According to Mark Plamer, an analyst at The Benchmark Company, Bitcoin‘s value may reach $150,000 by the close of 2025.
In a note to investors on April 8, Palmer upgraded his prediction for MicroStrategy’s (MSTR) stock price, increasing it from $990 to a new goal of $1,875. This represents nearly a doubling of his previous estimate.
Palmer is confident about MicroStrategy due to its substantial Bitcoin ownership. He predicts Bitcoin’s price to reach $150,000 by 2025. The analyst points out that this cryptocurrency’s upcoming halving event will significantly boost MicroStrategy’s Bitcoin holdings as the Bitcoin supply will be cut in half during this time.
The $150,000 price target for Bitcoin is also higher than Palmer’s Feb. 27 prediction that the price would touch $125,000. Following this analysis, BTC rallied approximately 27%, leading to the analyst’s higher price target.
In an interview with Yahoo Finance following the latest occasion, the Benchmark analyst pointed out how past Bitcoin halving events in 2012, 2016, and 2020 led to substantial price increases. This was a result of the market reacting to the reduced supply of new Bitcoins that these events brought about.
The halving approaching may bring about a comparable situation, and its effects could be amplified by the anticipated demand shock from Bitcoin spot ETFs, according to analysts. Palmer believes that the interest in these ETFs will surge even more as more institutions get involved.
Plamer also takes into account MSTR’s practice of amassing Bitcoin as a significant factor in his forecast for the company’s stock price.
Under the guidance of Michael Saylor, the company has been purchasing Bitcoins on average for $35,160 each. As of April 9th, MicroStrategy’s holdings amounted to 214,245 Bitcoins, according to saylortracker’s data.
Palmer is predicting that this trend will persist, noting that the business has boosted its Bitcoin possession for an uninterrupted 15 quarters in a row. According to the analyst, it’s anticipated that Saylor’s company will own around 298,246 Bitcoins by the end of 2025 – representing a 40% expansion from their present holdings.
The business is projected to accomplish this task with money from recent fundraising activities and leftover cash from its profitable enterprise software sector.
Multiple experts believe that after the Bitcoin halving event, the market will experience a bullish trend. This perspective was shared by Anthony Scaramucci, the founder of Skybridge Capital, who anticipates that Bitcoin’s price will reach at least $170,000 during the 18-month period following the halving.
Analysts at Bitfinex exchange similarly predicted a Bitcoin price range of $150,000 to $169,000. However, they pointed out that this bitcoin halving is distinct from the previous one due to Bitcoin reaching an all-time high before the event occurred.
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2024-04-09 13:30