As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, but the current Bitcoin (BTC) phenomenon is truly unprecedented. The relentless buying spree of Asia’s MicroStrategy Metaplanet, or as some call it, “Asia’s MicroStrategy,” has been a sight to behold.
Each week, MicroStrategy Metaplanet – based in Asia – has been adding Bitcoin to its holdings, resulting in over 639 Bitcoins as of today’s purchase. On Monday, during the early trading hours in the Asian market, the Japanese firm declared a new investment of approximately 1 billion Japanese Yen in Bitcoin. This recent move follows analyst predictions that Bitcoin’s price could surge and reach new record highs this month.
MetaPlanet Bitcoin Buying Spree Continues
Metaplanet, a publicly-traded Japanese firm known as Asia’s MicroStrategy, has persisted with its Bitcoin acquisition. On October 7, they declared purchasing an additional 108.78 Bitcoins, bringing their total Bitcoin holdings. Since May 2024, the company has been consistently buying Bitcoin, and their overall investment in this asset class has now reached approximately 6 billion Japanese Yen.
Last week, Metaplanet added Bitcoins worth $1.4 through options trading for the asset class. The company successfully sold 223 fully USD-collateralized contracts of $62,000 put options set to expire on December 27, 2024. Through this transaction, it generated 23.97 BTC in option premiums, which will be recognized as revenue.
At this moment, the price of Metaplanet shares is climbing by 14%, hovering near the 1045 mark. For the past month, the stock has maintained similar levels, boasting a year-to-date growth of 544%. Despite this, it’s currently 66% lower than its peak price in May.
Conversely, MicroStrategy (NASDAQ: MSTR) shares have experienced an impressive surge this year, rising 8% last Friday in response to robust US jobs data. Over the past month, the MSTR stock has soared by 41%, and since the start of the year, it’s climbed an astounding 157%. According to recent charts, the MSTR share price is poised for a significant jump, potentially triggering a substantial increase in Bitcoin’s value for the remainder of the month.
BTC Eyes New All-time High in October
During the Asian market’s early trading hours on Monday, the price of Bitcoin climbed more than 3%, reaching over $63,600. Despite a shaky start to October with a drop below $60,000, analysts anticipate a robust upward trend. Besides Metaplanet, several other factors could contribute to the Bitcoin’s rally in October.
Historical trends indicate that after reaching a bottom in October, Bitcoin tends to increase by approximately 31.72%. Last week on October 3, Bitcoin’s price dipped to $59,800 before rebounding. If we anticipate similar gains of around 32% from the current level, Bitcoin could potentially reach $77,700 by the end of this month. In their most recent report, 10x Research suggests:
October holds significant events that might continue the positive trend. Political events aren’t expected to interfere with this bullish movement; instead, they could offer interesting chances for experienced traders to profit from market fluctuations.
BTC typically bottoms 3-4 days into October
During the entire month of October, Bitcoin saw an increase of 32%. If we exclude any Octobers with negative returns, this increase jumps to 36%.
We tagged 59.8K on Oct 3 after a sell off
If we return 30% on 59.8K, we will end the month at 77.7K
— jay (@0xjaypeg) October 6, 2024
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2024-10-07 07:56