The price of Bitcoin (BTC) hit a new 2023 high of $25,000. This milestone comes after the price of bitcoin soared through most of January.
The price of Bitcoin was last near $25,000 around mid-June 2022 when it dropped to $19,000-$21,000 where it fluctuated for several months. according to to CoinGecko data.
However, the price of BTC fell heavily in November following the FTX crisis, which sent it down to a 2022 low of $15,742 on November 10, 2022.
The price started rising in early January when the BTC price rose for over 14 consecutive days between January 4th and 17th.
This daily green candle streak was the second longest in the entire 14-year history of the cryptocurrency, one day short of the 15-day record in November 2013.
Bitcoin Price Correction Overdue – Analysts Explain Why End of 2023 Will Be Bullish
While BTC has had an impressive start to 2023, it is still 63% below its all-time high (ATH) of $69,044, which was reached on November 10, 2021.
However, some economists, such as Lyn Alden, believe that the current rise in BTC prices may be relatively short-lived. Bitcoin bull believes that the actions of the US Federal Reserve are likely to create a “serious danger” for BTC in the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish in the short term.
Speaking at the Bank of America conference on February 15, Novogratz reportedly said that BTC could hit $30,000 by the end of March.
Credit : cointelegraph.com
