Bitcoin Price Forecast as Strategy, MetaPlanet, Strive, Robinhood Buying Continues

Bitcoin price extended its recovery into Oct. 10 after falling sharply earlier in the week. BTC traded around $82,700 after recovering from an Oct. 8 low near $80,337.

Corporate accumulation continues to provide another source of Bitcoin demand. Strategy, Metaplanet, Strive and Robinhood have all disclosed recent purchases, although their acquisition strategies differ substantially.

Top Bitcoin Treasury Companies are in a Buying Spree

Some of the biggest companies in the crypto industry are continuing their buying spree this month. Strategy, the biggest company in the industry, bought 334 coins last week, continuing a trend over the past few weeks. The company had previously sold some of its coins as the price of its preferred shares dropped. It now holds 848,000 coins valued at over $70.2 billion, much higher than the July low of $49 billion.

MetaPlanet, the second-largest Bitcoin treasury company, has also continued buying Bitcoin this month. It now holds 44,000 coins worth over $3.6 billion. Strive, a company associated with Vivek Ramaswamy, continued its accumulation, making it the fifth-largest holder. It is using its preferred stock, SATA, to pay for these coins.

Most recently, Robinhood has also started making these payments. It has bought 294 coins, which are currently valued at over $24 million. It is unclear whether this buying spree will continue.

The buying is a sign that these companies believe that Bitcoin may continue rising over time. In total, there are now 199 publicly traded companies with Bitcoin in their balance sheets. These firms hold 1.27 million. In total, these coins are valued at over $105.8 billion.

In addition to these Bitcoin treasury companies, investors are also buying BTC ETFs. These funds added over $2.65 billion last month after adding $3.52 billion in August this year. They added over $6.5 billion in this period. While momentum has stalled this month, the process is likely to restart.

Investors are Embracing a Risk-On Sentiment

Bitcoin’s performance is occurring at a time when investors are embracing a risk-on sentiment despite rising bond yields. Data shows that the ten-year yields jumped to 5.3%, its highest level in over 20 years. Similarly, the 30-year yields are rising and analysts warn that they may hit 6% soon.

Despite all this, the US stock market is doing well, with the S&P 500 Index trading at its all-time high. The tech-heavy Nasdaq 100 index has also jumped to a record high, with many tech stocks leading the charge.

One reason for the risk-on sentiment is that the US published weak jobs and inflation numbers. The recent data showed that the economy created just 29,000 jobs, while the unemployment rate rose to 4.2%. The most recent data showed that personal consumption expenditure was below expectations.

These numbers mean that the Federal Reserve will likely not hike interest rates in this month’s meeting.

Bitcoin Price Prediction: Technical Analysis

The daily chart shows that the BTC price dropped sharply earlier this week, reaching a low of $80,370. It has now bounced back and moved above the key resistance level of $82,688, its highest level on September 3rd.

There are signs that the coin has formed a break-and-retest pattern, a common continuation pattern in technical analysis. It has soared above the 50-day moving average and the Supertrend indicator.

Therefore, the coin will likely bounce back, possibly and retest this month’s high of $87,200. A move above that level will point to more gains, possibly to the psychological level of $100,000.

This article is for informational purposes only and does not constitute financial or investment advice. Bitcoin prices, corporate treasury holdings, ETF flows and technical levels may change as market conditions evolve.