As Bitcoin turns the corner, here's how much $1,000 invested at its 2022 low would now be worth

After the bloodbath seen in 2022, most cryptocurrencies began to turn the page at the start of the new year. The general increase in risk appetite has proven to be healthy for the space.

Bitcoin joins the party: Bitcoin BTC/USD, the crypto apex, peaked at $68,789.63 on Nov 10, 2021, and fell for most of 2022, when it lost about 64.27%. The fall was much steeper than the broader stock market, but it was in line with top tech stocks. The S&P 500 index lost a more modest 19.44%. By comparison, mega-cap stocks such as Tesla and Meta ended 2022 with a loss of around 65%.

Bitcoin's price drop last year was largely due to macroeconomics and geopolitics, as well as risks specific to the crypto industry. The fall was quick and hard. After starting 2022 at $46,311.75, it fell during the first half of the year and hit a low of $17,708.62 on June 18. /p>

The crypto retested the mid-June lows in early November and fell to a new low of $15,599.05 on November 21, 2022. It bounced around this low until to the first week of January 2023.

Since January 8, bitcoin has started an uptrend and broke above the psychological resistance of $20,000 on Saturday, breaking the barrier for the first time since November 8, 2022. Intraday, it reached a high of $21,075.14.

Incidentally, the new year brought new hope to financial markets due to expectations that slowing inflation and an economic slowdown would allow the Fed to slow its interest rate hikes. federal funds or even to take a break. Bond yields, which rebounded strongly in 2022, notably fell in the new year, building on expectations of at least a mild recession.

Source: TradingView

See also: How to buy Bitcoin (BTC)

Bitcoin returns: $1,000 invested in Bitcoin at its low of $15,599.05 in 2022 would have returned 0.064 bitcoin. A shrewd trader, calling the bottom right, would now make a profit of about 37% (based on Sunday's intraday high of $21,075.14) in about three months.

Bitcoin bull and venture capitalist Tim Draper calls for the crypto to hit $250,000 by the end of 2023. That would translate to a mouth-watering return of around 1085%. On the other hand, skeptics are always cautious and optimistic. Despite the recent upside rally, economist Peter Schiff urged investors to sell Bitcoin.

The crypto needs to break above a short-term resistance of $21,500 to confirm the strength of the recent rally. Further up the chart, it has resistance around the $22,600 level.

At last check, Bitcoin is up 0.15% in the past 24 hours to $20,898.58, according to data from Benzinga Pro.

Read next: Bitcoin Bears Get 'Rekt' as Shorts Suffer $74M Liquidation: Analyst Says 'You Gotta Pump It "

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