Bitcoin Price Outlook: Will BTC make it to $80K before halving after LSE and MicroStrategy announcements?

Bitcoin (BTC) price is en route north, steadily reaching towards the $80,000 psychological level. It comes as the countdown to the halving continues, with data from CoinGecko putting estimates at 39 days.

Also Read: Former US President Donald Trump says he will “sometimes let people pay” through Bitcoin

Bitcoin eyes $80K after LSE and MicroStrategy announcements 

Bitcoin (BTC) price is holding stably above the $70,000 threshold, topping out at $72,661 on Binance Exchange on Monday. It comes on the back of two bullish reports that have reinvigorated the fear of missing out (FOMO) among BTC holders and crypto market participants.

First, reports indicate the London Stock Exchange (LSE) is set to welcome Bitcoin and Ether (ETH) exchange-traded note (ETN) applications in the beginning of the second quarter.

ETNs are unsecured debt securities that financial institutions issue in efforts to track the performance of a specific market index, commodity, currency or other asset (BTC and ETH in this case). 

For clarity, they are different from exchange-traded funds (ETFs). Unlike the latter, ETNs do not represent an ownership stake in a pool of underlying assets (BTC or ETH in this case). ETN investors receive a return based on the performance of the index or asset the ETN is designed to track. Another distinguishing factor is that ETNs carry credit risk associated with the issuing institution.

With the decision coming from the UK Financial Conduct Authority (FCA), it means there is no opposition to proposals from Recognized Investment Exchanges (RIEs) to establish a listed market segment for cryptocurrency-backed ETNs. Notably, the crypto ETN will be exclusively available to professional investors.

Secondly, Bitcoin price is also rallying on the back of reports that MicroStrategy has added to its Bitcoin portfolio. Specifically, the business intelligence firm has acquired an additional 12,000 BTC for approximately $821.7 million using proceeds from convertible notes and excess cash. The average purchase price for this acquisition was approximately $68,477 per BTC token.

CEO Michael Saylor tweeted, “As of 3/10/24, MicroStrategy holds 205,000 BTC acquired for roughly $6.91B at an average price of $33,706 per Bitcoin.”

With this, MicroStrategy sidesteps the BlackRock iShares ETF (IBIT), which had reported surpassing MicroStrategy with 195,985 BTC in its portfolio as of Friday after another day of significant inflows.  This is data coming from the firm’s recent disclosure. By then, MicroStrategy only held around 193,000 BTC.

Bitcoin price outlook as BTC tailwinds grow

Bitcoin price is showing strength, pushing north and holding above the $72,000 threshold. It confirmed the breakout after flipping the supply zone extending from $62,278 to $65,618 into a bullish breaker during the March 7 trading session.

On the weekly time frame, Bitcoin price is sitting on support at $69,000 with potential for extended gains. This is seen with the rising momentum, signified by the ascending Relative Strength Index (RSI). The histogram bars of the Awesome Oscillator (AO) are also growing in volume, showing more bulls are approaching the scene.

In addition, the volume indicator is showing pronounced bars, pointing to a trend that is only growing stronger, with bulls not showing any signs of stopping. If sustained, BTC could climb to the $80,000 psychological level, nearly 10% above current levels.

BTC/USDT 1-week chart

On the other hand, if traders cash in on the gains made over the past five days, Bitcoin price could retract back into the supply zone. A break and close below its midline at $64,044 would confirm the continuation of the downtrend. This could see BTC roll over to the $60,000 threshold before a possible pullback.