• Bitcoin (BTC) has seen its most impressive gains percentage-wise in over a year, gaining 40% or more this month.
• Market sentiment has plenty to spook it and initiate a rethink among investors, but the largest cryptocurrency is still holding onto its newfound strength.
• Bitcoin analysts are banking on “continuation” to come, with some of the more conservative trading voices insisting that macro lows are still not in.
The crypto market, and especially Bitcoin, have been making headlines lately due to the impressive gains of the past month. Bitcoin (BTC) has seen its most impressive gains percentage-wise in over a year, gaining 40% or more this month, and many are wondering what is driving the surge and if it can be sustained.
The current market sentiment is one of uncertainty, with plenty of bearish views that could lead to a rethink among investors. Analysts, however, are banking on “continuation” to come, as Bitcoin still manages to hold onto its newfound strength. Among the more conservative trading voices, there is a belief that the macro lows are still not in, and that the current surge is just the beginning of a longer trend.
The fact that Bitcoin has been able to retain higher levels after gaining 40% or more this month is a testament to its resilience, and it is clear that the cryptocurrency is still capable of surprising market participants. The past week has seen the largest cryptocurrency seal its highest weekly close in five months, with the BTC/USD pair trading at just above $22,700 at the end of the week.
Of course, this is not to say that there are not concerns of a BTC price correction. Bitcoin whales on exchanges have been identified as potentially moving prices artificially with huge amounts of liquidity, and this could have an effect on the market.
One thing is certain, though, and that is that Bitcoin is still the king of cryptocurrencies. As the last week of January draws to a close, it will be interesting to see if the good times will endure, and if the impressive gains of this month can be sustained. With the current macro conditions still uncertain, it is impossible to predict the future of the market, but all eyes are on Bitcoin as the cryptocurrency continues to surprise market participants and defy the odds.