Crypto space has been bearing a pivotal correction since clinching its new ATH of $2.7 trillion. It seems the leader of the space Bitcoin is driving the price momentum to retest its immediate bottom before taking on a major leg up. Moreover, the compelling interest towards the asset could further push the price momentum for the rest of the quarter.
Bitcoin’s relentless move in the recent past has drifted on-chain activity to the next level. Moreover, popular crypto analyst Micheal Van De Poppe strongly believes the BTC price to leap to $90K. Let’s find out more about potential on-chain catalysts and brief price analysis for the dominant coin.
Potential On-chain Catalysts For Bitcoin:
1. Bitcoin’s Address Activity Spikes Consistently:
Bitcoin has experienced a constant resurgence in address activity over the past 3 months. Furthermore, the latest spike in BTC’s price action has subsequently added more traders to the network. According to the crypto metrics platform Santiment, the network has registered over 1 million active addresses twice in the last two weeks. And further maintained rising channel with a jump in addresses support level to 750k.
However, as the digital coin has been undergoing a minute correction for the last 3 days, the recent revival in the number of active entities could soon uplift the price momentum.
2. Aggregate Bitcoin Futures Open Interest Sails to New ATH:
Bitcoin’s recent drift in its price level has created a silver lining among professional traders. With the latest price spike, bets over futures open interest have certainly sailed to ATH. Glassnode, a crypto metric platform highlighted the recent Bitcoin futures open interest achievement to $5.44 billion.
A similar staggering phase was recorded by the network just before its massive run in early 2021. However, as a huge chunk of traders betting on long positions, the digital coin could take a major leap to new highs. The chart highlighted a 265% increase in open interest since the Chinese market turbulence during early September.
3. Bitcoin’s Future Market Shines:
.As the crypto industry has been showing potential signs of hitting mainstream soon, the adoption rate is at its best. The star crypto’s recent ATH achievement influenced many traders to hold the asset for the long term. Cryptoquant CEO, Ki-Young Ju, shared interesting market insights related to Bitcoin. While the price was undergoing a key correction of $60k on Sunday, a total of $840 million worth of the asset was bought in the futures market. This further enables a strong support level of around $60k.
Analyst Projects Bitcoin Price to Skyward to $90k!
A popular crypto analyst Micheal Van de Poppe mentions major support and resistance level for the Bitcoin price. The analyst expects the digital coin to undergo correction between $57,623 and $59,016. He predicts the price to initially reclaim resistance of $67,994.58. Then, he anticipates a spike in the price level to $74,770.75 by early 2022. The chart further highlighted the asset to continue the uptrend momentum up to $92,217.
Collectively, the Bitcoin price is undergoing a key correction. The most valued asset could soon bounce to new highs as there is a huge surge in on-chain activity.