Bitcoin experienced a significant drop of $5,000 on March 5 following a surge in its all-time high price, resulting in widespread volatility. The BTC/USD pair witnessed losses of 6.7% in just over an hour, according to data from Cointelegraph Markets Pro and TradingView. This reaction came after Bitcoin reached new all-time highs, fulfilling the expectations of bulls who had been waiting since November 2021 for price discovery. Despite the ongoing volatility, market observers aimed to maintain a balanced perspective on the current market performance. Vijay Boyapati, a crypto author and educator, argued that it is normal for Bitcoin to pull back from all-time highs, as it happens in every cycle. CoinGlass, a monitoring resource, estimated that nearly $150 million in liquidations occurred during the correction from the new highs of $69,210 on Bitstamp. Meanwhile, long-time hodlers celebrated Bitcoin’s new record levels before a block subsidy halving event, which is happening for the first time in 2024. Boyapati described this achievement as “unprecedented.” Samson Mow, the CEO of Bitcoin adoption startup Jan3, emphasized the significance of Bitcoin surpassing $0.069M before the halving. In his latest YouTube update, 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 reach new all-time highs after a halving, suggesting that progress might be ahead of schedule this time. He also acknowledged that Bitcoin’s price action this year has been unique, and how it moves forward from the all-time high region will be crucial. Fellow trader Mikybull Crypto added that in 2020, BTC/USD consolidated below new all-time highs for two weeks before seeing further upside movement. He emphasized that Bitcoin is currently at a critical decision point. This article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any investment or trading decisions.
Bitcoin's price experiences a 7% correction following its historic pre-halving peak.