2024

Bitcoin

Rekt

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) experienced a sudden drop of $5,000 on March 5 following a unique all-time high.</li>
 <li>Market observers maintain a balanced perspective amid the volatility, noting that pullback from all-time highs is normal.</li>
</ul>
<p>On March 5, <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> saw a significant drop of $5,000. This happened soon after a unique BTC price reached an all-time high, causing significant volatility in the market.</p>
<h2 id="bitcoin-s-volatile-market">Bitcoin’s Volatile Market</h2>
<p>Data from market analytics and TradingView showed a sudden 6.7% drop for BTC/USD within a little over an hour. This drop came after Bitcoin reached new all-time highs, with market bulls eagerly waiting for BTC price discovery since November 2021.</p>
<p>Despite the ongoing volatility, market observers are urging a balanced perspective on the current market performance. Crypto author and educator Vijay Boyapati argued that it’s perfectly normal for Bitcoin to pull back from an all-time high, as this happens in every cycle.</p>
<h2 id="market-reactions-and-predictions">Market Reactions and Predictions</h2>
<p>Monitoring resource CoinGlass estimated that liquidations totaled nearly $150 million during the correction from the new highs of $69,210 on Bitstamp. As Bitcoin returned to mainstream attention, long-term hodlers were celebrating the highs for a different reason.</p>
<p>Many noted that 2024 marks the first time that BTC/USD has hit new record levels before a block subsidy halving event, a development that Boyapati called “unprecedented”.</p>
<p>Popular trader and analyst Rekt Capital pondered whether the current price cycle had “accelerated” due to the pre-halving move. He noted that in previous cycles, BTC/USD took around 500 days to hit new all-time highs after a halving. This suggests that this time around, progress might be “ahead of schedule”.</p>
<p>Fellow trader Mikybull Crypto added that in 2020, BTC/USD tracked sideways below new all-time highs for two weeks before finally seeing upside continuation. He questioned whether this time will be different due to ETF inflows.</p>

Bitcoin Slips 7% Following Its Pre-Halving Record High Price

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