The price of bitcoin is up roughly 50 per cent since the start of the year, despite the US government signalling a tougher regulatory stance on cryptocurrency.
Bitcoin briefly hit $25,000 this week, having started 2023 below $16,600, taking it back to levels not seen since last August. Other cryptocurrencies have also seen a significant surge in recent days, adding more than $100 billion to the overall market. Does it mean that bitcoin price will not go up more than this again?
Bitcoin is still very likely to go higher than the price it has reached this week because if you see a very significant price spike with the addition of $ 100 billion to the market. That is a sign that there are still so many enthusiasts of Bitcoin and other cryptocurrencies that there is still a possibility for Bitcoin to increase to a higher price than what you see now. Even though in recent days Bitcoin is still facing a price correction in the market, I hope that this small correction will not last long in Bitcoin.