Bitcoin, as the world's top-ranked cryptocurrency, has naturally become the preferred choice for many investors. However, as of the time of writing, Bitcoin is in a bear market, with prices leaving many investors stunned. Numerous traders have faced liquidation. Analyst Mike McGlone suggests that due to market trends resembling the 2018 bear market bottom, Bitcoin may experience a bullish rebound in the second half of the year, potentially entering an epic bull run. Whether Bitcoin will surge to new all-time highs remains uncertain.
This raises the question: What was the highest historical price of BTC/Bitcoin? Let’s dive into the details.
Historical All-Time High Price of BTC/Bitcoin
The highest recorded price of BTC was **$99,565** on November 23, 2024—just $435 shy of the $100,000 milestone.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, identified positive signals in the Bloomberg Galaxy Crypto Index data and Bitcoin’s 50-week and 100-week moving averages. He noted similarities to the 2018 bear market bottom, which preceded a strong rebound in 2019.
"With the Bloomberg Galaxy Crypto Index showing a decline akin to the 2018 bottom, and Bitcoin trading at a discount to its moving averages, the risk-reward ratio may favor agile investors in the second half of the year."
— Mike McGlone
In 2018, Bitcoin plummeted from ~$16,000 in January to a low of $3,200 by December. However, it surged to $13,000 by mid-2019 post-recovery. McGlone predicts a similar "epic bull run" for Bitcoin in 2024—or else, he argues, it would signal a failed experiment for cryptocurrencies.
Key Factors Driving Bitcoin’s Price Surge
1. Growing Recognition of Bitcoin’s Payment Value
Bitcoin’s utility as a payment method and store of value has gained institutional acceptance. Landmark developments include:
- PayPal’s 2020 announcement enabling users to buy, hold, and spend Bitcoin, integrating it into 26 million merchant platforms.
- This move was projected to add trillions in demand, given Bitcoin’s then-$300B market cap.
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2. Institutional Investment Accelerates
- Grayscale Bitcoin Trust (GBTC) amassed 650,000 BTC by 2021, acting as a "one-way buyer" with no redemption mechanism.
- Square invested $50M in BTC (2020), while **Tesla** allocated $1.5B in 2021, pushing Bitcoin past $43K.
- Other entrants: Galaxy Digital and Stone Ridge Holdings ($114M BTC purchase).
3. Clearer Regulatory Frameworks Reduce Uncertainty
Global regulators shifted toward structured oversight:
- Singapore’s DBS Bank launched a crypto trading platform (2020), offering BTC/fiat conversions.
- Hong Kong proposed licensing for virtual asset exchanges in 2020.
- FATF guidelines encouraged AML/CTF compliance without outright bans.
FAQs
Q1: Could Bitcoin surpass $100,000?
A: While it nearly hit $100K in 2024, sustained growth depends on adoption, regulation, and macroeconomic factors.
Q2: How does institutional demand affect Bitcoin’s price?
A: Large-scale purchases (e.g., by Tesla or GBTC) reduce circulating supply, creating upward pressure.
Q3: Is Bitcoin’s volatility a concern?
A: Yes—despite long-term gains, short-term swings (like the 2018 crash) highlight its speculative nature.
Conclusion
Bitcoin’s journey to its ATH reflects evolving utility, institutional trust, and regulatory clarity. While its future remains unpredictable, the convergence of these factors suggests continued relevance—and potential new peaks.