- Canaccord slashed MicroStrategy’s price target by over 27% but maintained a ‘Buy’ rating.
- MicroStrategy triggered a market sell-off by selling 32 bitcoins, its first sale since 2022.
- Analyst Peter Schiff warned the entire crypto market, including Ethereum and Solana, looks poised to implode.
- Retail sentiment on platforms like Stocktwits hit “extremely bearish” levels for MicroStrategy and Bitcoin.
The price of bitcoin plunged below $62,000 this week, dragging shares of MicroStrategy Inc. (MSTR) down over 7% and sparking fresh Wall Street pessimism. This sharp decline was triggered after the company announced its first bitcoin sale since 2022, moving 32 of the digital tokens.
Consequently, analyst Joseph Vafi from Canaccord lowered the firm’s price target on MicroStrategy by more than 27% to $163. However, the firm kept a ‘Buy’ rating, noting the sale was small and symbolic compared to the company’s primary strategy of funding increased BTC purchases.
Meanwhile, Peter Schiff, CEO of Euro Pacific Capital, warned that cryptocurrencies seem poised to slip further. “The Bitcoin chart looks bad, but check out the rest of crypto. The Ethereum chart looks worse, and the Solana chart looks worse than that,” he stated.
Paul Howard, a senior director at liquidity provider Wincent, reportedly told CoinDesk the sell-off signals a potential continued decline. He indicated some market participants are beginning to discuss $50,000 as a potential bottom for Bitcoin this year.
Retail sentiment on Stocktwits reflected the panic, sinking to an “extremely bearish” score of 13 out of 100 for MSTR and Bitcoin. One user described the environment as a “doomsday for crypto,” while another expressed concerns about MicroStrategy’s solvency and future bitcoin sales.
Ethereum (ETH) traded at $1,745.60, down more than 6%, while Solana (SOL) declined over 8% to $68.33. Over the past 12 months, MSTR stock has plummeted more than 67%, and Bitcoin has lost over 40% of its value.
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