BTC price Hits $44K, Making Bitcoin’s Strongest Monthly Close in 19 Months
Bitcoin closed October at a price of $44,000.
The value of Bitcoin may reach $45,000 before the end of December 2023.
In 2021 bitcoin attained an all-time-high of $69,000.
Keywords: BTC price, Bitcoin price, buy Bitcoin, buy BTC, bearish market, crypto market cap, bitcoin market
Introduction
Bitcoin has been performing well this year as its price rose from $16,625 at the beginning of January to $30,000 by the end of October. Generally, it recorded more than 150% increase since the beginning of 2023. The other interesting aspect is that it still maintains a strong upward price movement as it moves closer to $45,000.
This analysis looks at the bitcoin price movement during the fourth quarter of 2023. We will also focus on its past performance in terms of major peaks and downs.
Bitcoin Bearish Pressure Fizzles as We Move towards Mid-December
This year’s fourth quarter Bitcoin price rise is not very different from the previous ones suggesting a seasonal trend. As an example, in 2016 the bitcoin value rose by 63% from the beginning of October to the end of December.
In 2017, during the same period it gained by 267%. As a fact, between 2016 and 202, on average, the Bitcoin price rose by 25%, 8% and 11% in October, November and December respectively.
Read also: Bitcoin Halving: Explained
Similarly, on Friday, 1 December the bitcoin value rose above $44K, marking the third time it has done so since April 2022.
Bitcoin Hits $44 K - CoinGecko
As The Graph above indicates, on 1 December 2023 crypto investors would buy BTC for $44,324.73. It is also important to note that bitcoin closed November with a 19 month high of $44,000.
Data from Material Indicators/X shows that as of 30 November bitcoin held its key support levels and prevented a last-minute sell-off, something that would lead to “multi week compression between $35K and $39K” within the following week.
Now that the bitcoin price has surpassed the $44,000 level, the next strong resistance points on the higher timeframe is likely to be at $47,000 and $69,000, the 2021 all-time-high.
The continued increase in the value of bitcoin also means that its crypto market cap is also rising. More significantly, bitcoin’s upward price thrust shows that its bulls have managed to overcome the bears as they strongly resisted the monthly sell-off.
Previously Keith Alan, Material Indicators co-founder, emphasized the essence of bitcoin overcoming the $40,000 resistance level. This is because it is one of the key historical resistance levels. He likened it to the $20,000 resistance level, the 2017 all-time high, which was very difficult to clear.
Posting on X, he said, “If you think BTC is hovering around an arbitrary price you would be mistaken. There is a significant amount of historical confluence in this little R/S Flip Zone.”
In this case, he was referring to the $40,000 price level. However, as we hinted above, the other historical resistance levels to watch are the $47,000 level, which was Bitcoin’s all-time-high in March 2022, and the 2021 all-time-high of $69,000.
Read also: Bitcoin halving in 2024, will BTC have another bull run?
Bitcoin Price History, Its Peaks and Downs over the Years
The $40,000 and $69,000 bitcoin price levels which were some of its ATHs were not its only peaks. There were several other peaks and downs.
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Biggest Bitcoin Crashes in History
For instance, the bitcoin price rose to $29.44 in June 2011. The main cause of that spike was the establishment of Mt Gox, the first crypto exchange ever. However, after the collapse of Mt Gox the value of bitcoin dropped by almost 93% to settle at $2.14 in November as the next graph shows.
Bitcoin Peak and down in 2011 - 99Bitcoins, StoneX
The price fell by such a large margin since the investors sold their BTC as there was no longer any recognized crypto market.
Once again, bitcoin experienced another boom in 2013 following the revival of Mt Gox exchange. Its value reached $212.44 before it plummeted by over 70% within a week to trade at $66 as the following graph indicates.
Bitcoin Peak and down in 2013 - 99Bitcoins, StoneX
Later during 2013 the bitcoin price spiked again, this time from $68 to $1,200 in November. The booming Chinese economy led many Chinese to buy bitcoin in large quantities.
However, when China introduced stricter regulations in months to come the price of bitcoin dropped by over 84% within the next year to trade at around $200 in January 2015 as the next picture shows.
Bitcoin Peak and down in 2013 to 2015 - 99Bitcoins, StoneX
From January 2015 the bitcoin price steadily rose until it reached $20,000 in December 2017. However, the bitcoin market bottom in 2018 resulted in the king of cryptos to trade at less than $5,000.
Bitcoin Peak and down in 2017 to 2018 - 99Bitcoins, StoneX
As the diagram depicts, the price of bitcoin fell by about 83% when its price dropped from $20,000 to less than $5,000. Nonetheless, that was followed by another peak in November 2021 when BTC attained its all-time-high of about $69,000.
Later on, the bitcoin price dropped significantly again. It remained so throughout the 2022 crypto bearish market. At the time of writing, investors can buy BTC, with a current crypto market cap of over $854 billion, at a price of $43,877.
Conclusion
From the beginning of 2023 the bitcoin price has been increasing steadily due to several factors such as the anticipation of the SEC approval of spot bitcoin ETFs. The value of bitcoin which reached $44,000 on 8th December continues to rise. Currently, people can buy bitcoin at $43,877.
FAQs for Bitcoin
What is bitcoin’s highest peak?
Bitcoin’s peak was $69,044.77, it attained on 10 November 2021. Since it is currently trading around $43,835.05, it is about 36.52% lower than its all-time high. Read also: BTC Price Prediction & Forecast for 2025, 2030
What was bitcoin’s peak value?
Bitcoin’s peak value was $69,044.77, it reached on 10 November 2021. It is currently trading at around 36.52% lower than that value.
What was the highest bitcoin price ever?
The highest bitcoin price ever was $69,044.77, it traded on 10 November 2021. Its current price is about 36.52% lower than that peak price.
What will bitcoin peak at in 2025?
The price of bitcoin may fluctuate between $150,000 and $500,000 by the end of 2025. Nonetheless, its value will depend on various factors such as the SEC approval of spot bitcoin ETF and the Fed Funds rate that will exist between now and 2025.
