The Bitcoin price has risen sharply in the last 2 weeks. A strong rally has brought the major cryptocurrency back above $21,000. After this rise, the price seems to be slowly stabilizing. But will Bitcoin continue to rise in the coming weeks? In this article, we go over the top 3 reasons why the Bitcoin increase can continue over the short-term.
How is Bitcoin Price doing?
The year 2023 brought strong increases in the Bitcoin price in the first 2 weeks. The course was initially able to approach $16,500 to $17,000. A few days later, the price finally broke the resistance at $17,000 and subsequently surged above $18,000.
After a slight stabilization, there was another strong increase in the last week, when the Bitcoin price was able to rise above $20,000 again. Most recently, the course was even able to break through the $21,000 mark. The Bitcoin price is back at the value it was before the FTX crash .
Will Bitcoin Continue to rise?
In the last 2 weeks, the Bitcoin price has actually gone up continuously and the increase has hardly stopped. At the moment, the cryptocurrency has strong momentum, which could take the price further up. But can this Bitcoin increase continue in the next few weeks?
Theoretically, it is possible that Bitcoin’s rise will continue to a price of $25,000 by the end of the month. The $21,000 level was a key resistance prior to the FTX crash. If this is broken, the Bitcoin surge to $25,000 could happen soon.
Top 3 reasons why Bitcoin will continue to rise
A surge for bitcoin over the next few weeks seems likely at the moment. We want to give 3 good reasons why the Bitcoin price can continue to rise in the coming weeks:
1. Better investment climate in early 2023
One reason for the strong gains in the crypto market was the falling inflation rate in the US. Falling inflation makes interest rate hikes increasingly unlikely. This ensures that the climate for investments improves. Because rising key interest rates mean that FIAT money is becoming “more expensive” again, which has driven prices down in recent months.
This positive investment climate should continue in the coming weeks. Further interest rate hikes seem unlikely at the moment but could return in the future. For this to happen, the reduction in inflation would have to be slower. For now, however, markets seem to be reacting positively.
2. The year 2023 could mirror 2019
In the last few weeks, we have repeatedly addressed the year 2019. This was also then the second year of the bear market. At that time, the Bitcoin price was even able to rise above a value of 10,500 after having previously been at 3,500 dollars. This was a threefold increase in just a few months.
Should the year 2023 mirror the Bitcoin year 2019, the Bitcoin rise could continue in the next few weeks. A similar price development after 4 years is not untypical and the crypto market always reflects old cycles.
3. Bitcoin Surge as a Return to “Normal Levels”
The Bitcoin surge may not have been just a short-term rally. Instead, it could be an upward correction after bitcoin has been extremely undervalued for the past few weeks. This was mainly due to the strong interest rate hikes in the USA and the market crash caused by the FTX bankruptcy.
The “real” value of bitcoin could therefore be much higher than the rate at the turn of the year indicated. The Bitcoin price could continue to rise over the next few weeks and reach a level where it should have been a few weeks ago.
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Source: https://cryptoticker.io/en/top-3-reasons-why-bitcoin-will-continue-to-rise/