The price of a Bitcoin rose to approximately $69,324 on March 5 at around 3:00 pm UTC. This new all-time high marked the end of a brilliant saga that began back in 2021 with massive highs preceding tumultuous lows.
Now, with a new ATH on the books, Bitcoiners are ready to set their sights on mid-April and the impending halving event. But before diving into the future, it’s worth taking a moment to look back on the past 846 days and what got Bitcoin (BTC) from $68,900 in 2021 all the way down to $15,460 in 2022 — and back to form in 2024.
There are plenty of memorable moments in the history of cryptocurrency. From Bitcoin’s humble beginnings way back in 2009 to its leap from $1,000 to $20,000 in 2017. But for the past few years, all anyone seems to care about has been reclaiming the 2021 all-time high.
Back on Nov. 10, 2021, Bitcoin had experienced over a year of explosive growth on its way to $68,900. In the time since, the memory of those long candles and the “this party will never end!” atmosphere on crypto social media has kept Bitcoiners warm through the crypto winter.
If hitting $68,900 was the peak experience for crypto aficionados, then spending the next year in free fall was their rock bottom.
The crypto world watched as Bitcoin dipped lower and lower — first hitting $50,000, then $40,000. Finally, around the time FTX’s bankruptcy was top news, on Nov. 22, 2022, Bitcoin gave back every bit of gains it had picked up over the previous two years and retreated back to $15,460.
Bitcoin took very little time to begin its recovery after being drawn from $68,000 and quartered to $15,000, but the recovery itself was slow going. More than half a year later, on June 23, 2023, positive movement finally began to gain momentum, and as BTC reached $30,000 again, things started looking up.
The crypto community’s sentiment throughout 2023, by and large, could be described as “optimistic and unphased.”
By the time December rolled around, it was clear that 2022’s lows and the United States Securities and Exchange Commission’s will-they-won’t-they relationship with approving a spot Bitcoin exchange-traded fund (ETF) wasn’t going to throw the most loyal crypto supporters off.
And on Jan. 11, 2024, when the SEC finally gave spot Bitcoin ETFs the green light, the market responded by dropping from $46,344 to under $30,000 again by Jan. 20.
While that’s not exactly what the community was hoping for, the best was yet to come.
Bitcoin started February 2024 by metaphorically chugging a can of “rocket fuel.”
$42,000 on Feb. 1 grew to $50,000 by Valentine’s Day. And before March could arrive, Bitcoin reclaimed $60,000 for the first time since December 2021.
And that brings us to March 5, 2024. At the time of publication, Bitcoin has retreated from the day’s high of $69,324, a new all-time-high in U. S. dollars for BTC. It currently sits at $65,278.
What happens next is anyone’s guess. The last time Bitcoin tested a $70,000 resistance point, it ended up crashing back down to Earth. But just like ETF sentiment contributed to the bull run from late 2023 through early 2024, the impending halving could affect traders of every stripe.
According to Demuth, there’s reason to be optimistic: