Bitcoin rose overnight, retaking $67,000 on Wednesday after falling to just above $62,000 on Tuesday. The fall came after Bitcoin reached its new all-time high of $69,170, according to CoinMarketCap. While still in the red, Bitcoin rose 7.89%.
Investor interest in Bitcoin has skyrocketed since the approval of several spot Bitcoin ETFs in January and the fast-approaching halving on April 20, 2024. But like Sir Isaac Newton said, “what goes up must come down,” and the price of Bitcoin went into freefall after reaching its highest peak.
“The March 5, 2024 high was observed at 3:05 pm where we hit $68,848,” an Amberdata analyst told Decrypt. “Later that afternoon, BTC pulled back $60,109 a $8,736 correction in roughly 4 hours and 53 minutes.”
Even as crypto Twitter hailed the new all-time high, some price aggregators and exchanges suggest $69,170 may not be the actual high. For example, Coinbase listed an all-time high of $69,324, so Bitcoin may still have a long way to go.
“This is likely the beginning of a lot of volatility as we go up,” Alex Thorn, Head of Research at Galaxy, told Decrypt on Tuesday.
“The common phrase is that bull markets climb a wall of worry,” he continued. “Looking at 2017 and seeing eight drawdowns of 25% or more on the way to all-time highs, that looks like a wall of worry to me, so I'm not concerned.”
Even still, Bitcoin's price continued to fluctuate on Wednesday morning, reaching $66,202 before climbing back above $67,000, showing that BTC's volatility remains a crucial factor in investing in the cryptocurrency market.
Edited by Stacy Elliott.