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Bitcoin May Hit Record Highs on More Than 70 Days This Year: Van Straten
The largest cryptocurrency seems to be tracking the 2017 price performance, when it posted all-time highs on 77 days.
What to know:
- The bitcoin price seems to be tracking 2017's trajectory.
- In 2017, it posted record highs on 77 days.
- Typically when bitcoin hits an all time high investors see the market as overheated, unlike traditional finance assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is likely to hit record highs on more than 70 days this year, more than triple last year's number, if the price continues to mirror 2017's performance.
It's already on the way, hitting $109,000 on Jan. 20, the day of President Donald Trump's inauguration. In 2024, it made 23 records, the most since 2017, when it touched all-time highs on 77 days. This year, the price action seems to be tracking the trajectory of eight years ago.
STORY CONTINUES BELOW
Record highs seem to elicit different reactions in crypto and traditional financial markets. Typically, when bitcoin breaks to a new high, the market is deemed overheated, greedy and overpriced. Assets such as gold and equities, however, often extend their bull runs. Gold made new all-time highs at least 33 times in 2024.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
