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As of Sunday, March 3, 2024, bitcoin’s value persists in the $60,000 per unit vicinity, signaling the fifth instance this year that its price has sustained above this level. Naturally, as bitcoin’s value escalates, its duration above such thresholds shortens when contrasted with past significant milestones such as $30,000, $40,000, and $50,000.
Bitcoin’s Price Discovery Journey in the First Quarter of 2024
Throughout its history, Bitcoin (BTC) has experienced several significant uptrends, notably in 2013, 2017, and 2021. The 2021 uptrend was particularly notable for its double peak, with bitcoin’s price hitting two zeniths, forming a unique pattern that precipitated a reversal in its trajectory.
This bull run is also memorable for BTC eclipsing its 2017 peak of $20,000 per unit, with the cryptocurrency’s value soaring to an all-time high (ATH) of $69,044 per coin on Nov. 10, 2021. Before the ascent to $60,000 in 2024, BTC’s price had breached the $60,000 mark for a cumulative 40 days in 2021.
Nearly three years to the date, bitcoin’s value first reached $61,200 on March 14, 2021, but it remained at this level for only one day. By April 12, the momentum returned, pushing the price over $60,000 for a span of six days.
It wasn’t until October 2021 that BTC’s price would once again climb above $60,000, achieving this milestone on Oct. 16. The final occasion that year when BTC exceeded this price point was 835 days ago, on Nov. 18, 2021.
Since its inception by Satoshi Nakamoto in 2009, the Bitcoin network has been active for a total of 5,538 days. After surpassing the 2017 milestone, BTC’s value has been recorded over the $20,000 mark for 1,053 days, which accounts for 19.01% of its existence.
The currency has stayed above $30,000 for 670 days or 12.09% of its life, and above $40,000 for a total of 420 days. As bitcoin’s value escalates, the duration at these elevated levels diminishes, with the price being over $50,000 for 163 days.
This indicates that throughout bitcoin’s lifespan, it has been priced above $50,000 for 2.94% of the time and above $60,000 for merely 0.81% of its existence. Bitcoin’s current upswing could potentially evolve into a scenario featuring multiple zeniths, possibly marking another double or even triple peak against the U.S. dollar.
Since Feb. 28, BTC has successfully stayed over $60,000 so far, though the duration of this trend remains uncertain. Should BTC surpass its previous all-time high (ATH) of $69,044 and breach the significant $70,000 milestone, it would enter a phase of price discovery, highlighting the market’s new valuation of bitcoin.
Nevertheless, speculation persists, notably from JPMorgan’s analysts, regarding a possible descent beneath the $60K mark. The U.S. bank’s market analysts anticipate a decline to $42K following the halving event.
What do you think about the future of bitcoin’s price trajectory? Share your thoughts and opinions about this subject in the comments section below.