Bitcoin’s (BTC) recent uptrend was met with euphoria and skepticism as prices rallied 40% in the past month – despite ongoing contagion effects spread by the fall of centralized crypto players.

Bitcoin slipped to as low as $15,700 in November as the crypto market deal with the insolvency of crypto exchange FTX and bearish sentiment in global stock markets. Prices mostly ranged between $15,700 and $17,500 until the first week of January.

The cryptocurrency has surged since, alongside growth in ether (ETH), decentralized finance (DeFi) markets, and the broader equity market. Before retreating, Bitcoin reached five-month highs above $23,500 earlier this week as traders took profits.

However, some analysts say that while overall market sentiment cannot be called bullish just yet, the recent price and on-chain data suggests that bitcoin could be in the later stages of a bear market.

(By Shaurya Malwa)