NAIROBI (CoinChapter.com) — Japanese investment firm Metaplanet has doubled down on Bitcoin, acquiring another 497 BTC worth $43.46 million at an average price of $88,938 per coin. The company now holds a total of 2,888 BTC, valued at $251.18 million, with an average purchase price of $84,325. The aggressive accumulation comes amid growing bullish sentiment, with analysts predicting a potential Bitcoin breakout to $123,000.
Metaplanet’s BTC Strategy Gains Momentum
Metaplanet continues to expand its Bitcoin holdings, mirroring strategies employed by firms like MicroStrategy. The company’s latest purchase reinforces its conviction in BTC as a long-term asset. With institutional investors increasing their exposure, Bitcoin’s supply crunch could fuel upward momentum.
The Japanese firm’s purchases align with a broader trend of corporate adoption, where companies are turning to BTC as an inflation hedge. With Bitcoin’s supply fixed at 21 million coins, continued acquisitions by institutions create scarcity, potentially driving prices higher.
Metaplanet’s average purchase price of $84,325 suggests a calculated approach, securing BTC at key technical levels. As Bitcoin trades near $89,000, the company’s latest buy reflects confidence in a sustained bull run, possibly leading to six-figure price targets.
BTC Price Forms Bullish Triangle—Is $123K Next?
Bitcoin’s price structure is forming a triangle pattern, suggesting a breakout is imminent. The price analysis from Crypto Dives points to a forthcoming BTC market breakout that will hit its peak during March 12.
A breakout might happen at the same time as the U.S. Consumer Price Index (CPI) inflation data release which could trigger a significant price increase.
On the downside, Bitcoin faces a possible pullback to $64,000, which coincides with its March 2021 high. The trendline from cycle lows indicates a crucial support zone just beneath this level. Crypto Dives believe an upward breakout is likely to occur by 65% while institutional buying continues along with positive technical signal data. The market has a 35% likelihood of downward price pressure which might move BTC prices lower.
Next Vectors for Bitcoin Come From Institutional Investors
Metaplanet and similar companies stand firm in their buying habits to tighten the existing Bitcoin supply. Market direction for BTC heavily depends on upcoming CPI data because inflation numbers shape Federal Reserve governance and investor sentiments.
BTC could approach $123,000 through increased buying pressure because of FOMO if it surpasses essential resistance points. Long-term investors might discover buying possibilities during short-term market fluctuations that occur after the triangle pattern rejects entry.
