Despite macroeconomic headwinds and regulatory action on cryptocurrencies, Bitcoin hit a new high for the year.
it hit a new 2023 high of $25,000 after a strong rally through most of January.
According to CoinGecko data, the price of Bitcoin was last around $25,000 in mid-June and then dropped to $19,000-$21,000, where it then fluctuated for several months.
The price of BTC fell sharply in November after the FTX crisis, which caused BTC to fall to a 2022 low of $15,742 on November 10.
Its price began to rise in early January, rising for 14 consecutive days from January 4th to January 17th.
This daily streak of green candles was the second longest in the entire 14-year history of the cryptocurrency, one day short of the 15-day record set in November 2013.
Related: Bitcoin Price Correction Delayed: Analysts Explain Why End of 2023 Will Be Bullish
Although BTC has had an impressive start to 2023, it is still 63% below its all-time high of $69,044 reached on November 10, 2021.
Some economists, such as Lyn Alden, believe that the current rise in BTC prices may be relatively short-lived. The Bitcoin bull believes that actions by the US Federal Reserve are likely to create a “serious danger” for BTC in the second half of 2023.
Meanwhile, Galaxy Digital Holdings CEO Mike Novogratz is more optimistic in the short term.
Speaking at the Bank of America conference on February 15, Novogratz said there was a chance BTC could reach $30,000 by the end of March.