Bitcoin Price Surges to Three-Week High, Analysts Bullish On Crypto Market

• Bitcoin’s price has surged to a three-week high after Sunday’s breakout above $17k.
• Analysts believe crypto prices have already factored in events such as the FTX and Alameda debacle.
• CryptoQuant’s on-chain analyst VentureFounder believes Bitcoin price is on the precipice of a major breakout.

The crypto market has been experiencing a rollercoaster of a ride this past week as Bitcoin’s (BTC) price surged to a three-week high after Sunday’s breakout above $17k. The tension in the Bitcoin and cryptocurrency market remains high in the coming weeks with DCG insolvency fears, as well as Fed chair Jerome Powell expected to speak on key monetary policies tomorrow and the Consumer Price Index (CPI) data expected later this week. Despite this, the crypto market has received bullish sentiment from several analysts which is supported by key on-chain data.

Glass node data on open futures contracts show more calls than put – buying and selling of underlying assets respectively – on Bitcoin trades in 2023 Q1. This is promising as the Bitcoin open futures market is used as a liquidity and volatility indicator on the spot prices. Additionally, the ongoing fiasco between Digital Currency Group and Gemini Earn customers could be signaling the end of the 2022 bear market.

CryptoQuant’s on-chain analyst VentureFounder believes that the Bitcoin market is at a crucial crossroads that could lead to a 20 percent outburst. Having retested the $16.3k support for the past two months, VentureFounder believes Bitcoin price is on the precipice of a major breakout. This is further supported by the fact that analysts believe crypto prices have already factored in events such as the FTX and Alameda debacle.

If the bullish sentiment in the crypto market continues, Bitcoin price could push towards last December’s high of around $18,300. However, the market will have to wait and see how the Fed chair Jerome Powell’s speech and the CPI data will affect the market. Nonetheless, the surge in Bitcoin’s price is promising, and it will be interesting to observe what the crypto market has in store for us in the weeks to come.