Analysts see a fresh start for Bitcoin in the month of September.
Doom, pressure and gloom have been the outlooks for Bitcoin in recent weeks.
What’s now stirring the market, after the second week of September 2024, brings a refreshing feeling to Bitcoin investors and their crypto companions. Last week’s more recent spurt in price came as big agencies invested into BTC while retailers looked and sat back in awe.
If you’re wondering where the fresh money in Bitcoin came from, then keep reading.
Hitting 398.8 In Bitcoin Holdings
Metaplanet Inc., the investment consultant, brings its total Bitcoin holdings to roughly $27.6 million and counting. This aggressive campaign, which was first mentioned in August, is now catching eyes in the market and may even push Bitcoin’s price higher into October.
The agency’s current plan is a commitment to its “corporate Bitcoin strategy,” which is about diversifying its own financial portfolio. Metaplanet Inc. is also incentivizing the market to adopt Bitcoin on a larger scale, and it’s taking a bullish stance in the crypto market.
A MicroStrategy Fresh Start for Bitcoin
MicroStrategy Comes Behind With 226,500 BTC
Metaplanet Inc., wasn’t alone in its endeavor to snag up more Bitcoin from a cheaper-price market. MicroStrategy, the analytics and intelligence company, is already set in the top spot as the world’s largest Bitcoin reserve, making it now the largest corporate holder of the token too.
Its most recent purchase accumulated to an additional 18,300 Bitcoins at a strike price of roughly $1.11 billion. The firm’s fund is now at $13.5 billion in its BTC holding alone. How much higher will this go is unknown, but we assume the agency is still ambitious for more.
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In its own words, “MicroStrategy’s mission is to securitize Bitcoin and serve as the institutional bridge between traditional, mainstream investors and Bitcoin.” The firm believes that by increasing its BTC holding, it will bring more stability to the crypto market.
This same strategy is taken by Metaplanet Inc., which wants to stabilize BTC by backing its holdings with cash reserves. The longer it holds its reserve, the less that BTC will be bought and sold in the market cycle.
The end result is a stable price if this large pool of BTC never gets moved. This corporate vision MicroStrategy adopts for Bitcoin started in 2020, and it continues to thrive today.
A Look at Bitcoin’s $65,000 Benchmark …
As I’ve predicted many times before, Bitcoin is still struggling to pass its $65,000 ceiling.
However, if you thought the recent market dip was the end for this token, then think again.
The factors behind the pressure on Bitcoin are easily put into perspective. You see, the cheaper it becomes, the more that people will want to buy it. Just ask yourself this: “What if Bitcoin dropped to $100 per coin?” Wouldn’t you buy at least ten of them for $1,000 total?
Most people would. From the looks of it, top agencies in the market saw a price below $60,000 as a bargain price. Not only was the price deal good for them, but they now know how to keep BTC’s price from falling.
