Despite macroeconomic headwinds and regulatory crackdowns on crypto, Bitcoin has hit a new high for the year.
The price of Bitcoin BTC $24,032 has reached a new 2023 high of $25,000 after surging over much of January.
The last time Bitcoin’s price was around $25,000 was around mid-June, on its way down to between $19,000 and $21,000, where it then hovered for several months, according to data from CoinGecko.
The price of BTC then took a big dip in November following the FTX crisis, which saw BTC drop to a 2022 low of $15,742 on Nov. 10.
Its price began to surge in early January, increasing over 14 consecutive days from Jan. 4-17.
While BTC has had an impressive start to 2023, it is still down 63% from its all-time-high of $69,044, reached on Nov. 10, 2021.
Some economists such as Lyn Alden believe that BTC’s current price surge may be relatively short-lived. The Bitcoin bull believes actions from the U.S. Federal Reserve will likely impose “considerable danger ahead” for BTC in the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more bullish over the short term.
Speaking at a Bank of America conference on Feb. 15, Novogratz reportedly said that there’s a chance BTC could hit $30,000 by the end of March.