With the cryptocurrency rising beyond $18,000 for the first time since December 2021, Bitcoin’s worth has significantly increased. Bitcoin has already had an eight-day winning run; the last time it saw such a sustained stretch of gain was in July 2021, at the height of the COVID-19 epidemic. The price of Bitcoin has risen by about 8% over the last week, with a 4.1% gain only the previous day.
BTC’s price has risen by almost 8% over the past seven days, with a 4.1% rise occurring in the past 24 hours as of this writing.
On January 11, analysts predicted that Bitcoin could increase in value to $18,000 and that this would put pressure on the $275 million worth of weekly options that expire on January 13 and have bets of $16,500 or less.
Bitcoin In 2022 Fell Apart
Over 2022, BTC’s price dropped by nearly 65%. The second-largest exchange at the time of its bankruptcy, crypto exchange FTX, as well as numerous other bankruptcies and collapses in the industry that year also put pressure on the broader crypto market.
On January 11, FTX announced that it had recovered $5 billion in cash and cryptocurrencies, which it may sell to pay off its creditors. If FTX customers are repaid, some believe this move could create a bullish narrative.
The higher movement of the cryptocurrency would put pressure on $275 million worth of weekly options expiring on January 13 with bets made at $16,500 and below, according to Cointelegraph experts, who foresaw this surge. With Bitcoin continuing to expand, this forecast has shown to be correct.
This information is encouraging for Bitcoin, whose value had dropped in the second half of 2021. The extended winning run and rise beyond $18,000 signify a substantial recovery for the cryptocurrency and point to the possibility of further expansion.