Bitcoin bull run on the horizon? Experts analyse surge past $25k in 2023

moneycontrol.com:

Bitcoin, the world’s largest digital currency, surged last week, breaking past the $25,000 mark and reaching a new high for 2023. This was an almost 60 percent gain for the cryptocurrency from the low of $15,742 in 2022 following the FTX crisis in November. Bitcoin's value has been increasing steadily since then.

The last time Bitcoin was at a similar level was in mid-June of 2022, after which it stagnated for a prolonged period, with values hovering in the $19,000 to $21,000 range for several months. The cryptocurrency is still well below its peak of $68,992, which it reached in November 2021.

Experts said that while the surge above $25,000 was a positive sign, the market remains susceptible to sudden changes. They advise investors to remain vigilant and prepared to react quickly to market movements.

According to Ben Sharon, cofounder of LumiShare SRG, factors such as regulatory changes, geopolitical tensions, and the performance of major players like Bitcoin will all have an impact on the market, which looks positive at this stage. “The bull market will begin within the next two quarters,” Sharon told Moneycontrol.

Also Read: Top Cryptocurrency Prices Today February 27: Bitcoin, Ether in green as crypto mcap rises

Matter of regulation

Another market analyst said Bitcoin is still largely misunderstood or misrepresented and the real question for investors is how regulatory authorities treat the cryptocurrency ecosystem.

Nathan Thompson, a lead tech writer at Bybit, noted that Bitcoin is currently traded as a risk asset and is affected by many macro factors. These include inflation, recession, and general discourse, which have a direct impact on the price of cryptocurrency.

Thompson emphasised that Bitcoin and other