MicroStrategy Inc. ( MSTR ) shares are trading higher Thursday following an increase in Bitcoin (CRYPTO: BTC/USD)'s price to $96,578.38, according to Benzinga Pro.

What To Know: Despite gaining 342% year-to-date in 2024, MicroStrategy ( MSTR ) has experienced a 23% decline over the past month. The stock closed at $289.62 on Wednesday, trading below its eight, 20 and 50-day simple moving averages, signaling a bearish short-term trend. However, it remains above its 200-day moving average of $195.03, indicating long-term bullish potential.

Analysts have set a consensus price target of $449.50 for MicroStrategy ( MSTR ), with a high of $690 from BTIG on Dec. 11, 2023, and a low of $140 from Jefferies on Nov. 10, 2022. Recent ratings from Bernstein, TD Cowen and Barclays in late 2024 suggest an average price target of $546.67, implying a potential upside of 77.91%.

The company's stock performance is directly tied to Bitcoin's fluctuations due to its heavy investment in the cryptocurrency. While Bitcoin’s rise has previously led to gains for MicroStrategy ( MSTR ), it also exposes the company to volatility.

Galaxy Research projects that Bitcoin could exceed $150,000 in early 2025, with a potential peak of $185,000 by the year's end, driven by increased institutional and corporate adoption.

MSTR Price Action: MicroStrategy ( MSTR ) shares were up 4.33% at $302.67 at the time of writing, according to Benzinga pro.

Read Next:

Why VS Media Holdings (VSME) Stock Is Skyrocketing

Image via Shutterstock.