Michael Saylor backs Metaplanet's push as Bitcoin trades below $90k

The cryptocurrency market is experiencing a significant correction in recent sessions. Bitcoin is currently trading around $87.28K, with a trading volume of $1.09 billion in the last 24 hours, reflecting some short-term selling pressure.

Amid this volatility, Metaplanet, the Japanese company dedicated to accumulating Bitcoin as a treasury asset, is preparing an ambitious initiative for its shareholder meeting scheduled for December 22. The company will present a proposal focused on issuing preferred shares with the aim of intensifying its BTC accumulation strategy. With an current portfolio of 30,823 BTC acquired at an average cost of $108,036, Metaplanet continues to strongly bet on digital currency.

Michael Saylor, known for his optimistic outlook on Bitcoin, has expressed his support for aggressive buying strategies, aligning with the approach of companies like Metaplanet that see Bitcoin as a long-term value hedge. His recommendations continue to influence institutional investor sentiment.

From a technical perspective, market analysts identify a descending wedge pattern on the BTC/USD chart that could signal a bullish reversal in the short term. This technical formation, combined with the backing of figures like Saylor and strategic moves by treasury companies, suggests that buyers could take control if Bitcoin manages to break above $90,000.