Investment bank TD Cowen shared updated price targets for Bitcoin following the rally!

Investment bank TD Cowen raised the target price per share for MicroStrategy, known for its commitment to Bitcoin, to $680 from $590 under its new name Strategy(.

The bank also predicts a "bullish scenario" of $155,000 for Bitcoin by December 2025.

In a research report published today, TD Cowen linked its optimism for Strategy shares to the company's massive Bitcoin portfolio and potential increases in BTC prices. The company recently purchased an additional 4,225 BTC for $472.5 million, raising its total BTC holdings to 601,550. The average unit cost for this acquisition was $111,827.

TD Cowen believes that the company's aggressive BTC accumulation plans could yield significant gains in the long run. The report stated, "This strategy, initially launched to preserve the value of reserve assets, has now transformed into an opportunistic approach aimed at increasing shareholder value."

The company's base scenario suggests that Bitcoin will reach approximately $128,000 in December. In a possible "downward scenario," the price is projected to be around $55,000. Today, BTC broke a new record by surpassing $120,000 for the first time in history.

The strategy aims to secure a total of 84 billion dollars in funding for future Bitcoin purchases through debt and equity under the "42/42 plan" framework. TD Cowen forecasts that this strategy could yield approximately 900,000 BTC for the company by the end of 2027.