The Bitcoin (BTC) price has hit a new 2023 high of $25,000. The milestone comes after a surge in the price of Bitcoin for much of January.
The last time the price of Bitcoin hovered around $25,000 was around mid-June 2022, in its plunge to between $19,000 and $21,000, where it had hovered for several months, according to CoinGecko data.
However, the BTC price suffered a big drop in November following the FTX crash crisis, which sent it falling to a 2022 low of $15,742 on Nov. 10. 2022.
The price started to rise in early January, when it increased for 14 consecutive days between January 4 and January 17.
That daily streak of green candlesticks was the second longest in the largest cryptocurrency’s 14-year history, after coming within a day of its record 15-day run in November 2013.
Although BTC is off to an impressive start in 2023, it is still 63% below its all-time high of $69,044, which was reached on Nov. 10, 2021.
However, some economists such as Lyn Alden believe that the current rise in the price of BTC may be relatively short-lived. The Bitcoin bull and analyst believes that the actions of the US Federal Reserve will likely pose “considerable danger” for BTC in the second half of 2023.
For his part, the CEO of Galaxy Digital Holdings, Mike Novogratz, is more optimistic in the short term.
Speaking at a Bank of America conference on February 15, Novogratz stated that there is a possibility that BTC could reach $30,000 by the end of March.
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