Metaplanet filed a Progress on Disclosure Notice dated July 22, 2024, informing the community that it purchased 20.38 Bitcoin tokens. These are additional and build on past purchases. These tokens have been acquired for a cost of 200 million yen at an average price of 9,813,061 yen per BTC. Total holdings now stand at 245.992 Bitcoin tokens for a total value of 2.45 billion yen and an average value of 9,959,687 yen per token.
It had previously purchased 104.919 Bitcoin, bringing the total to 1 billion yen worth of the digital asset. At that time, the average value per Bitcoin was 9,531,162 yen.
The community is excited about this development, with many members believing that Metaplanet actually understands Bitcoin’s potential. This stems from projects about BTC, wherein the flagship token is estimated to grow exponentially in the coming days. Its near-term projections largely support this theory.
BTC is predicted to reach $77,557 in the next 5 days, a growth rate of 14.30% from the current value. In the next 30 days, we are expected to see BTC exchange hands at $88,392, a surge of 30.27% from the current value. Additional investments also stem from the fact that the FGI has transitioned to Greed with 70 points. Investors are willing to take the risk at the moment despite rising inflation concerns.
It could be due to the ongoing political influence that put Donald Trump at the forefront of the Presidential election race. Or, it could be due to speculation that Spot Ether ETF approval by the US SEC would fuel an upward trajectory not just for ETH but also for BTC.
The token is dancing with the volatility of 5.14% and the 14-day RSI of 68.77. The 50-day SMA and 200-day SMA are $63,669 and $59,096, applicable in the same order. Bitcoin is closer to achieving a new ATH by surpassing $74,000. The token is listed at $67,730.99 at the time of writing this article. That is a jump of 0.92% in the last 24 hours and 7.82% in the last 7 days. This comes after it hit a bottom of less than $60,000. Bitcoin was even running below the mark of $55,000.
Metaplanet injecting funds into the ecosystem by acquiring additional Bitcoin tokens has raised one question: Is it the right time to buy Bitcoin ($BTC)?
That ideally depends on one’s investment strategy and risk assessment. Dips are bought for tokens that are certain to hit an uphill at one point in time. Bitcoin was trading at a lower value but has now gained its strength and is expected to continue to do so until it hits the mark of $100k, according to the BTC price prediction. Buying Bitcoin ($BTC), or any other crypto for that matter, is risky and subject to heavy price fluctuations. Move forward only after a thorough research and risk assessment.