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On-chain data shows that an imminent Bitcoin rally could drive its price up to $32,000, says Glassnode lead-analyst James Check. After a long period of unusually low volatility, Bitcoin's next major price move is likely imminent and could drive BTC to $32,000, according to James Check, the lead on -chain analyst at Glassnode. That price level is where Bitcoin’s “true cost basis is sitting,” Check explained in an exclusive interview with Cointelegraph.  To calculate Bitcoin's average cost basis – the average price at which BTC was bought – Check and his team removed the coins that are lost forever from the calculation and focused on active Bitcoin investors.  “It's where the mean reversion level would be, so a rally to that level, to be honest, wouldn't surprise me,” he said. Despite this bullish scenario, Check also points out there is likely a large number of investors who are tired of the bear market and are waiting for Bitcoin to reach that level before sellin...

The Bitcoin price prediction hasn't altered much throughout the Asian session today, as BTC remains above the important support level of $16,550. Given the optimistic technical signs, the market is awaiting a critical on -chain signal before entering a typical bull market. The market's ongoing fear is keeping Bitcoin and other cryptocurrencies under pressure. Sam Bankman-Fried Rescinds Extradition Contest A former FTX CEO Sam Bankman-Fried plans to appear in court in the Bahamas on Monday to withdraw his opposition to extradition to the United States, where he confronts fraud accusations. As he rode the cryptocurrency bubble to make FTX one of the world's largest exchanges, Bankman-Fried acquired a wealth estimated at over $20 billion. The 30-year-old cryptocurrency tycoon was indicted on Tuesday in federal court in Manhattan on charges that he stole billions of dollars from FTX customers and used the money to pay off debts, cover personal costs, and in...