• Bitcoin prices rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well.
• The global market capitalization also dropped finely and may hit the threshold of $1 trillion in the days to come.
• Despite the bearish trend, bitcoin traders remain in profit due to certain catalysts that point out a notable BTC price rally which is fast approaching.
Bitcoin on the Rise
Bitcoin prices rose nearly 40% in the first few weeks of 2023 before plunging into a bearish well. With this, the global market capitalization also dropped finely and may hit the threshold of $1 trillion in the days to come.
Catalysts for Profit
Despite this bearish trend, bitcoin traders remain in profit due to certain catalysts that point out a notable BTC price rally which is fast approaching. These include SOPR or Spent Output Profit Ratio holding above 1.0 for the first time since April 2022, an increase in realized profits compared to losses, exhaustion of sellers with unrealized losses, 30-SMA moving above 365 DMA indicating expansion of network at its highest level since 2021 and Bitcoin price being above 200-day SMA and realized price previously seen in December 2021.
Bull Market Approaching
The bulls are exhausting bears‘ strength with frequent minor spikes as they move closer towards a bull market with an uptick in daily users and more transaction throughputs. Once they are completely depleted, a significant upswing may be triggered to reach targets beyond $50,000 at first.
AI-based Tokens on Rise
Meanwhile, bitcoin dominance surges with a jump of 0.11% in past 24 hours reaching 41.24%. This reflects market following trend triggered by star crypto that appears to flip bearish trend any moment from now along with rise of AI-based tokens like SingularityNET, Fetch .ai , The Graph token etc .
Conclusion
Bitcoin continues to remain under huge profits amidst prevailing bearish trend due to certain catalysts pointing towards an upcoming BTC rally beyond $50k once sellers are exhausted completely by bulls’ strength via minor spikes leading towards bull market soon afterwords