Despite the harsh markets and macroeconomic headwinds and regulatory crackdowns on crypto, Bitcoin price recorded a new 2023 high on February 16, 2023.
At the time of writing, Bitcoin has surged past $25,100 in a bullish move that has restored confidence in the crypto market. The milestone was achieved after a surge in the BTC price over most of January.
The last time the price of Bitcoin was trading around $25,000 was in mid-June 2022 on its way down toward $19,000 to $21,000. It had hovered around this region according to data from CoinGecko
Bitcoin recorded double-digit gains in the past 24 hours to reach $25,100.
The price of BTC nevertheless took a massive drop in November after the FTX saga, which saw it plunge to a 2022 low of $15,742 on Nov. 10. 2022. The price started to surge in early January, when the BTC price increased over 14 straight days between January 4 and 17.
This daily green candle streak was its second longest in the crypto’s 14-year history – having dropped one day short of its 15-day record in November 2013.
While Bitcoin has enjoyed an impressive and high-flying start to 2023, it is still down 63% compared with its all-time high of $69,044, which was reached on November 10, 2021.
Some economists like Lyn Alden nevertheless think that Bitcoin’s current price rally might be short-lived. The Bitcoin bull thinks actions from the US Federal Reserve might impose “considerable danger ahead” for Bitcoin in the second half of 2023.
Buy Bitcoin NowIn the meantime, Galaxy Digital Holdings CEO Mike Novogratz is quite bullish over the near term.
While speaking at a Bank of America conference on February 15, Novogratz allegedly said there is a possibility that Bitcoin could reach $30,000 by the end of March.
