Bitcoin Hits $64K, Continuing Its Remarkable Growth Trend
Bollywoodfever, March 3: Bitcoin Hits $64K, Continuing Its Remarkable Growth Trend. Bitcoin (BTC) has seen several significant growth phases throughout its history, with notable surges in 2013, 2017, and an extraordinary pattern in 2021.
The latter year was distinguished by a double peak, where Bitcoin’s price reached two high points, leading to a notable shift in its price trajectory.
This particular bull run is memorable for Bitcoin surpassing its 2017 high of $20,000, with the cryptocurrency’s value reaching a record-breaking high of $69,044 on November 10, 2021.
Before it’s climb to $60,000 in 2024, Bitcoin had previously surpassed the $60,000 threshold for a total of 40 days in 2021.
Marking nearly three years since its first significant milestone, Bitcoin’s value hit $61,200 on March 14, 2021, but this peak was short-lived, lasting only a day.
Momentum picked up again by April 12, propelling the price above $60,000 for six days.
It wasn’t until October 2021 that Bitcoin’s price would surge past $60,000 again, reaching this level on October 16.
The last time Bitcoin exceeded this price in 2021 was 835 days ago, on November 18.
Since its creation by Satoshi Nakamoto in 2009, the Bitcoin network has been operational for a total of 5,538 days.
Following its breakthrough in 2017, Bitcoin’s value has remained above $20,000 for 1,053 days, representing 19.01% of its entire history.
The cryptocurrency has maintained a value above $30,000 for 670 days or 12.09% of its lifespan, and above $40,000 for 420 days.
As Bitcoin’s value increases, the time spent at these higher levels decreases, with the price being over $50,000 for 163 days.
This demonstrates that Bitcoin has been priced above $50,000 for 2.94% of its existence and above $60,000 for just 0.81% of its history.
The current surge in Bitcoin’s value could lead to a pattern of multiple peaks, potentially resulting in another double or even triple peak against the U.S. dollar.
Since February 28, Bitcoin has consistently remained above $60,000, though the future of this trend is yet to be determined.
If Bitcoin surpasses its previous all-time high of $69,044 and crosses the significant $70,000 threshold, it would signify a new phase of price discovery, reflecting the market’s revised valuation of Bitcoin.
However, there is ongoing speculation, particularly from analysts at JPMorgan, about a potential drop below the $60K mark.
The bank’s market analysts predict a possible decline to $42K following the upcoming halving event.
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