This bullish analyst on Michael Saylor’s Strategy just threw in the towel on lofty price target

With crypto winter clearly having set in, bulls are now left looking for signs that the bearishness has become so embedded that a bottom might form.

One case in point might be a note from Canaccord’s Joseph Vafi on Wednesday, slashing his price target on Strategy (MSTR) by a whopping 61% to $185 from $474.

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Vafi, who lifted his outlook on Strategy as recently as November (to that $474 level), still maintains a buy rating on the stock, and his new $185 target suggests about 40% upside from last night’s close of $133.

Strategy is now down 15% year-to-date, 62% year-over-year, and 72% from its record high in November 2024.

Bitcoin, said Vafi, is in the midst of an “identity