The price of Bitcoin has fallen below the $28,000 level after fluctuating between $27,000 and $31,000 over the past few weeks. However, it is predicted that a significant bull run could occur in the near future. It remains uncertain when the price of Bitcoin will reach the $50,000 level once again, and whether it will happen during the summer or later. Will Bitcoin reach 50K again?
How has the Bitcoin price moved in the last few weeks?
Bitcoin price has been mostly in the $28,000 to $30,000 range for the past few weeks. There were also slight ups and downs. The course briefly rose to $31,000, but was unable to break through the resistance.
On the other hand, we’ve seen it fall below $28,000 for the umpteenth time. In the last few days, the Bitcoin price fell below the $28,000 mark, probably triggered by the high transaction fees on the Bitcoin blockchain. However, strong support has been established at $27,000.
When will Bitcoin price hit $50,000 again?
The Bitcoin price all-time high is over $ 68,000. Bitcoin reached this value in the 2021 bull market in November. Right now we are in a bear market until the next Bitcoin halving in April 2023.
Nevertheless, larger price increases are possible in a bear market. Here’s how we can compare the current bear market to 2019. Back then, in the second year of the bear market, the Bitcoin price rose from $3,500 to over $10,000. This development could be repeated in 2023.
The first weeks of 2023 already saw the Bitcoin price double. The BTC price rose from $ 15,500, Bitcoin rose to $ 31,000 for a short time. Further increases are possible in the coming weeks.
Will Bitcoin reach 50K again this year in 2023?
It is assumed that Bitcoin’s price may enter a new bull run in the upcoming weeks, similar to the price action observed in 2019. This could result in the price of Bitcoin exceeding $40,000 in the summer, and it is possible that it could even reach the $50,000 mark in the next few months.
However, after that, there could be a small decrease in prices before the halving. If this decrease occurs, it is unlikely that the $50,000 mark will be reached until late 2024 or 2025.
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