Bitcoin Set to Hit $72,000, Thanks to Metaplanet’s Strategic Move

The overall market is currently struggling and investors seem to hesitate while bidding on any cryptocurrency due to strong market volatility. Amid this, Japanese investment giant, Metaplanet has captured market attention with its latest strategy ahead of the United States presidential election.

Metaplanet’s 156.78 BTC Purchase

On October 28, 2024, Metaplanet posted on X (Previously Twitter) that the firm had acquired a significant 156.78 Bitcoin (BTC) worth $10.5 million. This significant BTC acquisition created a huge impact on the firm stock as it skyrocketed by 7.18%.

Additionally, with this recent purchase, Metaplanet became one of Asia’s largest corporate BTC holders, as shared by the firm CEO, Simon Gerovich. This notable acquisition appears to mirror that of MicroStrategy, the US-based business intelligence firm and the largest corporate Bitcoin holder. 

This is not the first time the Japanese investment giant has made a significant purchase. However, with the recent purchase, the firm’s total BTC holdings have risen to 1,018, worth $59 million. 

In addition to Metaplanet’s announcement, Bitcoin (BTC) appears bullish and is poised to hit its all-time high.

BTC Price Momentum

At press time, BTC is trading near $69,400 and has experienced a price surge of over 3.10% in the past 24 hours. During the same period, its trading volume skyrocketed by 115%, indicating immense participation from traders and investors.

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Bitcoin Technical Analysis and Upcoming Levels

According to expert technical analysis, BTC appears bullish and there is a strong possibility it could soon hit the $72,000 level. The potential reason for this bullish outlook is the breakout of the consolidation and overall bullish 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 a candle above the $69,560 level, otherwise, it may fail.