Metaplanets Strategic Move Expected to Drive Bitcoin to 72000

Metaplanet, a Japanese investment giant, has caught the attention of the market with its bold move in the midst of the current market turmoil. The company recently announced the purchase of a significant 156.78 Bitcoin (BTC) worth $10.5 million, causing its stock to soar by 7.18%. This move has made Metaplanet one of Asia’s largest corporate BTC holders, with a total of 1,018 BTC worth $59 million.

This is not the first time that Metaplanet has made such a significant purchase, but this recent acquisition has certainly made waves in the market. CEO Simon Gerovich shared that this move is reminiscent of that of MicroStrategy, a US-based business intelligence firm and the largest corporate Bitcoin holder.

In the wake of Metaplanet’s announcement, Bitcoin (BTC) has shown bullish momentum and is on track to reach its all-time high. Currently trading near $69,400, BTC has experienced a price surge of over 3.10% in the past 24 hours, with a staggering 115% increase in trading volume, indicating strong participation from traders and investors.

Expert technical analysis suggests that BTC is on a bullish trajectory and has the potential to reach the $72,000 level. This outlook is supported by the breakout of the consolidation and overall bullish price action. BTC is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, signaling an uptrend. However, the bullish trend will only hold if BTC closes a candle above the $69,560 level, otherwise, it may falter.

In the midst of the overall market struggle, Metaplanet’s bold move has certainly made its mark, and with the current bullish momentum of Bitcoin, the market is poised for an interesting ride ahead.