Bitcoin registered a quick rise on Saturday, going above $20,000 for first time in over two months. The world's biggest and best-known cryptocurrency, rose 4.6% to $20,853 at 01:01 GMT on Saturday, adding $922 to its previous close, according to Reuters.
The cryptocurrency is up 26.4% from the year's low of $16,496 on January 1.
Ether, the coin linked to the ethereum blockchain network, rose 5.91 % to $1,536.9 on Saturday, adding $85.90 to its previous close.
Earlier this month, a prominent cryptocurrency analyst predicted a surge in the price of Bitcoin in 2023. The prediction runs against the current of bad news for Bitcoin for several months in a row. According to analyst Dave the Wave, Bitcoin could rise to $160,000 by January 2025.
Dave the Wave made the prediction based on logarithmic growth curve (LGC), Yahoo Finance reported.
"The previous 'bubble' is effectively 'popped.' However, it is quite something else in the aggregate. Where the speculative excess culminates in a series of punctuated peaks, the corrections provide a baseline of sorts, with this baseline representing a logarithmic growth curve," he said in a tweet.
Bitcoin is currently trading at $16,730.75. The biggest cryptocurrency has lost more than 65 percent in market capitalization in the year 2022 alone.
"Bitcoin is not dead, it's just boring at the moment, so traders are already looking for alternatives," Martin Leinweber, a digital asset product strategist at MarketVector, said a few months ago.
Cryptocurrencies have endured a torrid year as investors have dumped risky asset across the board in the face of rising inflation, with bitcoin falling about 60% and ether dropping 55%. Major blow-ups at two major coins and the bankruptcy of a big-name lender have also eroded confidence in the sector.