Investment bank TD Cowen has released a report analyzing Bitcoin’s price outlook, specifically focusing on MicroStrategy’s recent strategic moves. According to The Block, the firm’s analysts, Lance Vitanza and Jonnathan Navarrete, believe Strategy’s €80-per-share preferred stock offering represents a significant step into Euro-based Bitcoin credit markets. 6,720 BTC are expected to be purchased through this offering at an estimated average price of $104,500. 3 key points from the report: First, the company’s euro-denominated preferred stock offering is considered its entry into bitcoin-backed credit markets and opens a new source of financing. Second, analysts predicted that Strategy would add 6,720 BTC to its treasury. Finally, TD Cowen outlined their bullish and bearish Bitcoin price projections for year-end. For the base case scenario, they anticipate $141,277 by December 31st. For a more optimistic outlook (bull scenario), they predict an increase of up to $160,000. Conversely, in a more cautious scenario, (bear scenario), the price could drop by $60,000.