MSTR Stock Price Soars on Bitcoin Rally, Analyst Predicts $229 Target
MicroStrategy's stock price has been stuck in a narrow range between $90 and $105 for six weeks, but it finally broke out of this consolidation on Thursday.
The company's stock closed at $113 after a healthy mid-week bounce, with a pre-trading price of $124 at press time.
Analyst Marcos Milla predicts that the stock could reach $125 in the short term and as high as $229 within the next 12 months, or even $450 if market conditions remain bullish and Bitcoin continues its rally.
This comes as Bitcoin pulled off a parabolic move this week, with Strategy's (MSTR) Bitcoin holdings up by over $7 billion courtesy of the latest BTC price rally.
Michael Saylor, chair of Strategy, hinted that the company may opt not to sell more MSTR shares, which could boost investor confidence and prevent price dilution.