BTC Celebrates Its 15th Year With 2nd Highest Close At $43K
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Bitcoin Holds Ground At $43K Despite Market Downturn
The world of cryptocurrency witnessed a significant milestone as Bitcoin celebrated its 15th anniversary by securing the second-highest closing price in its history. Despite recent market turbulence causing a decline of 10% within a couple of hours, Bitcoin showcased its resilience, maintaining a robust position at $43,000.
BTC’s price, the second-highest close on its 15th anniversary, is remarkable, trailing only behind 2022’s impressive $46,451 price. This feat underlines the enduring appeal of Bitcoin, even amid short-term market fluctuations.
It’s a testament to the confidence of long-term investors in the pioneering cryptocurrency. If past trends continue, forecasts suggest a two-year bull market phase could begin in 2024.
One reason for this bullish optimism is the Bitcoin halving event, a pivotal moment that impacts the supply dynamics of the cryptocurrency. Historically, this event triggers fundamental shifts in its market behavior.
BTC’s Price Close On Its Previous Anniversaries
The price of Bitcoin reached $46,451, greater than $43,450 yesterday, only in 2022. The oldest cryptocurrency had its price drop on the other 13 anniversary days. It’s interesting to note that in 2023, BTC traded at $16,670, a price less than its closing price on its anniversary in 2021.
Furthermore, this January 3, 2023 closing price was $1,500 more than its price on January 3, 2018, despite reaching a then-peak price of about $20K a few months earlier. Also, after the last two cycles following a significant downturn that lasted about 12 months, BTC’s price on the subsequent three anniversaries of the network was higher.
Thus, if this cyclic pattern persists, it’s reasonable to predict that by early 2025 and 2026, the BTC price will be higher than $43,450.
BTC Price Spirals And Halving Dynamics
Should its 4-year price action cycle hold, BTC would have completed its current cycle by the end of 2025. This indicates the start of a two-year bull market, where the first phase often begins after the halving.
Current on-chain data indicates that the halving of Bitcoin is now at 92% completion. Based on the most recent data, it’s expected to be at 100% completion by April 17, 2024. Based on the last two cycles, the last 8%, or roughly 100 days, often cause radical changes to BTC’s price action.
Recall that BTC’s price surged sharply a few months after the halving event in 2016. After a slight price correction following the halving, BTC embarked on a strong, bullish run.
BTC’s 2020 halving event coincided with the COVID-19 pandemic, causing a 50% loss in the value of Bitcoin. However, the leading digital asset bounced back three months later, trading within the $8500–$9500 range.
After breaking out of this range, the BTC resumed its long-term bull run, culminating in its all-time high price of $69K in 2021.
Would BTC Set A New Peak Price?
According to global asset management firm AllianceBernstein, 2024 would be the year Bitcoin retakes center stage. Analysts predict that BTC will start another long-term bullish run and set a new peak price.
Their forecast stems from multiple factors. BTC’s value rose by 150% in 2023, trading at $45,913 in early 2024, its highest since April 2022. Despite this bullish optimism, Bitcoin is still over 30% below its all-time high of around $69K.
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