Bitcoin on Track to Break Records in 2024, Mimicking 2017’s Bull Run

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Bitcoin Set for Record Highs in 2024, Tracking 2017’s Bullish Performance

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is on track to break record highs on over 70 days this year, more than triple last year’s total, if its price continues to follow the same pattern as 2017.

The cryptocurrency has already made strides in this direction, reaching $109,000 on January 20, the day of President Donald Trump’s inauguration. In 2024 alone, Bitcoin has already hit 23 record highs, the most since 2017, when it set new all-time highs on 77 separate days. The price movement this year seems to be closely mirroring the trajectory of eight years ago.

However, the reactions to record highs differ significantly between the crypto and traditional financial markets. In the case of Bitcoin, new price highs often trigger concerns that the market is overheated, greedy, and overpriced. In contrast, assets like gold and stocks tend to extend their bullish runs after reaching new highs. For example, gold made new all-time highs at least 33 times in 2024.

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