STRC Rose...Strategy (MSTR) Sells Bitcoin (BTC), Target Price Falls

▲ Strategy (MSTR), Bitcoin (BTC)/AI Generated Image

Strategy (MSTR) STRC preferred stock rebounded to a 7-week high, but Wall Street lowered its target price by up to $60 due to a deteriorating outlook for Bitcoin (BTC).

According to cryptocurrency media outlet Coingape on August 4 (local time), Strategy's stock price closed at $94, up 1.69%. Strategy sold 1,638 BTC and used the proceeds to buy back $81.2 million worth of STRC preferred stock.

Cantor Fitzgerald lowered Strategy's target price from $212 to $186. This is a result of lowering the Bitcoin forecast for August 2027 from $111,000 to $98,000.

B. Riley lowered its target price from $215 to $155. It also lowered its Bitcoin forecast from $81,500 to $65,000. The fact that Strategy stopped buying Bitcoin and sold $106 million worth from July 27 to 31 was also reflected in the target price adjustment.

STRC preferred stock rose to $92, buoyed by Strategy's share buyback. This is the highest level since June 17. Strategy bought $106 million worth of STRC preferred stock after announcing a new capital allocation framework on June 29. STRC preferred stock rose 29% from its all-time low of $71 recorded on June 26.

Strategy's stock price remained between $90 and $100 from July 2. Coingape analyzed that a short-term trend reversal could be confirmed if it exceeded $100 for three consecutive trading days. The Relative Strength Index was 44, and the BBTrend indicator recorded red and negative values.

[Key Summary of Article]

-Cantor Fitzgerald and B. Riley lowered Strategy's target prices to $186 and $155, respectively.

-Strategy sold 1,638 BTC and then bought back $81.2 million worth of STRC preferred stock.

-STRC preferred stock rose to $92, reaching a 7-week high.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*