Bitcoin Has Surged by 50% In 2023: Is the Bull Market Here?

Bitcoin’s dynamic push beyond $25,000 is being widely discussed across the industry. The king coin slumped to a low of $15,599 back in November 2022. This instilled fear in the community as they believed that BTC was headed toward its demise. Nevertheless, the asset was back on its feet after surging by 50% in 2023 alone.

The community was ecstatic post this rise and Bitcoin soon became the talk of the crypto town. Cameron Winklevoss, Gemini CEO highlighted how the asset is much above its pre-FTX collapse price levels. He tweeted,

“Bitcoin just broke 25k, price levels well above pre-FTX collapse. A clear signal that our industry is moving beyond this painful chapter — we will not be defined by it. We are back to building the future.”

However, at press time, Bitcoin was enduring a correction which further prompted the asset to plummet by 3.49%. The king coin was trading for $23,787.63 after its brief stay in the $24K-$25K levels. But several noted that the bull market was here.

Here’s how Bitcoin is expected to perform through the bull market

The entire globe is evolving. There’s an immense buzz around emerging technology like artificial intelligence. So much so that proponents believe that AI has the power to kill certain jobs. However, the crypto industry has been adapting to these technologies. While the 2022 bear market did cost a lot of them their jobs, BTC’s upcoming bull market could make up for this. Alex Gladstein, the CSO at HRF further said,

“The next Bitcoin bull market will bring an enormous amount of new talent and ideas into the ecosystem

-Developers
-Designers
-Analysts
-Entrepreneurs
-Artists
-Activists
-Engineers
-Investors

Don’t underestimate what they will bring to the table. They will change the world”

A major threat to the bull market is the ongoing lawsuit between Ripple and the Securities and Exchange Commission [SEC]. The verdict of this lawsuit has got the community on its toes. If XRP is deemed as a security, the status of several other assets is in danger. Bitcoin, however, is expected to be untethered by the same. Furthermore, Gladstein pointed out the possibility of the SEC dragging Bitcoin into the same category.

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