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Crypto traders appear to be shrugging off the heat from crypto regulators as well as other macroeconomic headwinds.
Bitcoin (BTC) recently bolted past the $25,000 mark for the first time in eight months to reach a new yearly high. The move suggests that crypto traders may be shrugging off the heat from crypto regulators as well as other macroeconomic headwinds.
The last time that the largest cryptocurrency by market capitalization reached this range was in mid-June 2022. That was moments before Bitcoin went down to $19,000 and hovered between that range and the $21,000 mark for the rest of the year. BTC price later plunged to an all-year low of $15,742 in November though. And that was a result of the FTX collapse that took place in the same month.
Since the turn of the new year, however, Bitcoin price has had quite an impressive run, recording 14 consecutive days of gains from the 4th to the 7th of January.
It might be worth mentioning that that run was the second longest such streak that has been seen in Bitcoin’s 14-year-old history. Recall that the cryptocurrency set a 15-day record of gains in November 2013.
What Can Make Bitcoin (BTC) Reach a Higher Mark
Meanwhile, experts continue to share their views on the recent price movement of Bitcoin as well as hint at what to expect of it in the near future. Some economists such as Lyn Alden believe that BTC’s current price surge will not hold for long. She believes that actions of the US Federal Reserve decision will likely cause “considerable danger” for BTC in the second half of the year.
For others such as Galaxy Digital Holdings CEO Mike Novogratz, there is an air of confidence around the fact that BTC would get even more bullish over the short term.
On February 15, Novogratz shared, during a Bank of America conference, that he sees BTC possibly hitting $30,000 by the end of March.
Despite surging to a yearly high of $25,134 per CoinMarketCap data, Bitcoin has now retreated slightly. As of publication, the flagship cryptocurrency was down over 3.8% and trading at $23,653.