The Bitcoin price has performed strongly in the first few weeks of the year. In the last few days, the increase has leveled off somewhat. Nevertheless, we are on the right track for the next few months. But can the Bitcoin price rise even more in the coming months and will we see $50,000 in the summer of 2023?
How did Bitcoin Perform recently?
Even before the turn of the year 2023, we saw little movement on the market. But after the strong increases in the Bitcoin price in the first 2 to 3 weeks of 2023, the mood on the market is better again. The price rose from $16,500 at the turn of the year to $23,000 in the last few days.
The rise slowly started with a jump above $17,000. Then the resistance at this level started to break and the price surged above $18,000. Another rally saw the move above $21,000. After a slight stabilization at this level, the Bitcoin price was able to rise above the $23,000 mark again.
Will Bitcoin Go UP in the next few weeks?
The Bitcoin rally has been almost continuous for the last 3 weeks. In between there were only a few stabilizations over a few days. But such a rise cannot go on forever as we are still in a bear market. In the last 2 to 3 days we even saw a slight downward movement in the Bitcoin price.
The next few weeks will show whether the Bitcoin price can continue to rise sharply. At least we can compare the situation with 2019. Back then in the bear market, the Bitcoin price rose from $3,500 to $10,500. Can such a development be repeated?
Bitcoin Price Prediction: Can Bitcoin reach $50,000 by summer 2023?
The Bitcoin price could see further increases in the next few weeks. But even a Bitcoin crash does not seem to be closed in the next few weeks. The Bitcoin price could possibly fall below the $20,000 mark again.
However, if we believe in a development like 2019, a medium-term increase like this year is quite possible. If we assume that the Bitcoin price has tripled since the beginning of the year, we get almost exactly to the $50,000 mark for the Bitcoin price.