Metaplanet Expands Bitcoin Holdings as Price Breakout Anticipation Grows
Metaplanet has purchased 497 additional BTC, bringing its total to 2,888 BTC amidst bullish market sentiment around Bitcoin. Analysts anticipate a possible breakout price of $123,000, contingent on upcoming inflation data. Institutional interest remains robust, with Bitcoin transactions exceeding $100,000 and significant holdings retained by entities such as El Salvador and Strategy.
Metaplanet, a prominent Japanese investment firm, has further expanded its Bitcoin holdings by acquiring 497 BTC for approximately $43.46 million, elevating its total to 2,888 BTC, valued at around $251.18 million. This addition aligns with Metaplanet’s strategic focus on increasing its Bitcoin exposure amidst a rising institutional interest in this digital asset. According to Lookonchain data, Metaplanet’s average acquisition cost across its Bitcoin portfolio stands at $84,325.
Technical analysis indicates that Bitcoin is currently forming a triangle pattern, suggesting a potential price breakout. Market analyst MakroDives has posited that forthcoming U.S. Consumer Price Index (CPI) inflation data, anticipated to be released on March 12, may catalyze this movement. If Bitcoin experiences an upward breakout, it could target a price of $123,000, correlated with the 127.20% Fibonacci extension level, although a downward movement may lead the price to about $64,000. Analysts estimate a 65% likelihood for a bullish breakout.
In the past 24 hours, Bitcoin has demonstrated robust market performance, increasing by 2.62% to reach $87,423.83, contributing to a total market capitalization of $1.69 trillion. Currently, 89% of Bitcoin holders are in a position of profit, while 11% have achieved breakeven status. Moreover, significant institutional interest persists, with large Bitcoin transactions surpassing $100,000 totaling approximately $163.66 billion within the previous week, while exchange net flows indicate an outflow of $1.32 billion, suggesting accumulation behavior.
El Salvador’s ongoing Bitcoin strategy merits attention, especially amid its $1.4 billion loan agreement with the International Monetary Fund (IMF), which stipulates a halt to public funds utilized for Bitcoin purchases by July 2025. Despite this, President Nayib Bukele continues to advocate for Bitcoin, having purchased an additional five BTC for $83,000, bringing the nation’s total to 6,100 BTC worth roughly $510 million. Furthermore, Strategy, led by Michael Saylor, remains aggressive in accumulating Bitcoin, maintaining positions totaling 499,096 BTC, reinforcing its status as the largest corporate holder.
In summary, Metaplanet’s recent acquisition of 497 BTC underscores the increasing institutional interest in Bitcoin, amidst expectations of notable price movements. With technical indicators suggesting possible bullish actions in the near future and ongoing institutional stability, the Bitcoin market appears resilient. This trend, particularly in light of El Salvador’s policy considerations and the strategies pursued by firms like Strategy, signifies a strong outlook for Bitcoin adoption and market performance.
Original Source: themarketperiodical.com
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