After a disastrous 2022 for Bitcoin, 2023 saw a recovery process. During times when the price fell below $20,000, the market was dominated by complete despair, but BTC recovered and began a gradual rise. Today, it seems to have visited a completely different level and pulled back a bit.
2024 Bitcoin Price
Bitcoin’s first rise after incredible drops occurred in early 2023, and the summer months passed with a full consolidation process. Following this, the last quarter of the year brought seasonal peaks for BTC.
When the calendars showed January 10, 2024, spot Bitcoin ETFs started trading, causing a sudden price rally. However, this rally was very short-lived, and the price experienced a sharp drop as well. By March, while everyone was making comments with halving expectations, an unexpected process occurred in the market – thought to be influenced by ETFs – and Bitcoin suddenly reached its ATH above $73,000.
While it was seen that all market participants were focused on the post-halving process, such an event created great excitement. The subsequent drop was once again very sharp.
Today, it was seen that the BTC price, which was around $70,000 until about 2 weeks ago, suddenly dropped to $58,500 and then recovered to $60,000.
Bitcoin Future and Expectations
Bitcoin is known to see rises after every halving year and the following year. While it is unknown whether history will repeat itself, all market participants seem focused on this. The excitement brought by the cycle and the reality of ETFs in the market are also widely believed to potentially carry BTC’s price to new peaks.
On the other hand, the last quarter of the year, predicted as the potential start date for US elections and FED’s interest rate cuts, is also seen as the period when the ATH process within the new cycle for BTC could begin. Nevertheless, considering economic and political events, the possibility of this not happening is always within the realm of possibility.
As of the time of writing, BTC is trading at $60,650 after a 1.78% drop in the last 24 hours. BTC’s market cap has fallen below $1.2 trillion, while its trading volume has risen to $24.2 billion after a 9% increase.
