- A Chartered Market technician states BTC’s recent price signals the end of the crypto winter.
- ETH took a significant price leap, crossing $1,550 for the first time in nine weeks.
- The global crypto market cap is on track to cross the $1 trillion valuation again.
Over the weekend, the price of the most popular crypto, Bitcoin (BTC), crossed the $21k price point for the first time since last November. Adrian Zduńczyk, a Chartered Market technician, said on live TV with Forbes that BTC’s recent price action could signal the end of the crypto winter.
Zduńczyk added that it was now an opportunity for crypto enthusiasts to enter the market.
As bitcoin rallies, Chartered Market Technician @crypto_birb tells @RamiaFarrage this may signal the end of the crypto winter and an opportunity to enter the market #ExpertsVoice #Forbes pic.twitter.com/qBwjM6k5RC— Forbes Middle East (@Forbes_MENA_) January 16, 2023
Bitcoin currently trades at $20,826.51, with an impressive 20% increase over the last seven days. BTC’s closest rival, Ethereum (ETH), also took a significant price leap, crossing $1,550 for the first time in over nine weeks.
Similarly, the global crypto market experienced an in-flow of over $51 billion over the last 24 hours. Consequently, the market value of all cryptocurrencies is now above $978 billion, up by over $200 billion from December 31, according to data from the market tracking platform, CoinMarketCap.
Interestingly, some crypto chart analysts predicted the recent bull rally. Rekt Capital previously asserted that the end of the crypto bear market was near, given that it was 400 days since BTC touched $69,000. According to the analyst, it is the usual historical trend for BTC to find its absolute bottom price approximately 365 days after the peak of the previous bull market.
It's been ~400 days since the #BTC Bull Market peak at $69000Which means that this Bear Market is getting closer and closer to endingHistorically, $BTC Bear Markets find their absolute bottom price approximately 365 days after the previous Bull Market peak#Crypto #Bitcoin— Rekt Capital (@rektcapital) December 23, 2022
The best-performing coin among the top 11 was Solana (SOL). SOL saw over 42% growth in the last seven days, trading at $23.37. Previous, some crypto enthusiasts argued that Solana would ultimately crumble this year, given its exposure to FTX.
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