On March 5, at approximately 3:00 pm UTC, the price of Bitcoin reached a new all-time high of around $69,324, marking the end of an eventful journey that began in 2021 with significant highs followed by turbulent lows.
Bitcoin price on March 5. Source: Coinbase
With this new milestone achieved, Bitcoin enthusiasts are now looking forward to mid-April and the upcoming halving event. However, before delving into the future, it is important to reflect on the past 846 days and understand how Bitcoin (BTC) went from $68,900 in 2021 to a low of $15,460 in 2022, only to regain its strength in 2024.
Nov. 10, 2021: $68,900
The history of cryptocurrency is filled with memorable moments, from Bitcoin’s humble beginnings in 2009 to its surge from $1,000 to $20,000 in 2017. But in recent years, the focus has primarily been on reclaiming the all-time high of 2021.
On Nov. 10, 2021, Bitcoin had experienced a year of unprecedented growth, reaching $68,900. The memory of those significant gains and the optimistic atmosphere on crypto social media during that time has served as a source of comfort for Bitcoin enthusiasts during the subsequent crypto winter.
Nov. 20, 2022: $15,460
If reaching $68,900 was the pinnacle for crypto enthusiasts, then the following year was a period of decline and disappointment.
Bitcoin’s value gradually plummeted, first dropping to $50,000, then $40,000. Finally, on Nov. 22, 2022, coinciding with FTX’s bankruptcy news, Bitcoin lost all the gains it had accumulated over the previous two years and fell back to $15,460.
June 23, 2023: $30,709
Although Bitcoin quickly began its recovery after falling from $68,000 to $15,000, the process was slow. It took more than six months for positive momentum to gain traction, and on June 23, 2023, Bitcoin once again reached $30,000, signaling a turning point.
Jan. 11, 2024: $46,344
Throughout 2023, the sentiment within the crypto community remained optimistic and unwavering. Despite the lows of 2022 and the uncertainties surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), loyal crypto supporters remained steadfast.
Finally, on Jan. 11, 2024, when the SEC granted approval for spot Bitcoin ETFs, the market responded by initially dropping from $46,344 to below $30,000 by Jan. 20. While this was not the outcome the community had hoped for, better days were still ahead.
Feb. 26, 2024: $50,951
Bitcoin kicked off February 2024 with a surge of momentum. Starting at $42,000 on Feb. 1, the price climbed to $50,000 by Valentine’s Day. And before March arrived, Bitcoin reclaimed the $60,000 mark for the first time since December 2021.
March 5, 2024: $69,324
And now we arrive at March 5, 2024. At the time of writing, Bitcoin has retraced from its peak of $69,324, a new all-time high in U.S. dollars for BTC. It is currently valued at $65,278.
Eric Demuth, co-founder and CEO of Bitpanda, shared his thoughts with Cointelegraph:
April 2024: $???,???
What lies ahead is uncertain. The last time Bitcoin tested the $70,000 resistance level, it experienced a crash. However, similar to how ETF sentiment influenced the bull run from late 2023 to early 2024, the impending halving event could impact traders of all kinds.
According to Demuth, there are reasons to be optimistic: