The Crypto fraternity is set for 2022 with new goals. Bitcoin price was just $27k at this time last year, it has risen more than 80% over the year reaching $47.2k at the press time. The mega year is being around the corner altcoins are slowly moving northwards. Especially Polkadot, Terra, Cardano, and XRP outstripped the flagship asset with 4%, 3.60%, 2.14%, and 2.57% gains round the clock.
As $6 billion worth of options expires today, the most dominant asset might experience a slight pullback. However, the macro outlook remains positive as there is a rise in confidence of long-term holders, miners, and the net network growth.
Big Week Ahead For Bitcoin!
Despite there is risk of options expiry, Bitcoin has managed to rise by 1% in the past 24-hours. Further, it thrives hard to come out of the range-bound scale. Whilst smart money is not moving to the exchanges, the asset is expected to break out of the cage in the next couple of weeks.
Crypto metric platform Glassnode revealed interesting analytics. It is clearly observed from the chart that miners are turning out to be smart holders. They usually have spent their coins on exchanges whenever the price has reached its zenith. Whilst tightly held their asset during bear markets. Currently, miners are not ready to sell their assets, therefore we can see some big spikes probably in the first or second week of January.
Meanwhile, the Bitcoin network has experienced heavy traffic as the price is hovering at its crucial bottoms between $46k and $48k. Crypto on-chain metric platform Santiment confirmed that the asset has seen the highest network activity in 4-weeks. This is again a bullish indicator if active addresses continue to grow in the next couple of weeks, BTC would claim its price above $60k.
Collectively, Long-term holders are not ready to sell their assets. On the other hand, there’s been a massive growth of active addresses over the past couple of days and miners’ Bitcoin holdings are growing eventually. As factors are gradually turning positive for the asset, we may get to see a tremendous rally in the next couple of weeks.