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.
It is not the tough regulations that decides how price will move but rather how buyers and holders respond to those regulations. If investors rush to sell because of new regulations that is when price will begin to dump but as far as more investors are buying and holders hodling price will keep moving up until it reaches its threshold.
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?
It depends on how much more holders are willing to hold and how this holders respond to FUDs. Expect to get the highest level of criticism about Bitcoin this year if Price continues to pump but if every holder stays focused price might find newer highs in due time.