There is a lot of heated discussion surrounding the cryptocurrency, Bitcoin, in 2024. And, that is no wonder. Several key events occurred that made it the subject of excitement and anxiety. This article organizes and outlines BTC’s journey throughout the year so you can make informed choices.
The Ups and Downs of Bitcoin in 2024
Before this year, the original digital currency was fairly stagnant. However, Bitcoin began gaining some real traction in early March 2024.
Then on Mar 14, 2024, Bitcoin’s price surged to its highest point of $73,835.57. Subsequently, crypto miners and investors were hopeful for the future…
Further, this occurred mere weeks before the next Bitcoin halving event which occurs once every four years.
The purpose of this practice is to keep BTC a limited resource since its value is strictly determined by supply and demand. For that reason, the total amount is halved once 210,000 verified transactions are added to the blockchain.
But unlike other cycles where Bitcoin hit lows before halving, it reached record highs in 2024. So, many believed big things were on the horizon for cybercash…
The Bitcoin “Danger Zone” After 2024 Halving
April 19th, the big day for cryptomaniacs worldwide finally arrived. Like a major sports event, there were live broadcasts before, during, and after the event providing commentary…
Just like this one from the Bitcoin Magazine YouTube Channel.
But then, the 2024 Bitcoin halving event was well… nothing to write home about.
There is usually a decline in Bitcoin’s value at this stage of its cycle known as the “danger zone.”
FxPro trader, Alex Kuptsikevich, made this comment to Coindesk about the inevitable drop…
“There is pressure likely related to asset sell-offs by miners and fears of tighter regulation of cryptocurrencies… A failure below $60K could trigger something of a panic sell-off. The positive scenario, in our opinion, will become the main one with a rise above $65K, fixing the price at the 50-day moving average and the reversal area in early May.”
Yet, there was not a “reversal area” in early May…
Bitcoin hit its largest retreat of 2024 at $56,500 on May 12th. On the other hand, these low points have been historically followed by new accumulation of value.
Nevertheless, can lessons from prior years truly help investors move forward?
What We Can Learn From Bitcoin’s Past
Ultimately, digital currency is like any other investment…
It goes through cycles of stability and volatility…
That being said, it has continued to continue on an upward trend overall even through these peaks and troughs…
One has to research and determine for themselves if they want to ride the Bitcoin wave through 2024 and beyond…
Whatever you decide, fully commit and be great.
— GCTV Staff
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