Bitcoin is set to hit $72,000, thanks to Japan’s Metaplanet.
The overall market is currently struggling and investors are hesitant to bet on any cryptocurrency due to strong market volatility. Meanwhile, Japanese investment giant Metaplanet has attracted market attention for its latest strategy ahead of the US presidential election.
In the year On October 28, 2024, Metaplanet on X (formerly Twitter), the company acquired 156.78 Bitcoin (BTC), worth $10.5 million. This significant purchase of BTC had a significant impact on the company's stock, which increased by 7.18%.
Additionally, with this latest acquisition, Metaplanet became one of Asia's largest corporate BTC holders, as shared by the company's CEO, Simon Gerovic. This notable acquisition appears to reflect that of MicroStrategy, a US-based business intelligence firm and the largest corporate bitcoin holder.
This is not the first time the Japanese investment giant has made a major acquisition. However, with the recent purchase, the company's total BTC holdings have risen to 1,018, which is worth $59 million.
In addition to the Metaplanet announcement, Bitcoin (BTC) looks bullish and is poised to hit an all-time high.
BTC price momentum
At press time, BTC is trading near $69,400 and has experienced a price increase of over 3.10% in the last 24 hours. During the same period, the transaction volume increased by 115 percent.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC looks bullish and there is a strong possibility that it will soon reach the $72,000 level. A possible reason for this bullish outlook is the cessation of consolidation and general price action.
As of now, BTC is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. However, this bullish thesis will only hold if BTC closes the candle above the $69,560 level, otherwise it may fail.
