the company’s bitcoin holdings at the end of April 2024 from $6.27 billion to $8.74 billion. It raised its forecast for the business intelligence software segment’s worth from $859 million to $1.37 billion.