The rise in the cryptocurrency market continues, led by Bitcoin (BTC). Recently surpassing the $41,000 threshold, the crypto king’s price has once again set a new record on an annual basis. With the increase in Bitcoin’s price, it continues to present a strong image in the last month of the year.
New 2023 Record for Bitcoin
Bitcoin’s price continues to rise, fueled by optimism triggered by potential spot ETF approval, the rapidly approaching block reward halving, and other macroeconomic developments. The price of the largest cryptocurrency reached as high as $42,154 on the Binance exchange before falling back below the $42,000 threshold.
Bitcoin’s price has once again entered the investor radar with positive developments on the network and cryptocurrency exchanges, which has brought about a price increase. On the chain side, it was recently observed that the network’s hash rate has significantly increased. This demonstrates that the Bitcoin network is extremely strong. Another driving factor behind the price increase was the decreasing BTC supply on cryptocurrency exchanges. Investors’ actions of withdrawing their BTCs from exchanges and not considering selling them in the short term has been reflected in the price.
Short-Term Expectations of $50,000
Experienced cryptocurrency analyst Rager expects Bitcoin to approach $50,000 by next month. Rager warns of a steep correction towards the $30,000 level following the predicted surge as we near the block reward halving expected in 2024.
The analyst suggests that after the block reward halving, the largest cryptocurrency could rise to its all-time high of $83,000 by 2025. He states, “I’m expecting a pullback to the mid or lower $30,000s by mid-January, followed by a rally after the block reward halving that could lead to a new peak by the end of 2024. By the beginning or middle of 2025, I expect it to reach an all-time high and refresh the record. The bull market will probably end in the third quarter of 2026.”