The beginning of 2023 is bringing a different phase in the crypto market. In the last few days, most crypto assets have recovered in value. The uptrend has generated new sentiment in the market as several positive predictions have emerged.
Ben Armstrong, a popular YouTuber known as BitBoy, foretold an uptrend for Bitcoin in a few weeks. Armstrong, the author of a new book “Caching Up To Crypto” took to Twitter to express his views on the future price increase of BTC.
Bitcoin Price Rally Triggers Bullish Sentiment
According to Armstrong, the top crypto asset has triggered bullish sentiment in the crypto community with its recent uptrend. Finally, BTC broke through the barrier and rose to the $18,000 level. As of January 12, the leading token hit $19,000 during business hours.
A review of price history indicated that BTC reached the $15K region in November 2022. Notably, Bitcoin started to toggle between $16,000 and $17,000 in December 2022. But this 2023, the top crypto asset shows price movement. Awesome.
According to BitBoy to post on Twitter, Bitcoin will gradually reach $25,000 or $30,000 this year. He predicted that BTC would reach this new price rally in the next 10-15 weeks. Also, several people are becoming bullish on their Bitcoin trading.
On January 11, Armstrong aware about his belief in the price explosion of Bitcoin in 2023. However, the controversial YouTuber pointed out that the main cryptocurrency may not reach a new all-time high (ATH) this year.
On January 12, Bitcoin touched slightly towards the $19,000 level before pulling back to the $18,000 level. The new BTC price rally is likely due to risk sentiments associated with other markets.
At the time of writing, the price of Bitcoin is around $20,627. This shows that the token increased by 3.50% in 24 hours. The market capitalization of Bitcoin is approximately $366.43 billion with an increase of 4.62% in the past day. Furthermore, its dominance over altcoins is 40.26%.
Remember that in December 2022, Armstrong gave a forecast for Bitcoin. According to BitBoy cheep, by the end of 2023, BTC will reach the $30,000 level. Furthermore, he predicted that the token would eventually reach a new all-time high (ATH) by the end of 2024, while a new bearish cycle would break out in 2025. But now, analysts believe that BTC will reach the price mark in a few weeks.
Crypto Whales Resumes Bitcoin Transactions
With the recent rise in BTC prices, some crypto whales have resumed massive transactions in BTC. Some of the on-chain data providers have recently recorded huge BTC transactions.
According to WhaleAlert, an unknown whale moved 5,545 BTC tokens to another anonymous wallet. The value of the coins exceeds $104.3 million at current market prices. On January 12, 4,000 BTC tokens worth $72.51 million were moved from an unknown wallet to the Huobi cryptocurrency exchange.
In addition, Santiment, a chain data firm, confirm the growing whale transactions involving BTC.
📈 #Bitcoin it is about to break the $19k resistance level for the first time since November 8th. Whales are starting to take an interest and are likely to continue this rise, with over $1 million $BTC transactions recover to November 2022 levels. https://t.co/UuH8aFUmh3 pic.twitter.com/2oeIyi3xSV
— Santimento (@santimentfeed) January 12, 2023
The data provider reported that the average number of BTC whale transactions had exceeded 1,700 daily. This new average occurred for the first time in the past two months.
