Bitcoin Predictions According To Berenberg Bank: Half Of BTC Price Drop Will Trigger Bullish
JAKARTA - Analysts from Berenberg Bank, a German-based bank, predict that the price of Bitcoin (BTC) could jump nearly 100 percent in the coming months. The analysis is based on growing demand from institutional investors and Bitcoin's fourth-half drop event which is scheduled to take place in April next year.
Analysts from Berenberg Bank, led by Mark Palmer, also highlighted their purchase rating of MicroStrategy Inc.MSTR shares. MicroStrategy is a public company holding Bitcointer as much. The bank raised its target ofhamMSTR from US 430 (R6.4 million) to US$510 (Rp7.6 million), taking into account the addition of Bitcoin by the company during the crypto winter.
The company has experienced a significant share price increase, with latest stock market data showing that MSTR was trading around 413 US dollars (Rp 6.1 million) during post-exchange trading on Wednesday.
It is undeniable that a half-price drop in Bitcoin has created a strong bullish outlook, not only for Bitcoin itself, but also for the overall crypto market. Demand from institutional investors against Bitcoin has increased significantly, especially with anticipation of the launch of the Exchange-Trad Fund (ETF) led by BlackRock Inc.
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"Supporting our expectations that Bitcoin will strengthen significantly in the coming months is an improving sentiment driven by the anticipation of a half-less reduction in Bitcoin expected to occur in April 2024, and the great interest shown by large institutions," said one analyst at Berenberg.
In addition, analyst Berenberg also estimates that the Bitcoin MicroStrategy's holding value could increase from 6.27 billion US dollars (Rp93.7 trillion) to 8.74 billion US dollars (Rp130 trillion) in the next half of the year. They also note that the value of the business intelligence software company can reach 1.37 billion US dollars (Rp20 trillion) from 859 million US dollars (Rp 12.8 trillion).
While the Bitcoin market in the United States may be the only one that has not been subject to the SEC's recent regulatory oversight, warnings about trade with the possibility of illegal wash trading activity remain. The SEC has not approved any Exchange-Trad Fund (ETF) Bitcoin for institutional investors to date.