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Here's What Helped Bitcoin (BTC) Soar Above $21,000: Report

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Mon, 16/01/2023 - 16:07
Here's What Helped Bitcoin (BTC) Soar Above $21,000: Report
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A recent analytics report shared by on-chain data aggregator Santiment stated "a definitive explanation" as to why the Bitcoin price jumped to its recent high above $21,000.

Whales adding BTC, pushing price up

Santiment shared a chart that shows that systematic purchases of the flagship cryptocurrency over the past two months took place right before the BTC price advanced from under the $17,000 level, assuming that these purchases made a great contribution to these price surges.

As per the chart, first, sharks buying Bitcoin (wallets holding from 10 to 100 BTC) prevented its fall below the $16,700 level. In the past 10 weeks, per Santiment, owners of these wallets grabbed a whopping 105,600 Bitcoin.

Then small whales (wallets holding from 100 to 1,000 BTC) made their purchases, adding 67,000 Bitcoin over the past eight weeks. This fueled Bitcoin's rebound to the $18,000 level, Santiment believes.

Finally, large whales stepped in (they own between 1,000 and 10,000 BTC) as they acquired 37,100 BTC over the last 10 days. The chart shows that this purchase pushed Bitcoin over the $21,000 level briefly.

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BTC predicted to hit $30,000 this year

Meltem Demirors, CSO at CoinShares, according to CNBC, expects the leading digital currency to trade in the lower boundary between $15,000 and $20,000. As for the upper boundary, she thinks it will be $25,000 to $30,000 this year.

The great deal of forced selling that hit the market last year, she believes, is now over. However, there not many inflows going into Bitcoin right now.

However, founder of SkyBridge Anthony Scaramucci, to whom CNBC also spoke, is of a different opinion. He is betting on Bitcoin's rise in 2023, saying that within the next few years, it may hit $50,000 or even soar to the $100,000 level.

As a reminder, in 2024, another Bitcoin halving is taking place, which will cut the amount of BTC minted by miners in half.

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