Bitcoin Surges Past $27,200 Following Nomura’s Adoption Fund Announcement
The price of Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a surge of 1.44%, surpassing the $27,200 mark. This increase in price comes shortly after Japanese banking giant Nomura revealed its crypto subsidiary’s launch of an adoption fund specifically designed for institutional investors.
Japan’s largest investment bank, Nomura, has unveiled an Adoption Fund tailored for institutional investors, resulting in Bitcoin surging to $27.2K. This latest development represents another step forward in the crypto industry’s efforts to expand accessibility and engagement beyond traditional traders.
BTC Price Holds Above Support Level of $26,700
According to popular crypto analyst Michael van de Poppe, the BTC price is holding strongly above the support level of $26,700. He believes that this uptrend could continue 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, increased on-chain activity is typically observed. This is evident when the monthly average of newly created wallets exceeds the annual average. Popular crypto analyst Ali Martinez points out that this indicates strong network fundamentals and a surge in Bitcoin utilization.
Despite stagnant prices, on-chain activity for BTC is expanding, suggesting that the Bitcoin bull run may be preparing for a comeback.
However, some market analysts believe that investors may have one final opportunity to accumulate before the long-term bull run resumes. Crypto analyst Rekt Capital suggests that Bitcoin’s price could surge to $29,000 before experiencing a 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
Hot Take: Bitcoin Gains Momentum with Nomura’s Adoption Fund
The recent surge in Bitcoin’s price following the announcement of Nomura’s Adoption Fund for institutional investors indicates growing interest and adoption in the crypto space. With BTC holding above key support levels and on-chain activity expanding, there are signs that the long-awaited bull run may be on the horizon. However, market analysts caution that there may still be one final opportunity for investors to accumulate before a potential correction. As Bitcoin continues to make headlines and attract institutional interest, its future trajectory remains uncertain but promising.
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