TD Cowen analyst Lance Vitanza said that Bitcoin (BTC) may have significant upside potential this month due to two major catalysts, and Michael Saylor's MicroStrategy (MSTR) stock may also rise. Vitanza said that customers have given very positive feedback to MicroStrategy's legacy software business, which was established long before Saylor pushed the company to buy billions of dollars of Bitcoin. Shares of MicroStrategy, which has risen 89% so far this year, could also see a meaningful rise due to two major catalysts that could push up the price of Bitcoin.
May 15 is the deadline for institutional investment managers to file Form 13-F with the SEC. If more companies purchase newly approved spot Bitcoin ETFs in Quarter 1, it will indicate that Bitcoin has received further institutional recognition. Another potentially favorable event is that the SEC may reject the Ethereum ETF, Bitcoin will prove to be the winner, and incremental demand may be stronger.
TD Cowen: BTC and MicroStrategy Shares Could Rise This Month
2024-05-06 22:31:15
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