No matter how many times Bitcoin is declared dead, it just keeps recovering from bear markets to reach new all-time highs. In fact, just a few days ago, Bitcoin hit a new high of $72,000 after languishing in a bear market for more than two years.

It seems no matter how many times this price pattern repeats itself, there are still people who believe Bitcoin and crypto are finished when the market falls into a temporary lull.

By now we should be able to recognize that this pattern is bound to repeat itself, and that cryptocurrencies are only going to become more and more valuable relative to fiat currencies as time goes on.

In this article, we are going to illustrate how this price pattern has repeated itself at least five times now. You will see how the price of Bitcoin continues to reach new all-time highs, after it has fallen to higher lows relative to previous bear markets.

Round 0

Bitcoin was launched back in January of 2009 with a value of $0. Throughout most of 2009 and 2010 Bitcoin did not have a dollar value, as it wasn't listed on any exchanges, and there was not much demand for it.

Round 1

In around June of 2011, a few months after the first Bitcoin exchanges were launched, the value of 1 Bitcoin rose quickly to surpass $30 dollars. Shortly afterwards, its price crashed all the way down to $2-$5 - still quite a bit higher than where it was before the bull ran began.

Round 2

Bitcoin entered into a new bull run in 2013. Its price first surpassed $100 before skyrocketing all the way to $1200. As the excitement wore off, the price tumbled throughout 2014, all the way down to approximately $200 - still much higher than where Bitcoin had been hovering before the bull run.

Round 3

Fast forward to 2017. The price of Bitcoin climbed throughout the entire year to reach a new all-time high of $19,000 in December. Then, throughout the course of 2018, the price fell slowly to roughly $3200, and we entered into yet another bear market.

Round 4

Three years later we enter the bull run of 2021, and the price of Bitcoin topped $69,000 in November. It dropped steeply the following year, all the way down to nearly $16,000.

Round 5

We have just witnessed the pattern repeat itself yet again in 2024. After trudging through the bear market of 2022, the Bitcoin price has not only recovered, but reached a new high of $72,000.

We can see from the above charts that the pattern of Bitcoin's all-time highs followed by higher lows has remained intact since 2011. We can be fairly certain that the pattern will repeat itself yet again, unless fiat currencies completely fail us.

Why does Bitcoin keep going up in value? First of all, Bitcoin is an innovative form of money that is international, limited in supply, and under the complete control of the owner. Secondly, the central banks have been printing money like madmen since the financial crisis of 2008, causing inflation in all assets, including cryptocurrencies.

What Happens Next

The question we all have on our minds now is, how high will the price of Bitcoin go this time around? And given the fact that more and more countries are abandoning the dollar, will fiat currencies remain strong enough to sustain yet another bear market?

As the Bitcoin halving approaches, ETF inflows increase, debt grows exponentially, and more nations drop the dollar, we can be fairly certain that Bitcoin's price will continue to climb higher. That said, it's important to be prepared for sharp 20-30% corrections that will happen along the way.

If you enjoyed this article, be sure to check out my other posts on finance and crypto here on the HIVE blockchain. You can also follow me on InLeo for more frequent updates.

Resources

Coinmarketcap Bitcoin price charts [1]
Bitcoin all-time high image [2]