BTC Price Surges After Nomura Launches Adoption Fund, On-Chain Data Shows Bullishness
The world’s largest cryptocurrency Bitcoin (BTC) has registered a price surge once again gaining 1.44% and surging past $27,200 levels. This price pump follows hours after Japanese banking giant Nomura announced that its crypto subsidiary is launching a new adoption fund for institutional investors.
Bitcoin experienced a surge to $27.2K following the announcement of Japan’s largest investment bank, #Nomura, unveiling an Adoption Fund tailored for institutional investors. This development marks the latest stride in the #crypto space’s endeavors to broaden accessibility and engagement beyond the realm of conventional traders.
Popular crypto analyst Michael van de Poppe stated that the BTC price is holding well above the support level of $ 26,700. He further added that the uptrend can continue further by establishing a new range.
#Bitcoin holds crucial level at $26,700-26,800 and rallies further.
This is strong and looks like we've got a continuation of the uptrend here.
New range established, new uptrend, new altcoins breaking out. pic.twitter.com/YzN5Fmdlp7
— Michaël van de Poppe (@CryptoMichNL) September 19, 2023
Is This the Beginning of the Bitcoin Bull Run?
During a bull run, heightened on-chain activity typically takes center stage! This phenomenon becomes apparent when the monthly average of newly created wallets (depicted in red) surpasses the annual average (illustrated in blue). This occurrence signifies strong network fundamentals and a surge in Bitcoin utilization, noted popular crypto analyst Ali Martinez.
It’s worth noting that despite stagnant prices, the on-chain activity for $BTC is expanding, hinting that the BTC bull run might be gearing up for a resurgence.
However, some market analysts believe that investors might get one final chance to fill their bags before the long-term bull run resumes. Popular crypto analyst Rekt Capital writes:
“Make no mistake – Bitcoin is in an early stage Bull Market Long-term the outlook is bullish Mid-term? Over the next 7 months, we may or may not get 1 last major correction Will it happen? It would be wise to at least be ready for it if it does”.
Rekt Capital also added that the BTC price could surge to $29,000 before one final downside movement.
The Bearish Bitcoin Fractal assumes price could still rally to even as high as ~$29,000 before additional downside
Key Technical Events
• Overextension beyond Bull Market Support Band (yellow circle) possible but a failed retest of the Band as support post-breakout and… pic.twitter.com/dFgV1G5DAh
— Rekt Capital (@rektcapital) September 18, 2023
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