Bitcoin (BTC) Total Transfer Volume Spikes toward All-Time Highs

Bitcoin (BTC) Total Transfer Volume Spikes toward All-Time Highs

Bitcoin has logged an impressive end of month performance after weeks of lackluster trading. The leading crypto managed a monthly close above the $44K level, sparking a market resurgence. The price was finally able to move above $45k on October 1, indicating that investor sentiment could flip bullish.

BTC Transaction Volumes Spike Higher

BTCUSD is now eyeing $50K after bulls managed to tackle the stubborn resistance that has held the pair back for weeks. Per the latest data from coinmarketcap, the flagship crypto has jumped over 10% in the last 24 hours to trade for $47,500. This show of strength comes amid a weakening dollar and optimism from market participants of a great October ahead.

Market participants will now be watching to see if BTC can hold on to its intraday gains and retest $50K in the coming sessions.

Data from on-chain analytics platform glassnode shows that entity-adjusted transaction volume is approaching record highs. The market analysis site tweeted that volumes have ranged between $13.8B and $16.0B over the last three weeks.

Similar elevated volumes that peaked at $16.8B were seen during bitcoin’s rally to an all-time high in mid-April. The glassnode data, coupled with the bullish monthly close, suggest that BTC prices could blow up soon.

BTC Price Headed to $63K, Analyst Says

One historically correct crypto trader backs up the theory that BTC prices could approach record highs this October. 

Respected analyst PlanB, who nailed the BTC monthly close for August and September, has given his prediction for the end of October. In his latest tweet, the Bitcoin stock-to-flow model creator forecasted a monthly close of $63K. He further set bullish BTC price targets of $93K for November and $135K by the end of the year.

Overall, market sentiment is likely to turn bullish, according to analyst Michaël van de Poppe. The market expert recently told his Twitter followers to buy the dip, as October has historically been an excellent month for BTC.

These Bitcoin Indicators Point to Imminent Rally

In a recent post, analysts from CryptoQuant highlighted BTC indicators that show a similar trend to the last quarter of 2020. They pointed to the Bitcoin Netflow indicator, which shows the difference between coin inflows and outflows from exchanges. 

The netflows are currently negative, indicating that investors are more inclined to hodl bitcoin than sell off their coins. The metric showed similar negative values in Q4 2020, sparking a remarkable bitcoin bull run.

Another indicator that is showing a resemblance to Q4 of last year is the stablecoins supply ratio. This metric is on the lower end, which means that the supply of stablecoins in the market is rising. High supplies imply that market participants are bullish, as they primarily use stablecoins to purchase bitcoin. 

Both indicators point to mounting buying pressure in the market, leading quant analysts to predict an imminent BTC bull run.