Even though there are headwinds within the macroeconomics along with the mounting pressure of regulations on the cryptocurrency market, Bitcoin managed to reach an all-time high in 2023.
It must be noted that Bitcoin had previously hit the historic price rate of $23,758. This price has now been toppled by Bitcoin itself as it has created a new record high by touching a whopping $25,000. BTC has also been increasing throughout the month of January since this new year and the cryptocurrency market is anything but thrilled with this immense growth.
New Record Highs For Bitcoin
The price of BTC reached such high price levels was during last year in mid-June. During that time, BTC was oscillating like a pendulum between a price of $19,000 to an enormous $21,000. BTC prices kept oscillating within these two prices as reported by CoinGecko data.
After the problem at the FTX, Bitcoin prices experienced a huge blow and rapidly dropped in November 2022. At this time, BTC fell to an all-time low price on 10th November 2022 to $15,742. This low price rate again started to surge during the beginning of January and kept increasing for the next 14 days from 4th to 17th January 2023.
Surge Or Trap? Crypto Market Decides
This 2023 growth of Bitcoin has seen a long streak of green days that is also one of the longest positive surges by any cryptocurrency. The leading green day streak was of 15 days while this BTC streak of green candles was 14 days.
Despite this impressive beginning to 2023, BTC dropped by 63% on 10th November 2021 from its highest price rate of $69,044. Lyn Alden, the well-known economist, informed that this ongoing surge in BTC price might be short-lived. The bulls of Bitcoin might be working surreptitiously.