The start of 2023 brings another phase in the crypto market. In recent days, most crypto assets have increased in value again. The bullish trend has led to a new sentiment in the market as several positive forecasts have emerged.
Ben Armstrong, a popular YouTuber known as BitBoy, predicted a bullish trend for Bitcoin in a few weeks. Armstrong, the author of a new book “Catching Up To Crypto,” took to Twitter to voice his thoughts on BTC’s future price hike.
Bitcoin Price Rise Triggers Bullish Sentiment
According to Armstrong, the primary crypto asset has created bullish sentiment in the crypto community with its recent upward trend. Finally, BTC broke through the barrier and climbed towards the USD 18,000 level. As of January 12, the lead token hit $19K during trading hours.
A price history review indicated that BTC reached the $15,000 region in November 2022. Notably, in December 2022, Bitcoin began to fluctuate between $16,000 and $17,000. But in 2023, the primary crypto asset shows impressive price movement.
According to BitBoys after on Twitter, Bitcoin will gradually reach $25,000 or $30,000 this year. He predicted that BTC would reach this new price rally within the next 10 to 15 weeks. Also, several people are becoming bullish in their transactions with Bitcoin.
On January 11, Armstrong Posted about his belief in Bitcoin’s price explosion in 2023. However, the controversial YouTuber noted that the primary cryptocurrency may not hit a new all-time high (ATH) this year.
On January 12, Bitcoin lightly touched the USD 19,000 level before retreating to the USD 18,000 level. BTC’s new price rally is likely due to the risky sentiment associated with other markets.
At the time of writing, Bitcoin’s price is hovering around $20,627. This shows that the token is up 3.50% in 24 hours. Bitcoin’s market cap is approximately $366.43 billion with an increase of 4.62% in the past day. Also, the dominance over altcoins is 40.26%.
Recall that Armstrong gave a prediction for Bitcoin in December 2022. According to BitBoys tweet, at the end of 2023, BTC will reach the USD 30,000 level. He also predicted that the token would finally hit a new all-time high (ATH) by the end of 2024, while a new cycle of bearish trend would erupt in 2025. But now analysts believe that BTC will reach price in a few weeks.
Crypto Whales Resume Transactions in Bitcoin
With the recent BTC price surge, some crypto whales have resumed massive transactions in BTC. Some of the on-chain data providers have recently recorded massive BTC transactions.
According to WhaleAlert, an unknown whale was moving 5,545 BTC Tokens to another anonymous wallet. The value of coins is worth more than $104.3 million in current market prices. On January 12, 4,000 BTC tokens worth $72.51 million were moved from an unknown wallet to the Huobi crypto exchange.
Furthermore, Santiment, an on-chain data company, confirms the increasing whale transactions involving BTC.
📈 #Bitcoin is poised to break through the $19k resistance level for the first time since Nov. 8. Whales are starting to take an interest and are likely to continue this climb, at $1 million+ $BTC transactions recover to November 2022 levels. https://t.co/UuH8aFUmh3 pic.twitter.com/2oeIyi3xSV
— Santiment (@santimentfeed) January 12, 2023
The data provider reported that the average number of BTC whale transactions had surpassed 1,700 per day. This new average occurred for the first time in the past two months.