Metaplanet Stock Price Surges 1,479% Within 60-Days of Kick Starting Its Bitcoin Strategy

Within 60-days of kick starting its Bitcoin strategy, Metaplanet's stock price surged by approximately 1,479%, moving from ¥190 ($1.32) on April 1

Metaplanet’s stock price soared after it announced its Bitcoin strategy, surging by approximately 1,479%. The stock price moved from ¥190 ($1.32) on April 1, 2024 to ¥1,101 ($7.69), before peaking at ¥3,000 ($20.95) on July 24, when Bitcoin reached $66,000.

This approach mirrors that of U.S. software giant MicroStrategy, which has now accumulated over $13 billion in Bitcoin under the leadership of Michael Saylor.

Earlier this week, Saylor predicted that Bitcoin could reach $13 million per coin over the next two decades. While such forecasts are highly speculative, they do exemplify the growing belief among institutional investors in Bitcoin’s long-term growth potential.

Metaplanet’s continued investment echoes this sentiment, reinforcing Bitcoin’s status as a hedge against traditional financial markets.

Meanwhile, Bitcoin price is poised for an imminent breakout towards the $60,000 level as bulls continue to push against strong resistance.

After the US Bureau of Labor statistics published dovish NFP figures on Sept 6, Bitcoin’s price rapidly increased by 10%, peaking at $57,864 before retracing toward the $57,200 support level at the time of writing on Sept 10.

A technical analysis of the Keltner Channel (KC) and RSI in the BTC price chart highlights bull attempts to push the price higher, encountering resistance near the $62,000 level. The Keltner Channel shows Bitcoin is trading in the lower portion of its range, with the top boundary around $62,500 serving as immediate resistance.