Bitcoin continues its bullish start to the year.
Today, Bitcoin tapped a 5-month high, reaching over the $22.7k price point for the first time since August 18, 2022.
Prominent crypto analytics firm Santiment Feed made this known in a tweet today. According to the firm, the latest price surge results from large Bitcoin whales with holdings between 1k to 10k BTC, cumulatively adding a whopping 64,638 BTC at an estimated $1.46 billion to their bags in the last 15 days.
Historically, this group of Bitcoin holders has significantly influenced the price of BTC. Santiment in the shared charts today shows a correlation between Bitcoin’s price decline from February 2022 to December 2022 and Bitcoin sales by this group of holders. Recall that Santiment also tapped accumulation by this subset of whales as the reason for Bitcoin’s previous rally to $21k.
Unsurprisingly, most cryptocurrencies have shown a strong correlation to the leading digital asset by market cap, mimicking its latest price action. Assets like ETH, XRP, ADA, DOGE, and SHIB are up 6.7%, 5.74%, 7.27%, 5.95%, and 5.9%, respectively, in the last 24 hours at press time. Consequently, the total crypto market has grown by 6.23% to sit above $1.04 trillion, with a staggering 43% spike in trading volume.
In response to Bitcoin’s latest price action, Duo Nine, a prominent technical analyst, has boldly asserted that the bear market is over. The analyst said this as he shared Bitcoin’s biweekly price chart showing that the asset was making a decisive break from the over 1-year-long downtrend. According to Duo Nine, the asset will rally to $28k next.
Bitcoin has had an impressive run this year and looks set to continue its record of never printing two consecutive bearish yearly candles. It is already up about 36.5% since the start of the year. At press time, the asset is exchanging hands for about $22.6k on mainstream exchanges, up about 7.61% in the last 24 hours.
Veteran trader Peter Brandt recently shared a bullish analysis of the asset showing a short-term rally to at least the $25k price point. However, the trader cautions that in the event of a pullback, the asset has to maintain price support around the $18,387 price point.
