Bitcoin price made a swift move to $47,462 after correcting to $45,800 earlier on this day. However, past trends suggest that the flagship asset is likely to replicate the identical rally in 2022. The asset has managed to gain the respective numbers 18%, 7%, 13%, and 36% consecutively in the first month since 2018.
A number of coins are held into exchanges and the long-term holders are moving at the same phase displaying bullish momentum. In subsidiary, realized profit/loss ratio is at the verge of flipping bearish divergence. Whereas, raising point of concern has been one of the whale accounts with 999 BTC showing its activity after remaining dormant for years.
Whales May Flip The Bitcoin Bull Market in Jan!
Although the most dominant crypto never came near to whopping six-figure valuations, it continues to retain the trust of HODLers. A crypto metric platform Glassnode observes an inquisitive move in the number of long-term holders and BTCs held in exchanges.
The number of long-term holders is gradually increasing, signifying depletion in sell-off pressure. On the other hand, coins held onto exchanges are depreciating each passing day that shows traders confidence in the asset. The two groups are likely to intersect in the upcoming supercycle, where we get to see a rise in the number of holders along with a drop-in supply.
The Bulls await a gigantic rally as the asset is on the verge of flipping its crucial bottom. An on-chain metric platform Santiment expects a bull run in the short term. Their recent analysis highlights a negative growth in the network’s realized profit/loss ratio that has depleted to crucial buy zones. However, the BTC price would begin with its first supercycle of the year if a large chunk of traders open their positions here.
On the other hand, a wallet with 999 BTCs has recently shown activity after remaining dormant for over 8 years. The whale has bought 999 BTCs which was just worth $20,429 in 2013. However, he might be waiting for another bull cycle where he can take profits and close his position.
Collectively, the crypto fraternity is hopeful of a Bitcoin bull market to commence in the next week of January. The open interest on the other hand has been slowly reaccumulating which is a bullish sign. As a whole, the market can expect a sort of tug war between bulls versus whales in the first month of this mega year.