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Bitcoin has recently reached a new high for the year, despite macroeconomic headwinds and regulatory crackdowns on crypto.
According to recent data, the last time Bitcoin was priced around $25,000 was mid-June when it went down to between $19,000 and $21,000 and remained there for several months. In November 2022, the giant crypto also took a big dip when it hit a low of $15,742 after the FTX crisis.
However, earlier this month in February 2023, the price of BTC increased by double digits to reach the $25,000 milestone.
The price began to surge in early January, increasing over 14 consecutive days. Although BTC has had an impressive start to 2023, it is still down 63% from its all-time high of $69,044, which it reached on Nov. 10, 2021.
Despite the current price surge, some economists, including Lyn Alden, believe that BTC’s value may be short-lived due to the U.S. Federal Reserve’s actions, which may pose “considerable danger ahead” for BTC in the second half of 2023.
In contrast, Galaxy Digital Holdings CEO Mike Novogratz is more bullish over the short term, stating that there is a chance BTC could hit $30,000 by the end of March, speaking at a Bank of America conference on Feb. 15.