Japanese Investment Firm Metaplanet Doubles Down on Bitcoin, Acquiring Another 497 BTC Worth $43.46M

NAIROBI (CoinChapter.com) — Japanese investment firm Metaplanet has doubled down on Bitcoin

NAIROBI (CoinChapter) – Japanese investment firm Metaplanet has reportedly bought 497 more bitcoins, adding $43.46 million in BTC to its portfolio.

According to a statement by the company on Thursday, the latest purchase occurred at an average price of $88,938 per coin. Following the acquisition, the firm’s total Bitcoin holdings reached 2,888, valued at $251.18 million, with an average purchase price of $84,325.

The investment firm’s purchases come amid growing bullish sentiment among analysts, who predict that the flagship cryptocurrency might be setting the stage for a potential breakout to $123,000.

The company’s BTC strategy continues to unfold, expanding its Bitcoin holdings and remaining committed to its long-term vision for the cryptocurrency. The firm’s actions mirror those of MicroStrategy, another company that has been accumulating BTC despite the market downturn.

As institutional investors increase their exposure to Bitcoin, the cryptocurrency’s supply is becoming increasingly limited, potentially fueling further momentum in the market.

The Japanese firm’s purchases also 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.

Moreover, Metaplanet’s average purchase price of $84,325 suggests a calculated approach, with the company securing BTC at key technical levels throughout the year.

As Bitcoin trades at around $89,000, the investment firm’s latest buy signals confidence in a sustained bull run, possibly leading to six-figure price targets.

Bitcoin price analysis: BTC forms triangle pattern

The cryptocurrency’s price structure is forming a triangle pattern, suggesting that a breakout is imminent. In a recent price analysis by Crypto Dives, analysts noted that the BTC market breakout will hit its peak during March 12, at the same time as the U.S. Consumer Price Index (CPI) inflation data is set to be released, 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. According to Crypto Dives, there is a 65% likelihood of an upward breakout as institutional buying continues and positive technical signals are detected. On the other hand, the market has a 35% chance of downward price pressure, which might shift BTC prices lower.

As Metaplanet and similar companies continue their buying activities, the existing Bitcoin supply will become even tighter. The direction of the market will depend heavily on the upcoming CPI data, as inflation numbers influence the Federal Reserve’s governance and investor sentiment.

If BTC manages to break through the essential resistance points and if there is more buying pressure due to FOMO, it could rise to $123,000. For long-term investors, there are possibilities to buy during short-term market fluctuations that occur after the triangle pattern rejects entry.