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BTC Price Surges After Nomura Launches Adoption Fund, On-Chain Data Shows Bullishness

On-chain data shows that the Bitcoin network activity is expanding and BTC might be gearing up for a resurgence.
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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.

Courtesy: Santiment

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.

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.

Courtesy: Ali Charts

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.

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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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