First time since December 19, the biggest cryptocurrency, Bitcoin has once again crossed the $102,000 mark after rising 4.17% in a day, according to CoinMarketCap.
The surge comes after the news of MicroStrategy’s latest announcement of 1,070 Bitcoins for a $101 million acquisition. At the time of writing, the cryptocurrency is trading at around $102,473.91 with an impressive market capitalization of $2.02 trillion.
Is Bitcoin Sailing Through Reversal?
According to some experts, Bitcoin’s latest price surge has been fueled by renewed interest from institutional giants MicroStrategy and Metaplanet after they announced their plans to grow their Bitcoin holdings in 2025.
On January 3, MicroStrategy, led by Michael Saylor, announced its intention to raise up to $2 billion through public underwritten offerings of perpetual preferred stock. The funds will be used to strengthen the company’s balance sheet and expand its Bitcoin reserve under its ambitious 21/21 Plan to raise $21 billion over three years through a mix of equity and debt instruments.
On the other hand, Metaplanet, a Japanese investment company, under the leadership of CEO Simon Gerovich, has also shared a bold BTC acquisition strategy. The company plans to increase its BTC holdings to 10,000, which is over five times its current status.
Both announcements show a growing institutional interest in long-term BTC holdings as a store of value. As these corporate heavyweights continue to bet on BTC, market experts are speculating that such large-scale acquisitions could spark another bullish cycle in 2025.
The popular crypto analyst, Rekt Capital states, “The first Price Discovery Correction is a high-probability dollar-cost-averaging opportunity because there’s a high likelihood of reversal to the upside. Looks like that reversal to the upside is happening right now.”
The popular crypto analyst says that BTC is projected to hit its bull run peak in 2025. However, The analyst also suggests that the surge will be fueled by the start of a new bear market.
Also Read: MicroStrategy Buys Another 1070 Bitcoin, What’s Next For BTC Price?
Source: https://www.cryptonewsz.com/bitcoin-breaks-102k-mark-new-bull-cycle/