While the cryptocurrency market may not be in a full-fledged frenzy, it has surprised many, with retail investors yet to fully embrace it. As 2023 began, Bitcoin was languishing around $16,000, with warnings of further decline to sub-$10,000 levels. The cryptocurrency remained stagnant for almost two months until it surged at the turn of the year.
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Date | Bitcoin Price | Event/Activity |
---|---|---|
Jan 1, 2023 | $16,000 | Bitcoin starts the year at a low point, with warnings of potential further decline. |
Feb 28, 2023 | $24,000 | Bitcoin experiences a rapid surge, reaching $24,000 before retracing and testing $25,000 resistance. |
Mar 1, 2023 | Below $20,000 | Rejection at $25,000 leads to a dip below $20,000, prompting predictions of new lows. |
Mar-Oct 2023 | – | Bitcoin hovers between $20,000 and faces heavy resistance at $28,000-$30,000 during this period. |
Oct 19, 2023 | Above $30,000 | Bitcoin sees a significant surge, attempting to break through $38,000 with $42,000 and $48,000 as targets. |
Experiencing a rapid uptick, Bitcoin reached $24,000 before retracing and testing the $25,000 resistance. Despite rejection, the price dipped below $20,000, sparking predictions of new lows.
Contrary to expectations, Bitcoin swiftly ascended from $20,000 to face robust resistance at $28,000, extending up to $30,000. A period from March to mid-October saw Bitcoin grappling with this range, occasionally revisiting the $25,000 level.
Finally, on October 19, the Bitcoin price surged, currently attempting to breach $38,000, with targets set at $42,000 and potentially $48,000.
The puzzle for mainstream analysts, as reported widely, lies in Bitcoin’s unexpected outperformance despite being dismissed as a “pet rock” by figures like JP Morgan’s Jamie Dimon. The cryptocurrency defies negative press, consistently outshining traditional assets like stocks, bonds, and gold.
Bitcoin’s resilience stems from its inherent qualities—a scarce supply, predictable issuance, robust security, global decentralization, and immunity to government intervention. Despite skeptics, it has historically demonstrated its ability to outperform in various economic climates.
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What’s perplexing is the surprise factor of this crypto surge, especially considering the current economic landscape characterized by debt accumulation and currency devaluation. The lack of widespread retail investor participation may be attributed to adherence to advice from politicians, central bankers, and financial leaders.
As central banks continue unabated printing of fiat currencies to service unsustainable debts, citizens bear the brunt of rising prices for essentials. This, coupled with currency devaluation and inflation, underscores the urgent need for individuals to reconsider their reliance on the fiat system.
The traditional financial system is deemed obsolete, with banks functioning as zombies and central banks extracting wealth from the middle class to sustain the status quo. The article posits the demise of the fiat system and encourages individuals to conduct thorough research into Bitcoin and the traditional monetary system. The author emphasizes the importance of independent exploration in forming informed opinions about the evolving financial landscape.