Wednesday, February 21, 2024

Bitcoin price reached $25,000 at a new high in 2023

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Bitcoin (BTC) price reached a new 2023 high of $25,000. The achievement comes after the price of Bitcoin rose during most of January.

The last time bitcoin was around $25,000 was near mid-June 2022 on its way to between $19,000 and $21,000, where it had been hovering for several months, according to data from CoinGecko.

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BTC price has increased by double digits in the past 24 hours, reaching $25,000.

However, the price of bitcoin dropped significantly in November after the FTX crisis, which saw it drop to a 2022 low of $15,742 in November. 10. 2022.

The price started to climb in early January, when the price of BTC rose for 14 consecutive days between January 3rd. 4-17.

This daily green candle streak was the second longest in the 14-year history of the cryptocurrency — having fallen one day short of its record 15 days in November 2013.

Related: Bitcoin price correction is late – Analysts explain why the end of 2023 will be bullish

Although BTC has had a great start to 2023, it is still down 63% from its all-time high (ATH) of $69,044, which was reached on November 3. 10, 2021.

However, some economists like Lyn Alden believe that Bitcoin’s current price rally may be relatively short-lived. The Bitcoin bull believes that the actions of the US Federal Reserve will likely impose a “significant future risk” on Bitcoin in the second half of 2023.

Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish on the short term.

Speaking at the Bank of America conference in February. On September 15, Novogratz reportedly said that there is a chance BTC could reach $30,000 by the end of March.