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After the mass fluctuation caused by the all-time high Bitcoin price, Bitcoin fell by $5,000 on March 5th. Data from TradingView showed that the BTC/USD pair lost 6.7% of its value within an hour, following the sudden losses. The reaction came after Bitcoin reached all-time high levels, which bulls had been anticipating since November 2021 for Bitcoin’s price discovery.
What’s Next for Bitcoin?
As volatility continues at the time of writing, market observers are trying to bring a balanced perspective to the current market performance. Crypto writer and educator Vijay Boyapati commented on social media platform X:
“Bitcoin’s pullback from its all-time high is extremely normal. Large sellers use the anticipation of that moment to jump on high liquidity. More importantly, the psychological barrier is broken, and real price discovery finally begins.”
According to the latest data from blockchain data analysis platform CoinGlass, liquidations during the correction from Bitcoin’s new peaks of $69,210 totalled about $150 million. As Bitcoin returns to the mainstream spotlight, investors were celebrating highs for a different reason for a long time.
As many have pointed out, the year 2024 signifies the first time the BTC/USD pair reached new record levels before a block subsidy halving event. Boyapati described this achievement as unprecedented. CEO of Bitcoin adoption initiative Jan3, Samson Mow, commented on the matter:
“Bitcoin surpassed $0.069 million before the halving event. All your cycles are gone.”
Analysts Offer Noteworthy Comments on Bitcoin
Meanwhile, popular investor and analyst Rekt Capital, in his latest YouTube update, assessed whether the current price cycle has accelerated due to the movement before the halving event. He noted that in previous cycles, it took about 500 days for the BTC/USD pair to reach all-time highs after the halving event, suggesting that this time progress could be ahead of schedule:
“As we enter a new era for Bitcoin’s price movement, something to consider, and we’ve never seen such a price action before.”
Another investor and analyst Mikybull Crypto added that in 2020, the BTC/USD pair remained horizontal below all-time high levels for two weeks before finally continuing upwards:
“Bitcoin is currently at a critical decision point. In 2020, it managed to break the all-time high and pulled back into the box for two weeks before closing above the previous ATH level. Will it be different this time due to ETF entries?”
