Since the cryptocurrency market is perpetually shifting, traders and investors are always on the lookout for breaking developments. The popular cryptocurrency Bitcoin (BTC) reached a new all-time high in 2023, with a price of $25,000. Crypto aficionados who have been paying attention to the market movements in recent months are not surprised by this milestone.
In this article, we’ll take a look at some recent news about Bitcoin (BTC) and what it means for investors and traders.
The King of Cryptocurrency is Setting New Highs
After climbing steadily throughout the month of January, the price of Bitcoin (BTC) has hit a new 2023 ATH of $25,000.
Midway through June was the last time Bitcoin’s price was near $25,000. Since then, it has fallen to a range of $19,000 to $21,000, where it has been stable for a few months.
The FTX crisis in November caused the price of Bitcoin to plunge, with the cryptocurrency hitting a 2022 low of $15,883 on November 10. Early in January, its price started to rise, and it continued to rise for 14 days straight, from January 4th to the 17th.
Although BTC has risen significantly so far in 2023, it is still 64.81% lower than its all-time high of $68,789.63 on November 10 of 2021.
In contrast, venture capitalists are confident that Bitcoin’s price will rise to $500,000 by 2024. One of them is Mike Novogratz, CEO of Galaxy Digital Holdings.
Will Bitcoin (BTC) Price Break the $30,000 Level This Quarter?
According to data provided by CoinMarketCap, Bitcoin has gained 3.4% over the past week, trading at $24,296.98 at the time of writing.
While Novogratz’s most recent Bitcoin price prediction is far lower than his first prediction of $500,000, it is still about a quarter higher than the current price of the digital asset. Novogratz predicted that the price would reach $30,000 before the end of the quarter.
Yet the price of Bitcoin (BTC) must first overcome the $24,500 resistance level before it can hit $30,000. Assuming the purchasing pressure continues to build, a price breakout over this level might lead Bitcoin to the next resistance level at $25,200.
As this was happening, the total market cap of all cryptocurrencies rose by 2.32 percent in value over the preceding 24 hours, reaching $1.11 trillion.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.