The world’s largest cryptocurrency Bitcoin (BTC) once again recorded a price increase, gaining 1.44% and breaking the $27,200 mark. This price surge came hours after Japanese banking giant Nomura announced that its crypto subsidiary was launching a new adoption fund for institutional investors.
Bitcoin saw a surge to $27.2K after Japan’s largest investment bank #Nomura announced the launch of an adoption fund tailored to institutional investors. This development marks the latest step in the #crypto space’s efforts to expand accessibility and engagement beyond the realm of traditional traders.
Courtesy: Santiment
Popular crypto analyst Michael van de Poppe stated that BTC price is well above the support level of $26,700. He also added that the upward trend could continue with the introduction of a new range.
Is This the Beginning of the Bitcoin Bull Run?
During a bull market, increased on-chain activity is usually the focus! This phenomenon becomes evident when the monthly average of new wallets created (shown in red) exceeds the annual average (shown in blue). This incident indicates strong network fundamentals and an increase in Bitcoin usage, noted popular crypto analyst Ali Martinez.
Courtesy: Ali Charts
It is worth noting that despite stagnant prices, on-chain activity for $BTC is increasing, suggesting that the BTC bull market may be preparing for a resurgence.
However, some market analysts believe investors may be getting one last chance to line their pockets before the long-term uptrend resumes. Popular crypto analyst Rekt Capital writes:
“Make no mistake – Bitcoin is in the early stages of the bull market. In the long term, the outlook is bullish. Medium term? There may or may not be a final major correction in the next 7 months. Will it happen? It would be wise to at least be prepared if that happens.”
Rekt Capital also added that BTC price could rise to $29,000 before a final downward move occurs.
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