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Bitcoin Price Forecast: BTC consolidates ahead of MicroStrategy Q1 earnings, strategic Bitcoin reserve deadline :
Bitcoin (BTC) is extending its consolidation streak to five consecutive days, trading around $95,000 on Wednesday, as investors await a decisive breakout. A K33 report highlights two key events to watch this week: MicroStrategy’s Q1 earnings release and the approaching deadline for the Strategic Bitcoin Reserve.
Institutional demand for Bitcoin remains strong, supporting a bullish thesis, as US spot Exchange Traded Funds (ETFs) recorded an inflow of $172.78 million on Tuesday, continuing the positive trend seen since April 17.
Bitcoin price is extending its consolidation streak, trading around $95,000 on Wednesday, as traders await a decisive breakout.
MicroStrategy’s Q1 earnings release and the approaching deadline for the Strategic Bitcoin Reserve have the potential to move BTC price.
US spot Bitcoin ETFs recorded an inflow of $172.78 million on Tuesday, continuing the trend of inflows since April 17.
Bitcoin traders await MicroStrategy's Q1 earnings :
The K33 report speculates that positive news will emerge from MicroStrategy’s Q1 earnings presentation on Thursday, as the company nearly depleted its $21 billion at-the-market (ATM) shelf offering this week. The analyst explains that the massive $21 billion ATM announced by MSTR on October 30, 2024, is now practically emptied after another BTC purchase on Monday.
Six months after this announcement, $128.7 million remains of the original $21 billion ATM offering. Nonetheless, other funding sources, such as convertibles and perpetual preferred stock offerings Strife (STRF), have moved slower. MicroStrategy Executive Chairman “Michael Saylor seems more than determined to deploy as much capital as frequently and aggressively as possible to grow the company’s BTC treasury,” the analyst says.
Given the continued solid MSTR premiums, the analyst views a new ATM announcement as a likely scenario during the earnings call – similar to the 21/21 plan announcement during Q3 earnings. Such an announcement would likely benefit the BTC price.
The second event to watch this week is the 60-day deadline of Trump’s executive order regarding the Strategic Bitcoin Reserve, set for May 5. The order from March 6 gave the US Treasury a 60-day deadline to deliver an evaluation of the legal and investment considerations for establishing and managing the Strategic Bitcoin Reserve. Official communication ahead of this deadline has been very limited, with little discussion of the matter among the public. However, the analyst expects this to change as the date approaches.
#BTC#