New Trade for May 11th, 2023

Anyone who keeps up with digital currency markets has heard by now about the major event that’s slated for April 2024. Today’s recommendation is a leveraged asset that’s set to benefit and is gaining attention from institutional investors ahead of this once-every-four-years event. 

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Microstrategy (MSTR)

Bitcoin is up 67% since the start of the year and it may be just getting started as the highly anticipated 2024 “bitcoin halving” draws near.  Cloud based service provider, Microstrategy, has been gaining attention from institutional investors who cannot invest directly in cryptocurrencies.  

The bitcoin halving, which occurs every four years, reduces rewards for successfully mining new bitcoin by 50%. The aim is to reduce the supply of bitcoin over time.  Before the last halving, on May 11, 2020, the price of bitcoin increased by 19% from the same day a year earlier.  Bitcoin’s price reached record highs after each of the last three halvings; its price has tended to bottom out and start to rally 15 months prior to each halving.  The next halving event is slated for April 2024.  Microstrategy offers “the most attractive means” through which equity investors can take advantage of the event, according to Berenberg Capital Analyst Mark Palmer who cites its correlation of 0.90 to the crypto asset to support his stance.  Year-to-date, MSTR stock has risen by 126.44%.  Wall Street’s consensus rating for the stock is a Moderate Buy, with an average analyst price target of $415.00, implying upside potential of 26.38% from current levels.

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