- Bitcoin (BTC) is just a day away from hitting its largest winning streak after a decade since November 2013.
- Bitcoin whales have resumed accumulation which shows growing confidence in the asset class. Analysts are expecting 2023 to be a “recovery year” for Bitcoin.
Since the beginning of 2023, the world’s largest cryptocurrency Bitcoin (BTC) has been on a major pullback. Earlier this week, the BTC price surged past $21,000 levels taking its weekly gains to more than 22 percent.
Interestingly, Bitcoin has registered price gains for the last 14 days consecutively and is just one day away from matching its historic 15-day winning streak. Almost a decade back in November 2013, Bitcoin recorded a similar price rally for 15 consecutive days, which is currently its longest winning streak in history.
₿REAKING: #Bitcoin price has increased 14 days in row — A single day away from making a historic new record! pic.twitter.com/qclJhikcds
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 17, 2023
With its recent 14 days of price gains, BTC has managed to touch a new three-month high. As of press time, Bitcoin is trading at 0.3% up at a price of $21,247 and a market cap of $409 billion.
Also, the recent price rally in Bitcoin comes amid the growing whale participation in the market. Just before this rally resumed, the total number of BTC whale addresses holding between 100 to 1000 Bitcoins grew in numbers. On-chain data provider Santiment reported:
Amongst many of the foreshadowing metrics for this 2023 breakout was the rapidly growing amount of addresses holding 100 to 1,000 $BTC. Price pumps generally occur marketwide when whales accumulate #Bitcoin. The #1 asset in #crypto is +26% in two weeks.
Courtesy: Santiment
The whale accumulation is considered to be overall positive for Bitcoin since it can lead to an increase in demand for the asset class.
Bitcoin At $100K In the Next Two Years
The latest price rally for Bitcoin comes after a 60 percent correction in the BTC price over the last year of 2022. Anthony Scaramucci, founder of SkyBridge Capital said that 2023 could be a “recovery year” for Bitcoin. Furthermore, Scaramucci expects the BTC price to trade anywhere between $50,000 to $100,000 in two to three years. Speaking on this development, Scaramucci said:
You are taking on risk but you’re also believing in [bitcoin]adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years.
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He further noted that the world’s largest cryptocurrency BTC can touch $300K in six years from now. However, market analysts are not quite bullish for the year 2023 concerns the hangover of the uncertain macroeconomic environment.
Meltem Demirors, chief strategy officer at CoinShares Bitcoin to stay range bound largely in the lower range between $15,000 and $20,000 and the upper range between $25,000 to $30,000. “I don’t think there’s a lot of forced selling remaining, which is optimistic. But again, I think the upside is quite limited, because we also don’t see a lot of new inflows coming in,” added Demirors.
