Cryptocurrencies such as Bitcoin and Ethereum have seen a resurgence in price in recent days. This follows a period of relative stability and even a decline in prices for many of the major cryptocurrencies. However, increased interest and investment in the sector have led to a renewed upward trend in prices. A variety of factors drove prices upwards, including institutional investment and growing mainstream acceptance of cryptocurrencies as a legitimate form of investment. What’s next for Bitcoin now? Will Bitcoin reach $30,000 soon? Let’s analyze in this Bitcoin price prediction article.
How did Bitcoin perform in 2022?
The year 2022 was a bearish one on the crypto market. Most cryptocurrencies lost on average around 75%. Bitcoin specifically also lost similarly, as its prices dropped from their all-time high price of just below $70,000 and reached a low of $15,000.
However, Bitcoin managed to rebound higher, ending the year 2022 at a price of $16,500.
Why is Bitcoin UP?
After a consolidation that extended around 6 months, crypto prices started to show positive returns again. Bitcoin specifically grew from a price of $16,500 and reached the current price of $20,700. Bitcoin is up because the technical prices of cryptos reached a very strong support area. After the consolidation came the strong price increase, which is often the case. This is specifically true as the end of the year is often slow in the investment world. People are enjoying their holidays while companies are busy closing the year.
Bitcoin Price Prediction 2023: Will Bitcoin reach $30,000?
After such a price increase, we expect Bitcoin prices to adjust slightly back towards the $20,000 price area. This would be as part of profit-taking, which would instigate a short-price selloff. After that, should the crypto market keep its momentum, Bitcoin should continue higher, eyeing the next psychological price area of $30,000.
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