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Another Bitcoin All-time High Incoming: Is $70k the Next Target?

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By Jaden Francis - - 5 Mins Read
Two pieces of Bitcoin placed on a chart screen
Photo | Kanchanara/Unsplash

It's been an exhilarating journey within the cryptocurrency domain, especially with Bitcoin (BTC) moving past its all-time high of $68,999, per CoinGecko's latest data.

The journey towards this pinnacle has been gradual yet steady over the past few months, with February marking the onset of a notable bull run.

Last month's rally, in particular, etched its name in history, boasting the lengthiest monthly green candle in Bitcoin's illustrious 15-year timeline.

As March unfolded, the primary cryptocurrency was consolidating around the $61,000-$62,000 range before catapulting skyward once more on March 4th.

It surged to heights near $68,700 before retracing slightly to around $67,700.

However, it didn't come as a surprise when Bitcoin broke past its all-time high to $68.89k on the 5th of March.

James Van Straten, research and data analyst at crypto insights firm CryptoSlate, said this 2024 bull run is a bit different from that of 2021.

He believes the 2021 bull run had more leverage and retail power than the current one. “The 2021 Bitcoin bull run dwarfs this bull run in terms of leverage, speculation, and retail,” he said

Altcoins Join Bitcoin Massive Surge 

But Bitcoin's ascent hasn't been a solitary affair; altcoins have also witnessed remarkable gains, adding to the bullish sentiment.

Ethereum (ETH) scaled to a two-year peak exceeding $3,700. Similarly, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw 18% and 80% daily spikes, respectively.

However, millions of dollars in liquidations have been recorded amidst this euphoria.

According to CoinGlass, liquidations totalled a staggering $550 million over the past 24 hours, with short positions accounting for 60% of this sum.

Bitcoin trades dominated the lion's share of these liquidations, closely followed by Ethereum at $91 million.

Notably, Dogecoin and Shiba Inu collectively contributed around $60 million to the total liquidation amount.

Bitcoin Halving in View 

Bitcoin's surge towards its historic peak has come well ahead of the anticipated halving, which will curtail the pace of new BTC issuance.

Post-halving, miners will begin receiving 3.125 BTC for validating new blocks, down from the current 6.25 BTC.

Historically, such halving events have heralded bull runs for the leading cryptocurrency, often signalling market booms.

This precedent suggests that the ongoing rally might just be scratching the surface.

Amidst these developments, it's imperative to delve into Bitcoin margin trading, a cornerstone of the cryptocurrency market.

Margin trading leverages funds provided by third parties, amplifying trading outcomes.

While it offers the potential for augmented profits, it also amplifies losses, making it a popular choice in low-volatility markets.

Bitcoin's New All-time High 

In a new update, the previous all-time high of $68,999 is a thing of the past.

Apparently, according to a report from Reuters, the apex cryptocurrency touched the $69,202 mark before a massive dip to less than $63k. 


Bitcoin's price chart
Bitcoin's broke ATH before retracing to $63k | CoinMarketCap


Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital, said the new all-time high is a good development for the crypto industry.

“The Bitcoin all-time high marks a turning point for crypto. Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market,” he added.