Surprising Move from Bitcoin Whales! Will the Rally Continue?

Today, Bitcoin hit a 5-month high, breaking above $22.7K for the first time since August 18, 2022. The cryptocurrency community has welcomed this long-awaited rise.

Leading crypto analytics firm centiment Feed evaluated this development. According to the firm, the recent price surge is due to large Bitcoin whales with holdings between 1 and 10,000 BTC. The group of whales in question has added 64,638 BTC cumulatively at an estimated $1.46 billion over the past 15 days.

Historically, whales have significantly influenced the price of BTC. Besides, the charts shared today also show a correlation between Bitcoin’s price drop from February 2022 to December 2022 and the Bitcoin sales of this owner group.

Altcoins also followed their leader Bitcoin, achieving significant gains. Assets like ETH, XRP, ADA, DOGE and SHIB have gained 6.7%, 5.74%, 7.27%, 5.95% and 5.9% respectively in the last 24 hours at press time. As a result, the total crypto market grew 6.23% to over $1.04 trillion, with a staggering 43% increase in trading volume.

Duo Nine, a prominent technical analyst, claimed that the bear market has ended in response to Bitcoin’s recent price action. While sharing the two-week price chart of Bitcoin, the analyst said that the asset made a definite break from the downtrend that has been going on for over a year. According to Duo Nine, Bitcoin will continue its rally and rise to $28,000 after that.

You can follow the current price action here.

Source : the crypto basic

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