Bitcoin (BTC) currently ranges between $94,000 and $96,000, but on-chain signals suggest the cryptocurrency is on the verge of a massive breakout. Data from blockchain analytics platform CryptoQuant indicates that BTC could witness a sharp and significant uptick within the next one to two months.

According to a report by pseudonymous digital asset analyst Crypto Dan, a signal usually seen once or twice in each bull market has just appeared. It indicates that BTC could skyrocket soon as it approaches the final phase of this cycle.

BTC Could Skyrocket in 2 Months

The signal called the golden cross of the Spent Output Profit Ratio (SOPR) indicator entails the SOPR 365-day moving average crossing the SOPR 30-day moving average. Only in bull seasons have these indicators crossed, and the market has experienced a strong rally within the following two months each time.

Crypto Dan said the signal occurs once or twice throughout an entire bull cycle, and it is the second in this upward phase that kicked off in January 2023.

Notably, the upcoming rally is likely to be the largest in the final phase of this cycle. The crypto analyst mentioned that the magnitude of these runs often increases as the market advances toward the later stages of the bull cycle, while declines and corrections are smaller and happen over a shorter time frame.

If this signal’s indications are to come true between the end of 2024 and the first quarter of 2025, Crypto Dan expects the market to witness new capital inflows and the creation of additional crypto funds. This rise in demand and liquidity will help bring the market to its peak.

BTC Slips Below $95K

Meanwhile, analysts are speculating on bitcoin’s short-term price trajectory based on current demand and supply. Long-term investors have been rapidly offloading their holdings to realize profits, while short-term BTC holders have been accumulating; however, it appears demand is no match for supply.

Market experts have identified $90,000 and $95,000 as key support levels for BTC, stating that the asset has a higher chance of rallying to $100,000 if it remains above the latter. On the other hand, BTC could tumble all the way to the $80,000 region if it slips below $90,000.

At the time of writing, BTC had fallen slightly intraday to $94,800. While the asset holds steady, it remains to be seen how long it will take to break out, as Crypto Dan’s analysis has predicted.

Coinbase CEO Brian Armstrong announced a bold stance against law firms hiring individuals associated with what he views as ethically questionable actions during the SEC’s “soon-to-be prior administration.”

Armstrong revealed that the crypto exchange has already informed its legal partners that employing such individuals would result in the termination of their professional relationship with the company.

Coinbase Cuts Ties with Milbank

In a post on X, Armstrong revealed that Coinbase severed ties with Milbank following the latter’s decision to hire Gurbir Grewal, the former SEC enforcement director. The SEC had announced on October 2 that Grewal would step down, highlighting his role in recommending over 100 enforcement actions against noncompliance in the digital asset sector.

By October 15th, Milbank welcomed Grewal to its litigation and arbitration team, with chairman Scott Edelman commending his accomplishments as a federal prosecutor and SEC official.

Armstrong stated that this hiring prompted Coinbase to discontinue its relationship with the law firm. The Coinbase exec criticized senior figures within the agency for allegedly attempting to stifle the crypto sector without clear regulatory guidance, noting that some SEC staff chose to leave rather than participate in what he deems an “abnormal” tenure.

While clarifying that he opposes “permanently canceling people,” Armstrong called on the crypto industry to collectively refuse to fund individuals whose past actions contributed to what he described as regulatory overreach.

Coinbase CEO Aligns With Trump Team

Armstrong had previously championed pro-crypto figures in government, backing Hester Peirce to lead the SEC. This mirrors the exchange’s hefty $100 million in political donations, including $40 million to Fairshake PAC. Although Armstrong refrained from directly supporting Trump’s campaign, his approval of policies like D.O.G.E. highlights an openness to cooperating with the President-elect’s administration.

Last month, CryptoPotato reported that Armstrong is expected to meet privately with Trump to discuss high-profile government appointments crucial to the crypto industry, such as Treasury Secretary and SEC chair. Trump’s transition team reportedly arranged the meeting, reflecting the administration’s pro-crypto stance.

[PRESS RELEASE – New York, United States, December 3rd, 2024]

Perennial announced the launch of Perennial Intents, a unique intents layer for perpetual futures, designed to unify DeFi’s fragmented liquidity landscape and deliver a centralized exchange trading experience on-chain. By sourcing liquidity from on-chain and off-chain venues, Perennial Intents is delivering deeper markets, better prices, and a unified trading experience designed to move DeFi forward.

Tackling DeFi’s Liquidity Fragmentation

“Perennial Intents arrive at a pivotal time for DeFi,” said Kevin Britz, Founder of Perennial. “Despite its growth, only a fraction of crypto’s order flow happens on-chain, most of which is fragmented across hundreds of L1s and L2s. The rise of appchains and isolated AMMs has led to over 100 chains with $10M+ in TVL (DeFiLlama), each operating its own siloed financial ecosystem. This fragmented liquidity leads to worse trade execution, with higher costs, increased slippage, and limited leverage opportunities.”

According to the team, Perennial Intents address these challenges by consolidating order flow into a unified liquidity layer. Instead of fragmenting liquidity into silos like appchains or AMM pools, intent-based trading integrates order flow across multiple venues, creating a more cohesive and efficient system.

A Hybrid Model for the Future of DeFi

Although intents are not new to DeFi, Perennial Intents introduce a layered model that combines intent-based off-chain order matching with on-chain AMM settlement. Perennial claims this model streamlines trading by pairing intent-based order matching with on-chain AMM settlement. The team claims this hybrid approach guarantees optimal price execution for traders while enabling solvers to dynamically manage liquidity without long-term collateral constraints—unlocking deeper markets and greater efficiency.

One-Click Trading and the Perennial Petals Program

Alongside Perennial Intents, the launch includes two additional upgrades: one-click trading and the Perennial Petals points program. Traders can now enjoy seamless trading with a single collateral account, while the Petals program rewards users with points for their trading activity, with 2x points available during the initial launch period.

The team at Arbitrum shared their excitement for the launch, highlighting the transformative potential of intent-based derivatives. “Perennial’s work with intent-based derivatives is transforming DeFi by aligning market interactions with users’ specific goals,” said Peter Haymond, Senior Partnerships Manager at Offchain Labs. “This approach lets users define their desired financial outcomes, enabling more efficient and personalized trading on Arbitrum.”.

About Perennial

Perennial is a DeFi-native derivatives primitive designed to serve as the liquidity backbone for DeFi. Backed by leading investors, including Polychain, Variant, and Archetype, Perennial has facilitated over $2.8 billion in trading volume. Its growing ecosystem includes integrations with prominent trading interfaces like Kwenta, Siren, Rage Trade, and Cryptex Finance.

For more information on Perennial Intents, users can visit their website or join the community on Discord.