Bitcoin's Remarkable Comeback: From $15,460 in 2022 to a New High of $69,324 in 2024
Summary:
This piece chronicles Bitcoin's tumultuous journey over the past three years, from its peak of $68.9K in 2021, its rock bottom in 2022 at $15,460, and its record-breaking surge to $69,324 in 2024. The narrative includes various milestones in its cycle. With the Bitcoin halving event in April 2024, the post leaves readers with a hopeful outlook on Bitcoin's future price movements, citing historical trends from previous halving events.
On March 5, Bitcoin's value touched a record high of just over $69,324.58 around 7 AM PST. This tremendous achievement concludes a dramatic journey, marked by both extraordinary peaks and severe drops, which began in 2021. With the establishment of another record, Bitcoin enthusiasts are eagerly waiting for mid-April’s upcoming "halving event.” Yet, it's worth reviewing the past 846 days that witnessed a roller coaster ride from $68K in 2021, to $15,460 in 2022, and a resurgence in 2024.
One of the most significant milestones occurred on November 10, 2021. Bitcoin had been enjoying a stellar growth spree, ultimately reaching $68.9K. However, the period since has been majorly characterized by efforts to recover the lost glory of the 2021 record value.
A year following this peak, sentiments dropped to an all-time low as Bitcoin's value plummeted relentlessly. The shocking low came on November 20, 2022, when Bitcoin wiped all its gains from the previous two years, reducing its worth to a mere $15,460.
Bitcoin's revival was triggered soon after, although the momentum was initially slow. Eventually, on June 23, 2023, as Bitcoin reached the $30K mark once again, the situation began to improve.
The overall sentiment in the crypto community during 2023 was largely hopeful despite the potential of the U.S. Securities and Exchange Commission (SEC) approving a Bitcoin exchange-traded fund (ETF) remaining uncertain. However, when the SEC finally gave the green signal to spot Bitcoin ETF’s on January 11, 2024, the market's response was a drop from $46,344 to below $30K again by January 20. But brighter days were soon to come.
On February 26, 2024, Bitcoin value kicked off the month by reaching $42K and kept growing to hit $50K by Valentine's Day. Then, before the arrival of March, Bitcoin celebrated its return to the $60K zone for the first time since December 2021.
This brings us to March 5, 2024, with Bitcoin retreating slightly from the day's peak of $69,324. It presently stands at $65,278. Eric Demuth, CEO and co-founder of Bitpanda, stated, “Bitcoin has soared to a novel height, propelled by distinct factors from 2021. Consistent institutional capital inflow from the U.S, triggered by the approval of the Bitcoin Spot ETF, has sparked bullish market sentiments.”
The future is still uncertain. The last time Bitcoin teetered around the $70K threshold, it took a nosedive. However, the forthcoming "halving” could have implications for all types of traders. According to Demuth, there is a cause for optimism, with the April halving event expected to provide further price support, in line with the trend following previous halving events.
Published At
3/5/2024 8:40:00 PM
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