Bitcoin price hits $25K in new 2023 high
The worth of Bitcoin (BTC) has reached a brand new 2023 excessive of $25,000 after surging over a lot of January.
The final time Bitcoin’s worth was round $25,000 was round mid-June, on its manner right down to between $19,000 and $21,000, the place it then hovered for a number of months, according to information from CoinGecko.
The worth of BTC then took an enormous dip in November following the FTX disaster, which noticed BTC drop to a 2022 low of $15,742 on Nov. 10.
Its worth started to surge in early January, rising over 14 consecutive days from Jan. 4-17.
That each day inexperienced candle streak was its second longest within the cryptocurrency’s 14-year historical past — having fallen at some point wanting its 15-day report set in November 2013.
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Whereas BTC has had a formidable begin to 2023, it’s nonetheless down 63% from its all-time-high of $69,044, reached on Nov. 10, 2021.
Some economists akin to Lyn Alden consider that BTC’s present worth surge could also be comparatively short-lived. The Bitcoin bull believes actions from the U.S. Federal Reserve will doubtless impose “appreciable hazard forward” for BTC within the second half of 2023.
In the meantime, Galaxy Digital Holdings CEO Mike Novogratz is extra bullish over the brief time period.
Talking at a Financial institution of America convention on Feb. 15, Novogratz reportedly stated that there’s an opportunity BTC might hit $30,000 by the tip of March.