seven ATH in seven days

The last seven days have been sensational for Bitcoin (BTC), marking as many as seven consecutive ATHs! 

Seven ATH in seven days are a rare thing even for Bitcoin. 

The first ATH of Bitcoin (BTC) in 2024

In reality, the first All Time High of the Bitcoin price in 2024 occurred on March 8, when it surpassed for the first time in its history the $70,000 mark. 

In March, however, there were only five days in which ATHs were recorded, and they were not even consecutive. 

The maximum peak was reached on March 14 with the fifth and last ATH at around $73,800. 

Since then, there have been several months of lateralization, with even a drop below $50,000 on August 5th. 

Shortly before mid-October, however, a bull run began, which is still ongoing, leading it to record the new all-time high on Wednesday, November 6, above the 74,000$ mark. 

The seven consecutive ATH!

From November 6th, practically every day a new ATH has been recorded, with the exception of Saturday, November 9th, when the ATH arrived during the night between Saturday and Sunday. 

In fact, already on November 7, the price had marked a new ATH at 77,000$, and on Friday the 8th it managed to rise even to 77,300$. 

In the night between Saturday and Sunday, it had surpassed $78,000, and on Sunday it recorded a new ATH even above the $81,000 mark. 

Yesterday, however, was the most sensational day. 

The key point was surpassing the 82,000$ mark, beyond which FOMO began to manifest. 

FOMO is an emotion (Fear Of Missing Out, meaning the fear of being left out) that can build up and dissipate very quickly. 

In fact, it was already strange that after five consecutive ATH, it hadn’t arrived, but it was necessary to surpass $82,000 with momentum for it to arrive. 

This happened yesterday, and the price took off reaching over 89,000$. 

Today the seventh consecutive ATH has arrived at almost 90,000$. 

FOMO on the crypto market is growing

The key to understanding what is happening in these very last days is precisely the FOMO. 

The data that quite clearly shows the arrival of yesterday’s FOMO is the search volume of the word Bitcoin on Google, obviously combined with the strong and rapid price rise.

The interest in BTC yesterday skyrocketed precisely because of the arrival of FOMO itself. These are levels of interest that have not been seen since the FOMO of March, and that could even be still growing.

Everything depends on the electoral victory of Trump, which has drawn attention to Bitcoin since the new president has promised and reiterated his intention to transform the USA into the crypto capital of the world.

It is important to specify, however, that being an emotion, FOMO comes and goes at the speed of light, therefore just as it has quickly mounted, it could also dissipate just as quickly. 

For example, in March it lasted only two weeks and then vanished, and since already on November 6, the day of Trump’s victory, a bit of FOMO seemed to be there, it wouldn’t be surprising if it lasted only for another week. 

The ATH of Bitcoin (BTC) 

Although the historical ATH of Bitcoin are often taken as a reference point, in reality they are not particularly valid indicators. 

The most famous ATHs are those of the three major bullruns post-elections. 

The first USA presidential election that took place since Bitcoin started to exist, on January 3, 2009, was the 2012 one won by Barack Obama. That year there was also the first BTC halving, and a great bullrun was triggered that lasted about 12 months and ended in November 2013 with the new ATH at about $1,100. 

The second election took place in 2016, and it was the first won by Donald Trump. That year there was also a Bitcoin halving, the second one, and in that case as well, a great bullrun began lasting about 12 months, culminating with the ATH at almost $20,000 in December 2017. 

The third was in 2020, won by Joe Biden in the year of the third BTC halving. Even in that case, a great bull run was triggered, lasting about twelve months, which culminated in the new ATH of November 2021 at 69,000$.

However, this progression is only partially indicative, because it is much more interesting to calculate the progression of the average prices of the various cycles. 

The cycles of Bitcoin

The cycles of Bitcoin are marked by the halvings, which occur approximately once every three years and ten months. 

The first cycle, from January 2009 to November 2012, is not worth considering because it was anomalous and unrepeatable. 

The second cycle concluded in July 2016 with an average price of about 400$. 

The third cycle, concluded in May 2020, saw the average price rise to over $7,000, and the fourth cycle, concluded this year, had an average price above $30,000. 

Therefore, the current price above $80,000 is on one hand much higher than the average price of the previous cycle, but it is in line with the progression of the average prices of the various cycles.

Indeed, to tell the truth, it might even be lower than what could be the average price of the current cycle if the progression mentioned above continued with the same growth rate.