Bitcoin is back in the spotlight with Elon Musk renewing his support for the currency, describing it as an “energy-based” and “anti-inflationary” currency, along with the International Monetary Fund (IMF) warning of escalating risks in global markets. At the same time, Japanese company Metaplanet is facing a sharp decline in its valuation, despite owning more than $3.5 billion in Bitcoin.
However, the charts show Bitcoin price stabilizing near the $111,000 level, with the triple bottom pattern indicating a possible rise towards the $130,000 level due to continued strength in institutional demand.
Elon Musk describes Bitcoin as ‘energy-based and anti-inflationary’
Tesla CEO Elon Musk has described Bitcoin as an “energy-based” and “anti-inflationary” currency, highlighting its difference from “official counterfeit currencies” that governments can issue and print without limits, while Bitcoin’s proof-of-work model prevents the creation of “fake energy.”
Musk’s statements came in response to analyst ZeroHedge, who linked rising Bitcoin and gold prices to increased government spending on artificial intelligence technology. These are Musk’s most outspoken statements on Bitcoin in nearly 3 years, after predicting a prolonged bear market cycle in 2022 following the collapse of the FTX platform. Musk’s re-endorsement of Bitcoin underscores his belief in its role as a hedge against inflation and its growing importance in an AI-driven economy, despite ongoing concerns about energy consumption in mining operations.
Following Musk’s statements, Bitcoin regained momentum and the price climbed to near $111,000 as investor sentiment improved and confidence in the currency’s long-term potential was renewed.
The International Monetary Fund (IMF) warns of risks in global markets
The International Monetary Fund has warned that global markets have begun to react laxly to risks such as trade tensions, rising debt levels and asset price inflation, and warned that a sudden loss of confidence could lead to a “chaotic” decline in markets.
This warning came after US President Donald Trump’s new threats to impose new tariffs, which caused temporary pressure on the Bitcoin market and the stock market. The International Monetary Fund has urged governments to strengthen oversight of digital currencies and stablecoins, as well as reduce the budget deficit.
Despite the short-term volatility, the speed of Bitcoin’s price recovery indicates traders’ continued confidence in its long-term stability and strength.
Metaplanet’s valuation has fallen below the value of its Bitcoin holdings.
Metaplanet, one of Japan’s leading Bitcoin treasury companies, saw its valuation fall below the value of its Bitcoin holdings for the first time in its history. The Bitcoin-denominated company’s market capitalization index of net asset value (mNAV) fell to 0.99, indicating that the market now values Metaplanet at less than… The value of its holdings is 30,823 Bitcoins, which is currently valued at around $3.5 billion.
The drop comes after the company temporarily halted Bitcoin purchases for two weeks, despite its reputation as one of Asia’s most active institutional currency collectors. Metaplanet’s stock value has fallen 75% since June, reflecting investor caution and growing uncertainty around companies’ strategies tied to Bitcoin Treasuries.
As a result, analysts believe the market reaction is similar to the wave of doubt Tesla faced in its early days, emphasizing that the current decline is the result of inaccurate pricing and not a flaw in Metaplanet’s business model. They point out that the company’s large Bitcoin reserve and long-term plan to increase its holdings of the currency continue to support confidence in the strength of its balance sheet.
Meanwhile, Bitcoin is trading steadily around the $113,000 level, with analysts pointing out that Metaplanet’s holdings reaffirm institutional confidence in the long-term growth potential of the currency’s price.
Bitcoin Price Prediction: Triple Bottom Pattern Indicates Possible Breakout Towards $130,000
Bitcoin price is forming a triple bottom near $109,600, a level that has triggered several reversals since late September, and this trend indicates an easing of selling pressure as buyers gradually regain control.
Looking at the 2-hour chart, we see the 100-period simple moving average (SMMA) crossing at $116,676 with the 0.5 Fibonacci retracement level at $116,108, a key resistance zone that could cap gains before a confirmed breakout.
The Relative Strength Index (RSI) has rebounded from oversold levels at 47, showing early bullish divergence and slowing downside momentum, and a bullish engulfing candlestick formation above $114,500 would confirm this trend and improve near-term buying momentum.
Although Bitcoin price is still moving in a descending channel, Tradingview forecasts indicate that the price may rise to the $119,000 level, which corresponds to the 0.786 Fibonacci retracement level. A close above $120,000 will indicate a transition from relative stability to recovery, with the next levels targeted at $125,000 and $130,000.
Therefore, traders may wish to open bullish positions above $114,600, with stop-loss orders placed below $109,500. Note that the first price target is at $119,800, and a move above the 100-period simple moving average will confirm the possibility of reversing the uptrend. As volatility decreases and institutional consolidation increases, the current Bitcoin price level could provide a basis for sustained upside during the fourth quarter of this year.
Bitcoin Hyper-HYPER: The next evolution of Bitcoin on the Solana blockchain
Bitcoin Hyper marks a new phase in the Bitcoin technical ecosystem. While Bitcoin remains the benchmark for security, Bitcoin Hyper offers what it has always lacked: the superior speed of the Solana blockchain.
As the first layer two solution for the Bitcoin blockchain, Bitcoin Hyper leverages the Solana Virtual Machine (SVM) to combine the security and stability of the Bitcoin blockchain with the speeds of the Solana blockchain. This allows the project to offer ultra-fast speeds, low-cost smart contracts, decentralized applications (dApps), as well as support the creation of meme currencies, all protected by the security of the Bitcoin blockchain.
The coin’s smart contract, designed to combine scalability, simplicity and reliability, also successfully underwent a security audit by the Coinsult team, and the project is attracting increasing interest from investors, with subscription proceeds to date exceeding $23.4 million, with the coin currently selling at $0.013105 before the next increase.
With increasing activity on the Bitcoin blockchain and growing demand for powerful applications built on it, the Bitcoin Hyper project is emerging as a bridge that unites two of the largest crypto ecosystems on the market. If the Bitcoin project laid the foundation, Bitcoin Hyper will improve it and make it faster, more flexible and more fun again.
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The post Bitcoin (Bitcoin-BTC) Price Predictions: Price Nears $111,000 With Backing From Elon Musk, $3.5 Billion Metaplanet Bet At Stake appeared first on Cryptonews Arabic.
