Bitcoin has had a good start to 2023, with its price up over 35% from the beginning of January, reaching above $23,000 per coin for the first time since November.

According to the CEO of CryptoQuant, a major Korean on-chain data provider, Bitcoin has entered the early stage of the bull market. On-chain profit and loss data such as MVRV showcase no sign for investors to sell at a loss. Moreover, despite the recent price surge, Bitcoin whales still hold onto their holdings, suggesting that the rally will likely continue.

The analysis that follows predicts that this year's rate of interest rate hikes caused by extreme tightening will slow down compared to last year's, the one-way drop will halt, and the rising trend will be able to continue.

In the meantime, Bitcoin controls a market cap of $437.78 billion with an overall cryptocurrency industry dominance of 42.5%.

Source(KOR): BLOCKMEDIA