But despite BTC’s growing adoption, its use cases remain limited. PlutoChain (PLUTO) introduces smart contracts and a cross-chain bridge that could expand Bitcoin’s applications beyond a store of value.

MicroStrategy’s BTC-First Approach

MicroStrategy CEO Michael Saylor is a known BTC maximalist. When the company bought 21,454 BTC in 2020 for $250 million, some thought it was reckless.

However, years later, MicroStrategy’s BTC-first strategy began to pay off. The MSTR stock price grew by 2,721% in five years and 755% this year.

Saylor is also a vocal advocate for a BTC strategic reserve and believes the US could see a $16 trillion return on a $1 million BTC purchase.

Tokyo-listed investment firm Metaplanet followed in MicroStrategy’s footsteps and piled up 1,000 BTC, worth roughly $92.3 million. The company wants to raise $42 billion by 2027 through shares, all of which would go toward BTC investments.

BTC ETF Inflows Top $30.84 Billion

The cumulative net inflow into US BTC ETFs topped $30.84 billion. Most of the inflows come from BlackRock’s IBIT ETF ($31.33 billion), followed by Fidelity’s FBTC ETF. However, Grayscale’s NYSE fund recorded $20.33 billion outflows since July 2024.

BlackRock now holds nearly $49 billion worth of BTC or 2.49% of BTC’s $1.95 trillion market cap. Overall, US fund managers control around 6% of BTC’s market share.

Some crypto-curious individuals see the investment of major financial institutions like BlackRock in BTC as a sign of validation and legitimacy. Besides, ETFs provide risk-averse investors safer exposure to BTC than direct custody.

This way, ETFs promote BTC adoption and drive its price action. If this trend continues, BTC could potentially hit $150,000 next year.

Technical Analysis: BTC Could Hit $130,000 Soon

While $100,000 is an important psychological barrier, technical indicators suggest BTC could go even further. Moving averages and ADX (Average Directional Index) show a strong uptrend which might continue in the long run.

However, oscillators show that BTC could face a correction after it hits a new ATH as some holders may decide to take profit.

The ‘cup and handle’ pattern that formed on BTC’s price chart in September supports this possibility. Given the $50,000 gap between the cup’s bottom ($15,000) and its rim ($65,000), BTC could reach a target range of $110,000 to $130,000 in early 2025.

PlutoChain Expands Bitcoin’s Applications

While institutions are interested in BTC, they see it merely as a store of value. Ethereum and Solana still dominate the dApp sector.

Layer-2 solution PlutoChain could resolve Bitcoin’s limitations by introducing smart contracts to the network. Developers could build native applications or port Ethereum-based projects to Bitcoin – DeFi protocols, NFT marketplaces, and P2E games are just a few examples.

Solid Proof audited PlutoChain’s codebase and didn’t find critical vulnerabilities or bugs. This means PlutoChain provides a reliable, comprehensive toolbox that could expand Bitcoin’s ecosystem.

Currently, the TVL (Total Value Locked) of the BTCFi sector is under 0.15% of BTC’s $1.95 trillion market cap. If BTC hits $150,000, its market cap would exceed $2.85 trillion.

Final Words

Bitcoin has come a long way since 2009, but it’s still far from its prime. PlutoChain may help it reach maturity through the introduction of new applications. If developers join institutions in adopting BTC, it may surpass $150,000 in the foreseeable future.

Visit the links below to learn more about PlutoChain and its unique features:

Official Website: https://plutochain.io X/Twitter Page: https://x.com/plutochain/  Telegram Channel: https://t.me/PlutoChainAnnouncements/ 

Please remember that this article is purely informational and not financial advice. Any and all cryptocurrencies are volatile, with prices prone to rapid changes. Always do your own research and consult an expert before joining any crypto venture. We are not liable for any outcomes based on the information in this article. Statements about the future entail risks and may not reflect updates.

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.