MicroStrategy holds over 150,000 Bitcoins and has been acquiring the crypto since August 2020. Its CEO Michael Saylor is confident that BTC will account for 80% of the capital directed toward the crypto market in the future.
As such, MicroStrategy’s stock correlates with the price of Bitcoin, as noted by the investment company Berenberg Capital Markets.
Berenberg reports that a new bullish phase for shares of the IT giant will manifest ahead of the 2024 halving.
An average price of $400 is expected to balloon up to $430. It is expected that a pattern similar to that of the first halving in 2012 will be duplicated for Bitcoin’s rate.
Prior to the halving, BTC traded at $12, and just a year later its rate exceeded $1,164.
Generally, after each decrease in the miners’ reward, the price of Bitcoin saw an increase of more than 600%, according to data from TradingView. In 2023, BTC surged by 83% and MicroStrategy shares jumped 180%.
