From top to bottom and back in 846 days

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The price of a single bitcoin rose to approximately $69,324.58 on March 5 at around 7:00 AM PST. This new all-time-high marked the end of a brilliant saga that began back in 2021 with Icarus-like highs preceding tumultuous lows. 

Bitcoin price on March 5. Source: Coinbase

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 we dive into the future, it’s worth taking a moment to look back on the past 846 days and what got us from $68K in 2021 all the way down to $15,460 in 2022 and back to form in 2024.

Nov. 10, 2021: $68.9K

There are plenty of memorable moments in the history of cryptocurrency. From Bitcoin’s humble beginnings way back in 2009 to its leap from 1K to 20K in 2017. But, for the past few years, all anyone seems to care about has been reclaiming the 2021 all-time-high.

Back on November 10, 2021, Bitcoin had experienced over a year of explosive growth on its way to $68.9K. In the time since, the memory of those long candles and the “this party will never end!” atmosphere on crypto social has kept Bitcoiners warm through the crypto winter.

Nov. 20, 2022: $15,460

If hitting $68.9K 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 50K then 40K. Finally, around the time we were all reading about FTX’s bankruptcy, on November 22, 2022, Bitcoin gave back every bit of gains it’d picked up over the previous two years and retreated back to $15,460.

June 23, 2023: $30,709

Bitcoin took very little time to begin its recovery after being drawn from $68K and quartered to $15K. But the recovery itself was slow going. More than half a year later, on June 23, 2023, positive movement finally began gain momentum and, as BTC reached $30K again things started looking up.

Jan. 11, 2024: $46,344

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 U.S. Securities and Exchange Commission’s (SEC’s) will-they-won’t-they relationship with approving a spot Bitcoin exchange-traded fund (ETF) wasn’t going to throw the most stalwart crypto supporters off.

And, on Jan. 11, 2024, when the SEC finally gave spot Bitcoin ETF’s the green light, the market responded by dropping from $46,344 to under $30K again by January 20.

While that’s not exactly what the community was hoping for, the best was yet to come.

Feb. 26, 2024: $50,951

Bitcoin started February of 2024 out by metaphorically chugging a can of “rocket fuel.”

We saw $42K on Feb. 1 grow to $50K by Valentine’s Day. And, before March could get here, Bitcoin reclaimed $60K for the first time since December of 2021.

March 5, 2024: $69,324

And that just brings us to March 5, 2024. As of the time of this article’s 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.

Eric Demuth, co-founder and CEO of Bitpanda, who gave a statement to Cointelegraph, had this to say:

“Bitcoin has reached an All Time High, driven by factors distinct from those in 2021. The approval of the Bitcoin Spot ETF has attracted consistent institutional capital from the US, bolstering bullish market sentiment.”

April, 2024: $???,???

What happens next is anyone’s guess. The last time Bitcoin tested a $70K resistance point, we 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:

“The upcoming Bitcoin Halving in April is anticipated to boost its price further, consistent with historical data indicating long-term price support following previous Halving events.”