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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Retakes May Highs With Spike In On-Chain Activity, Next Target $60K?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
3 mins read
bitcoin btc btcusd

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Anyone paying attention to Bitcoin in the past months will notice a subtle, but importance change in its fundamentals. As BTC’s price made its way back to May’s high, just before the first capitulation event, there was an uptick in on-chain activity.

Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k

Unlike the sell-off period that occurred from May to end of July 2021, there was an increase in Bitcoin transactions. This rise led to an increment in network fees, as shown by explorer Mempool.space.

Bitcoin BTC BTCUSD
Source: Mempool.space

At the time of writing, a high priority Bitcoin transaction needs to pay a 20 sat/vB to be included in the blockchain, one of the highest fees in the past month. Conversely, BTC trades at $57,632 with a 19.3% profit in the daily chart.

Bitcoin BTC BTCUSD
BTC on a rally in the daily chart. Source: BTCUSD Tradingview

Although the Bitcoin network is still far from the levels of activity experienced during its price peaked, the uptick is significant and could point towards a sustain rally by end of 2021.

According to a recent report by Glassnode, the boost in network activity suggest fresh demand for Bitcoin could arrive to the market in Q4. The research firm records a 19% grown in individual participants on-chain during the past 7-days.

Related Reading | TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

This metric stands at 291,000 active entities per day. Glassnode noted the following on what this could mean for BTC:

This value is on par with counts from late 2020 at the beginning of the last bull run. More active market participants has historically correlated with growing interest in the asset during early stage bull markets.

Bitcoin BTC BTCUSD
Source: Glassnode

In addition, there has been an increase in the median transaction size during September. This metric stands at over 1.3 BTC, the research firm claimed.

A surge in the median transaction size doesn’t necessarily implies a continuation of the current rally, but suggest more institutions are coming into the market, Glassnode added:

Generally speaking, periods near the end of bear markets are when smart money start to accumulate in size. These periods are often characterised by lower (but rising) on-chain activity and increasingly large transaction sizes.

Bitcoin To Enter Bullish Phase?

Additional data provided by Glassnode notes an increase in some important metrics. For example, the Bitcoin Percent Supply in profit for the past week reached a 4-month high.

The transaction volume in the BTC Perpetual Futures Contract reached a 3-month high of $281,278,010 on crypto exchange Bitfinex. This suggest that the derivatives market is also starting to heat up and could once again become an obstacle for the BTC bulls.

Related Reading | Why The $1 Trillion Coin Is Another Reason To Stay Long Bitcoin

However, the Transfer Volume as a percentage of the Realized Cap, a metric used to compare on-chain activity with the “value stored” in Bitcoin, recently rose above 3%. As Glassnode indicated, this suggest BTC could be about to enterer a bullish market phase.

Transfer Volume has once again broken above the 3% threshold suggesting growing demand for on-chain settlement of value. This is a bullish a development worth watching in the coming weeks based on its high historical signal.

BTC BTCUSD
Source: Glassnode
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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