Will the year 2023 finally be placed under the sign of the bull market for bitcoin (BTC)? In any case, this is what the CryptoQuant PnL index suggests. Certainly, but is it an established trend or just a passing thinning?
The current analysis was prepared in collaboration with the Bitget crypto exchange platform. Present in more than 100 countries, Bitget is a cryptocurrency exchange created in 2018. With a user base of more than 8 million, the digital asset platform offers a variety of services to its customers. These include derivatives trading, spot trading, social trading and copy trading. Thanks to its innovative products, Bitget appeals to both amateurs and professionals.
Bitcoin (BTC): a radiant month of January
Is Bitcoin (BTC) on the verge of a new bull cycle? In any case, the trend seems to be going in this direction according to data from the cryptographic data analysis company CryptoQuant. The site’s Bull/Bear market cycle indicator has indeed gone above zero. Which hadn’t happened since 2019.
Its profit and loss index (PnL) for its part indicates a buy signal for bitcoin (BTC). There has also reportedly been a recent surge in sales from long-term holders. For their part, miners also sent a considerable amount of bitcoins into the exchanges when the price of bitcoin (BTC) rose above $20,000.
Nevertheless, there is no movement on the side of the whales. There is clearly a lack of significant transactions from the biggest players in the market. This may assume persistent bearish signs according to some analysts. But overall, the results are positive for this month of January.
Bull market sign: the start of a promising year?
In a recent Tweet, CryptoQuant, which continues to follow the trend, remains convinced that this year will bode well, even if a sustainable rebound remains uncertain. What is certain is that 2023 is the preparation phase for a bull market according to the site’s analysts.
In any case, this little sunny spell in January will have allowed bitcoin (BTC) to gain momentum. Over the past 15 days, the queen of cryptocurrencies has maintained a solid upward trend, sometimes approaching $24,000 on the exchange.
Still according to CryptoQuant, the current uptrend is driven by Spot trading. It is the process of buying and selling cryptocurrencies at real-time prices. This, in order to generate a trading profit.
No one knows for sure if this uptrend will be sustained. In any case, investors and traders are in bullish mode against the current price of bitcoin (BTC). This optimistic view seems to prevail in the market.
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