Bitcoin Price Eyes New All-Time High Soon As Per 3 On-Chain Indicators

Highlights

Bitcoin NVT GC stands at 0.14 points, suggesting a potential local bottom in the $69K-$70K region.
Bitcoin institutional investors have shifted towards re-accumulation in last two weeks.
The Bitcoin Open Interest (OI0 has surged past $2 billion in just the last two days.

The Bitcoin (BTC) price made a strong move to $71,000 earlier this week and holding around it firmly making a new base formation for the asset class. Market optimism has once again returned with investors eyeing a new BTC all-time high shooting past $74,000. Let’s take a look at the three on-chain indicators that hint at the bullish momentum to continue.

1. Bitcoin Whale Reaccumulation

Following a significant distribution phase in March, institutional investors have shifted towards reaccumulation over the past two weeks, according to data from CryptoQuant. This renewed buying activity is already influencing market prices and is expected to strengthen further in the coming weeks. If this happens, the Bitcoin price could enter a new price discovery zone by hitting a new all-time high.

2. Bitcoin Price NVT Golden Cross Hints Local Bottom

CryptoQuant has noted that since February 2024, the NVT GC indicator has consistently hit local bottoms within the range of 0.00 to -1.00 points. Currently, NVT GC stands at 0.14 points, suggesting a potential local bottom in the $69K-$70K region.

The recent $886.6 million inflow into Bitcoin spot ETFs further supports this analysis. CryptoQuant will monitor NVT GC closely and provide updates as it approaches the critical white zone.

3. Bitcoin Volatility Index and Adjusted MVRV

A key indicator of Bitcoin’s volatility, the Bitcoin Volatility Index (SMA-30d), is currently experiencing a significant dip. This index factors in trading activity on exchanges, suggesting a potential slowdown in price swings for the cryptocurrency.

The data paints a picture of unusual calmness, with historical records showing only four instances of such low volatility in the past six years. This could be interpreted as a sign of stability, but some analysts might view it with caution.

In addition, an analysis of the bull market’s structure using the Adjusted MVRV (30DMA/365DMA) metric highlights similarities between the current market and the 2015-2018 period. Surpassing the halfway mark, the current trajectory mirrors a smooth progression devoid of the turbulence experienced in the previous cycle.

Along with all these indicators, the open interest in Bitcoin has surged past $2 billion in just the last three days highlighting strong action in the derivatives market. This can lead to the Bitcoin price surging to new highs.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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