Bitcoin’s trading price has been witnessing significant surges for over a week. The investors are happy about the fact that the trading price of BTC has kept on surging for 8 days straight.
The consecutive push in BTC’s price has pushed the asset’s trading value over the $18,000 barrier. This was a barrier that the asset had been trying hard to hit for a long time but wasn’t able to.
BTC has Sustained Pressure over the $18k Barrier
Finally, the asset has managed to hit a higher level and it is constantly moving in the upward direction. This is for the first time since the middle of December the price of BTC has surged over $18,000.
The most remarkable thing about Bitcoin’s recent surge is that the bulls have sustained the pressure from the bears at this level for quite a well.
In mid-December, the price of the asset was not able to sustain itself above the $18k mark for a long time. The bears managed to drag the price of BTC to a lower level.
BTC Achieves a Prolonged Streak
For a long time, Bitcoin had not witnessed a significant rally that stuck around for such a long time. The last time BTC witnessed a strong and recurring streak of high gains was back in July 2021.
Since then, the asset had failed to achieve a winning streak against the selling pressure of the bears. For the first time since July 2021, BTC has managed to achieve a streak that has stuck around for over a week.
The past 24-hours have been full of fortune for Bitcoin as its value has only moved upward in this particular time period.
The data shows that the trading price of Bitcoin has recorded a 4.1% surge in the past 24-hours. It has been an even better story for Bitcoin if the asset’s past 7-day performance is taken into consideration.
The report shows that in the past 7 days, the value of BTC has surged by almost 8%.
Predictions are Coming True
Just a few days, Bitcoin analysts shared their predictions about the price movement of the asset. They had predicted that the price of BTC would manage to make it past the $18,000 barrier.
After suffering a major dip in 2022, Bitcoin has finally started to show signs of a positive recovery. In the year 2022, the price of the asset had fallen by 65%. Now maybe a good time to invest in Bitcoin.
This was mainly because of several crashes that had taken place in the cryptocurrency industry in 2022. Whether it was the Terra Network crash or the FTX crash, they had roles to play in the downfall of Bitcoin.
The analysts are hopeful that Bitcoin may finally be able to cross the $20k barrier for the first time in several months by the end of January 2023.