Bitcoin Remains Strong at $43,000 Despite Market Crash
Despite the recent market crash that caused a 10% drop in the price of Bitcoin (BTC) in just two hours, the cryptocurrency continues to hold strong. The close near $43,000 is the second-highest close ever for BTC, considering the history of the Bitcoin network, which is now 15 years old.
BTC Price on the Network’s 15th Anniversary
When analyzing the Bitcoin price recorded on each of the network’s 15 anniversaries, it becomes clear that yesterday’s close was the second-highest ever. Only in 2022 was the price higher than the recent close. It’s interesting to note that a year ago, in 2023, BTC was priced at $16,670, even lower than it is now.
Bitcoin’s Spiral Cycles and Halving
An analyst has also shared two other important charts. The first one shows Bitcoin’s spiral representation based on its 4-year cycles. According to historical patterns, a new 2-year bull market can be expected to start in early 2024. The second chart tracks Bitcoin’s halving progress, which is already 92% complete and expected to occur in April 2024.
Hot Take: BTC’s Long-Term Potential
The recent market crash may have caused short-term volatility, but when you consider the overall history and valuation of Bitcoin, it becomes clear that long-term investors remain unfazed. With Bitcoin’s track record and upcoming halving event, there is potential for a new bull market and higher prices in the future. So despite temporary setbacks, Bitcoin continues to show resilience and strength as an investment option.
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