TD Cowen Maintains Bitcoin Buy Rating Despite Target Cut

TD Cowen has adjusted its Bitcoin price target downward while reaffirming its buy rating, reflecting nuanced market dynamics. The firm cited near-term modeling pressures stemming from MicroStrategy's aggressive Bitcoin accumulation strategy, which has introduced volatility and influenced valuation metrics. This adjustment suggests a tactical response to current market conditions rather than a fundamental shift in long-term outlook.

Analysts interpret this move as a recognition of short-term headwinds while maintaining confidence in Bitcoin's structural trajectory. The maintained buy rating indicates underlying bullish conviction, with the target cut serving as a recalibration to account for MicroStrategy's substantial purchases impacting supply-demand dynamics. This balanced approach highlights the complex interplay between corporate adoption strategies and traditional financial modeling in crypto markets.

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