The price of Bitcoin (BTC) reached a recent high in 2023 at $25,000. The milestone comes after Bitcoin’s price surged for much of January.
The last time the worth of Bitcoin was around $25,000 around mid-June 2022, falling to between $19,000 and $21,000, where it fluctuated for several months. According to to data from CoinGecko.
However, the BTC price dropped significantly in November after the FTX crisis saw it drop to its 2022 low of $15,742 on November 10, 2022.
The price began to rise in early January, when the BTC price rose for 14 consecutive days between January 4 and January 17.
This each day streak of green candles was the second-longest within the cryptocurrency’s 14-year history, dropping sooner or later below its 15-day high in November 2013.
Related: Bitcoin price correction was overdue – analysts explain why the top of 2023 can be bullish
While BTC had a formidable begin to 2023, it continues to be down 63% from an all-time high (ATH) of $69,044, which was reached on November 10, 2021.
Some economists, corresponding to Lyn Alden, nevertheless, consider that the present rise in BTC prices could also be relatively short-lived. The Bitcoin Bull believes that the actions of the US Federal Reserve will likely impose “significant danger” on BTC within the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more optimistic in regards to the short term.
Speaking on the Bank of America conference on February 15, Novogratz reportedly said there was a likelihood that BTC would reach $30,000 by the top of March.