Metaplanet, often called the MicroStrategy of Asia, Announce that is Purchased 107 more Bitcoin assets. this Crypto market fourth quarter begins with promising outlook.
Investors are now looking forward to a possible Bitcoin rally in October, commonly known as an “Uptober.” Recently, the Japanese-listed company has been steadily buying Bitcoin as Microstrategy adds BTC to its balance sheet.
In a recent disclosure, Metaplanet revealed that it has injected an additional 1 billion yen into the purchase of new Bitcoin. When purchasing, Bitcoin price fell 1.32% to US$63,657, with a total market value of US$1.257 trillion..
As a result of this purchase, the Japanese company’s total Bitcoin holdings have increased to more than 500 coins. Cumulative investment is 4.75 billion yen. This latest acquisition marks Metaplanet’s first purchase of Bitcoin since the Federal Reserve announced interest rate cuts in September.
After the news was announced, Metaplanet’s stock price rose 3.63% and is currently trading at about 1,027 points. The stock is up an impressive 540% year to date. However, this is still down 66% from the peak of 3,000 Bitcoins reached in May when the company first purchased Bitcoin.
Bitcoin ended September up nearly 8%, making it one of the best Septembers in the past decade. However, the bulls were unable to keep the price above the key resistance at $65,000.
Bitcoin and other cryptocurrencies fell sharply on Monday, giving up weekend gains. Jiang Bohan, Who leads Abra OTC options trading?shared his thoughts on what’s happening in the market.
He said the recent sell-off was largely due to investors taking profits. Many people sell Bitcoin on exchanges to lock in gains. At the same time, new short positions continue to enter the market, which adds more selling pressure.
This is evidenced by the increase in Bitcoin’s open interest in the perpetual futures market, which means more traders are betting that the price will fall.
Bitcoin could end the year at $90,000: Economic factors and historical trends favor strong Q4 performance
The cryptocurrency space is buzzing with activity as the fourth quarter approaches, with many considering it a bullish season for Bitcoin and the broader cryptocurrency market. Positive macroeconomic signs, Such as the growing money supply, etc., making the fourth quarter more interesting.
Fed officials are considering another 50 basis point rate cut. This could have a significant impact on the Bitcoin market, Its price could reach $70,000.
Market analysis shows that October has always been a favored month for various markets. Data display 80% of Octobers recorded gainsindicating a positive performance pattern during this period.
80% is green in October
100% of election years are green in October, November and December
100% of the years where September was green, October, November and December were all green
Q4 starts tomorrow pic.twitter.com/TQeN6CyJ4R
—Quinten | 048.eth (@QuintenFrancois) September 30, 2024
Additionally, during election years, the last quarter of each year, i.e. October, November and December, show Get 100% of the time.
Given these strong indicators, companies like Metaplanet and Microstrategy are positioning themselves to take advantage of the coming bull market. They are focused on building Bitcoin reserves before the market takes off.
Bitcoin investors are becoming increasingly optimistic as the global M2 money supply increases. They expected this Increased money supply will drive demand for Bitcoin.
As a result, the market is likely to rebound, pushing the price of Bitcoin to at least $90,000 by the end of the year.
Disclaimer: The opinions expressed in this article do not constitute financial advice. Readers are encouraged to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
Our editorial process
