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Since mid-December, large investors have amassed $5.3 billion worth of Bitcoin, while retail traders have taken profits. This is a bullish signal leading to an increase in the rate of the first cryptocurrency, experts at Santiment said.
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According to analysts, the crypto market tends to follow the actions of major players. The first cryptocurrency was able to maintain the key support level of $85,000, which serves as an additional growth factor.
“The crypto market has reached a local bottom. The accumulation of cryptocurrency should inevitably lead to at least a small breakthrough,” Santiment emphasized.
The crypto market has improved further over the past few days as retail traders are now taking profits. In this regard, the likelihood of further growth in market capitalization is higher than expected.
If Bitcoin can overcome the key resistance level of $95,000, then in the medium term it could reach $100,000 and consolidate there, experts concluded.
Previously, experts from XWIN Research stated that during the year the rate of the first cryptocurrency could follow two scenarios: movement in the range of $80,000-$140,000 or falling below $80,000.
