Bitcoin’s (BTC) price is preparing to close above 2021’s all-time high (ATH) in a monthly candle for the first time. Having entered the price discovery phase of the macro bull run, the flagship coin is expected to continue in an uptrend in the long haul.
Moreover, the highly anticipated Bitcoin halving is about three weeks from happening, reducing the daily supply from 900 BTCs to 450 coins.
After taking a breather last week, Bitcoin whales have increased their accumulation pace since Monday. According to the latest weekly report from CoinShares, more than $940 million was withdrawn from crypto investment products last week, led by Bitcoin. However, market data provided by Santiment shows that Bitcoin whales have accumulated more than 100,000 BTCs in the past seven days, around $7 billion.
The cryptocurrency market anticipates an inevitable breakout after Gold and major indexes led by the S&P 500 broke out to reach new all-time highs (ATH). Furthermore, the correlation between Bitcoin, the altcoin industry, precious metals, and stock indexes remains high amid institutional investors’ mainstream adoption of the web3 sector.
Remarkably, Bitcoin’s funding rate ratio spiked to a two-week high, thus signaling an imminent bullish breakout.
With all the factors highlighted above, there is a decent chance for the Bitcoin price to reach a new ATH before the end of this month. According to a technical analysis by a popular analyst Ali Martinez, Bitcoin price is on the cusp of a 10 percent spike to $77,000 after breaking out of a bullish flag in the past 24 hours.
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