This is a new development. In that over the 15 years of Bitcoin’s existence, we have never ever experienced a cycle, where Bitcoin witnesses a new all time high before the halving. In typical cycles, Bitcoin only breaches new ATHs months after the halving has happened.
I’m not sure what this means exactly, but I think it means that we can throw away the old models, and that we’re right smack in uncharted territory.
New Bitcoin All Time High of $72,755
Bitcoin hit a new ATH of $72,755 on 14th March 2024. Prior to that, the previous all time highs had already been breached twice, although both times, the price swiftly dropped back down. However, right now, we’re seeing it consolidate between $68,000 and $72,000, having took on a monster run from $42,000 at the start of Feb to the current price in little over 6 weeks.
The Most Bullish of Charts
May I present to you, the most epic of bullish charts. The 6-month candle Bitcoin chart. Look at this and tell me you’re bearish.
And here’s Samson Mow talking about why he believes that Bitcoin will hit $1,000,000 within the next 24 months. I’m an optimistic man, but I wish I can have what he had!
Why @JAN3com CEO, Samson Mow (@Excellion), expects Bitcoin to hit $1 million within 24 months pic.twitter.com/f17Vk7lIA4
— Bitcoin Breakdown ⚡ (@BTCBreakdown) March 16, 2024
Of course, the Bitcoin ETFs had a lot to do with the buying momentum. The launch of the ETFs have definitely brought demand to the next level, and with the halving coming up in the next month, we’re about to see new supply drop off a cliff.
My YouTube Channel
If you hadn’t noticed… I recently started a YouTube channel, where I talk about Bitcoin and personal finance, and occasionally play some games. Here’s a video I recorded, talking about the ATH breaches on 5 and 8 March, and how we’re now chilling at the $69,000 mark.
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