Bitcoin price continues to see massive gains as the price sees massive recovery in the past weeks. Prices surged this past week which saw the digital asset beating prices that had not been reached since the price crash following the all-time high. Bitcoin had spent months in a rut, as dip after dip saw the price crashing down to as low as $28,000.
Speculations following the dip were strongly in favor of the market finally being in a bear market. But it seems that the bull market is not done yet. The market has now seen recoveries across top coins. With some coins posting as much as 15% recoveries in a single day. Bitcoin has now, for the first time in two months, moved past the $45K mark.
Related Reading | Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst
With this incredible move, it is now left to see where this price bounce will land. The daily gains being seen in the coin price shows that this run-up might continue, with indicators in the market continue to remain bullish. Breaking $45K now puts the pioneer cryptocurrency on track to break an all-time high again. Maybe set a new record while at it.
New All-Time High On The Horizon?
Analysts have continued to believe that the price of bitcoin remains severely undervalued. With some calling for as much as $100K price targets for the asset before the year runs out. With bullish sentiment still in full gear, the price of the digital asset is most likely going to continue to go up.
Indicators like the Fear & Greed Index have moved out of extreme fear, and the last reading showed that the market has now moved out of fear territory completely. The indicator now sits at neutral for the past week. With readings for this week expected to fall into greed territory as more investors return into the market.
BTC price breaks north of $45K following run-up | Source: BTCUSD on TradingView.com
On-chain analysis also shows things like daily bitcoin transactions are now up a whopping 94% since daily transactions had tanked following the numerous price dips the asset had experienced.
Long-term analysis points to the rally still being in its early stages following the $45K break. Another surge is most likely going to send the price of the digital asset ricocheting into the $60K territory.
Investors Continue To Hoard Their Coins
Instead of selling their bitcoins, investors have now taken to withdrawing their coins from exchanges in order to hold them in personal wallets, according to on-chain analysis. Accumulation patterns now show that more coins are leaving exchanges than are being sent to exchanges.
The numbers show an active buy pressure in the market, which leads to the price of the coin going up as demand grows following buy pressures. News like Coinbase adding Apple Pay options to buy crypto also opens the market up to even more potential investors.
Related Reading | Bitcoin Accumulation Patterns Shows Rally Might Only Be In Its Early Stages
Trends show that investing in bitcoin is turning away from just making a profit in the market. Strong belief in the market and blockchain technology continues to draw staunch supporters into the market who believe cryptocurrency is the future.
With this, bitcoin’s price will most likely continue to see price increases. The rally is most likely to continue given that bulls have now taken over the market. And the price is responding to this takeover.
Featured image from BlockPublisher, chart from TradingView.com
