• Bitcoin has experienced a few bumps since the beginning of the year, but it is still up 40 percent.
• Mike McGlone and Simon Peters have commented on the currency’s future outlook.
• The crypto market lost $2 trillion in overall valuation in 2022.
Bitcoin Maintaining Momentum
The price of bitcoin has experienced a few bumps since the beginning of 2023, but it’s still up 40 percent since January first began. At the time of writing, the asset is above $23,000. While this isn’t quite the $25K it hit a few weeks ago, the currency is still maintaining a price in the $20K range.
Analysis from Industry Experts
Mike McGlone – a senior macro strategist at Bloomberg Intelligence – wrote on social media that while headwinds remain strong, resistance around $25,000 may prove significant for all risk assets. Simon Peters of e-Toro fame also weighed in saying that there is an element of jitters among market participants watching for fresh updates due to possible inflation and labor market shifts both in the US and elsewhere which could affect central banks‘ decisions around rate hikes.
In 2022 bitcoin fell by more than 70 percent from its November 2021 high and other digital currencies followed suit resulting in more than $2 trillion being lost from overall cryptocurrency valuations. This was dubbed as ‚crypto winter‘ as prices plummeted across almost all digital currencies during this time period.
Is Crypto Winter Ending?
The first few months of 2023 have indicated that ‚crypto winter‘ may be finally coming to an end with bitcoin rising back up to over $23k by March 29th 2023 .This resurgence can largely be attributed to increased adoption and institutional investment within cryptocurrency markets as well as positive news surrounding new projects such as Ethereum 2.0 and Bitcoin Taproot upgrades which are set to further improve scalability on these networks..
While many traders were burned severely during ‚crypto winter‘, there are now encouraging signs that show that cryptocurrency markets may be recovering with industry experts commenting positively on Bitcoin’s outlook going forward into 2023 as well as other cryptocurrencies seeing similar gains during this period. It remains to be seen if these gains can be sustained throughout the rest of 2023 however investors should continue monitoring trends closely before making any investments decisions