Bitcoin (BTC) Surpasses $22.5K – Price Analysis

Earlier this morning, BTC traded at a five-month high, hitting more than 22,500 dollars for the first time since August last year. In addition, one major digital asset analytics firm, Santiment Feed, made it public earlier today.

According to reports by the firm, the previous price growth was due to large BTC whales with reserves between one thousand to ten thousand Bitcoin, summing up to a total of 64,638 Bitcoin at a speculated value of about 1.4 billion dollars to their accounts in the previous weeks.

According to history, this group of BTC holders has automatically influenced the price of Bitcoin. For example, Santiment Feed reported the correlation between the BTC price downfalls from February to December last year. Furthermore, the firm accumulated numbers through this subset of users due to Bitcoin’s recent success.

Following its recent price action, most cryptocurrencies have indicated a tight correlation to the leading digital coins by crypto market cap. Assets such as ADA, SHIB, ETH, DOGE, and XRP have been up during press time in the past twenty-four hours.

Moreover, the entire cryptocurrency industry has grown by 6.23% to stand above 1.04 trillion dollars, a total of 4% shoot in exchange volumes.

Bitcoin Price Prediction

Following the recent bitcoin price action, a major crypto analyst, Duo Nin, has clarified that the bearish days are done and dusted. The firm announced that as he revealed Bitcoin’s biweekly price report showed that the coin had made a breakthrough from the historical down-trend. As a result, the initial coin will be trading at 28,000 dollars soon.

BTC has had a successful run in the recent year and seems ready to continue its run of never releasing two consecutive bearish annual candles. Currently is up by around 36.5% since the beginning of the year. During press time, the coin changes hands at 22,600 dollars on exchanges, up around 7.61% in the past twenty-four hours.

Peter Brandt, a veteran trader, gave a bullish analysis of the initial coin predicting a short-term rally of around 25,000 dollars price action. Although, the investor emphasized that in the occurrence of a downfall, the coin has to uphold price support of about 18,387 dollars price action.

Shiba Inu Shoots amid BTC Breakthrough

Shiba Inu’s price growth in the previous week has supported the crypto asset to be ranked above ETH and BTC on Robinhood. This event was made public the previous day in a tweet. They were conferring to information shared by Robinhood.

As a result, SHIB shot 23.3% as the third digital asset with the most advantage on the major cryptocurrency exchange platform.

According to the data, SHIB followed SOL and COMP in the table. However, in terms of weekly success, SHIB was ranked above the two digital coins by market price, Ethereum and Bitcoin.

According to information, BTC surged 13.4% recently to stand as the sixth digital coin with the most advantage on Robinhood. Meanwhile, ETH value also shot 12.4% recently as the digital coin stands behind BTC.

However, it’s not the first time that investors have seen Shiba Inu ranked among the major digital assets on Robinhood. In the previous year, SHIB was ranked as one of the major gainers for a couple of weeks.

SHIB made a major comeback the previous day, hitting more than 0.000012 dollars for the second time in seven days. During press time, Shiba Inu is exchanging hands at about 0.00001220 dollars.