TD Cowen: BTC price and MicroStrategy stock price may rise this month

TD Cowen analyst Lance Vitanza said Bitcoin prices may have huge upside potential this month due to two major catalysts, and shares of Michael Saylor's company MicroStrategy (MSTR) may also rise. Vitanza said it attended the MicroStrategy World 2024 user forum in Las Vegas last week and found very positive feedback from customers about MicroStrategy's traditional software business. The business was established long before Saylor pushed MicroStrateg to buy billions of dollars in Bitcoin. MicroStrategy stock, which is up 89% year to date, could also post significant gains thanks to two major catalysts that could push Bitcoin prices higher. May 15 is the deadline for institutional investment managers to submit Form 13-F to the U.S. SEC. If more companies buy newly approved Bitcoin spot ETFs in the first quarter, it will indicate that Bitcoin has gained further institutional recognition. Another potentially favorable event is that the SEC may refuse to approve an Ethereum spot ETF application. Vitanza said: “This is very important because although the fate of Ethereum may not be clear until 2025 or longer, we believe there is a lot of capital waiting for it to announce who is the digital currency winner; if Bitcoin proves to be the winner , incremental demand is likely to be even stronger due to the recent Bitcoin halving.” (CoinDesk)