If you hold Bitcoin all through the bear market, you must be smiling while checking your wallets right now, but are we back to bull markets?
Despite the layoffs, and global economic downturn, Bitcoin has hit an all-time high of $25k in 2023, no wonder it was rated as the best-performing asset of this year so far.
The last time the crypto investors and traders saw Bitcoin at $25k was in the June 2022, since then, the price has been plunging to $20k and below it, in fact, there was a time it went as low as $15k, a market condition attributed to the sudden downfall of the FTX exchange in November.
The daily green candlestick was the second longest in the history of cryptocurrency, having fallen one day short of its 15-day record in November 2013.
Amid the impressive look of Bitcoin price since the onset of 2023, Bitcoin is still more than 60% down from its all-time high in November 2021.
Analysts Lyn Alden in an analysis opined that the current price explosion of Bitcoin may be short-lived, citing that Federal Reserve action may have a drastic effect on Bitcoin by the mid this year.
The CEO of Galaxy Digital Holdings Mike Novogratz while speaking at a recent conference said there is a possibility that Bitcoin price could explode to $30k by the end of the coming month.
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