Since December 18, 2019, the price of Bitcoin / USD has surged 68% in less than three months. On February 9, Bitcoin broke through the $ 10,000 mark, marking the beginning of a general rebound in most crypto markets. Investors' opinions on the recent rally in Bitcoin remain divided. For example, Joe007, one of the largest giant whales in the cryptocurrency market, has consistently maintained that this surge is the result of pure manipulation. Other investors, such as Adaptive Capital general partner Willy Woo and Three Arrow Capital CEO Su Zhu, said fundamental and technical factors have supported the rally from the start. When the price of Bitcoin hovered around $ 7,000, Su Zhu pointed out that the premium of the BTC / USDT trading pair indicates that an accumulation phase is beginning, especially in Asia. Although the explanations for the recent Bitcoin spike have varied, they can ultimately be boiled down to three major factors: accumulation since December 2019, on-chain data indicating increased investor activity, and possible giant whale manipulation.