2021: the second institutional wave
Public companies added Bitcoin to their balance sheets, El Salvador made it legal tender in September, and the Taproot upgrade activated in November. Bitcoin reached around $69,000 in November 2021.
2022: the bear market
Rising interest rates hit risk assets. The collapse of Terra/LUNA in May, then lenders such as Celsius, and finally FTX in November, drove Bitcoin down roughly 77% from its peak to under $16,000. This is the "2022-style bear" in our crash scenarios.
2023: rebuilding
Bitcoin recovered steadily. Ordinals introduced a new way to inscribe data on Bitcoin, stirring debate about what the network is for.
2024: ETFs and the halving
US regulators approved spot Bitcoin ETFs in January 2024, opening a new route for mainstream investors. The fourth halving in April cut new supply in half. Bitcoin passed $100,000 for the first time in December 2024.
2025: new records, new volatility
Bitcoin set further all-time highs during 2025 before sharp pullbacks — a reminder that even the largest cryptoasset can move 20–30% in weeks.
What it teaches
- Big structural wins and deep crashes can happen within the same cycle.
- Leverage and poorly run intermediaries caused much of the damage in 2022.
- Ranges matter more than targets. See the live Bitcoin range and our scorecard.
This article is for education only and is not financial advice or a recommendation to buy, sell or hold any cryptoasset. Cryptoassets are high-risk; you could lose all the money you invest.