Bitcoin’s Impressive 2023 Recovery Sets Stage for Golden 2024

With the end of 2023 in sight, DailyCoin recaps Bitcoin’s journey from crisis to triumph.

Santa revealing the golden city of Bitcoin.
Created by Kornelija Poderskytė from DailyCoin

With 2023 drawing to a close, Bitcoin holders can reflect on a bear cycle that tested the belief of even the most ardent believer. 

Living up to its ‘Digital Gold’ nickname, Bitcoin has retained its enduring value no matter how frosted market sentiment may have become. While our True Love might have given us 5 golden rings on the fifth day of Christmas, perhaps 5 golden bitcoins might’ve been a better deal.


As we countdown the final days of the year, holders can have faith that Bitcoin’s resolved resilience foretells brighter days soon to come. The next year promises to gift the OG cryptocurrency with new gleaming patina, as institutional adoption expands and scarcity rises through the looming halving.

However, before we get to that, let’s recap how Bitcoin has fared since the market top. 

A Beginning of Bear Market Blues

The dizzying heights of Bitcoin’s late 2021 market top would soon meet a bitter reckoning. From its November 2021 peak near $69,000, Bitcoin skidded as winter set in. By early spring, hopes of a recovery had emerged only to be battered back down by the $625 million Ronin exploit that served to compound sell pressure that had already been bubbling under the surface.

Failing to regain its footing over the next few months, catastrophe struck again as the Terra ecosystem imploded, abruptly reversing Bitcoin’s arduous recovery efforts. Its price careened ever downward and was brought as low as $17,600 by June 2022. As the crypto contagion spread across crypto markets, the worst was not yet past, as FTX’s catastrophic November 2022 breakdown dealt a defining blow.


Bitcoin duly plunged below $16,000 for the first time in two years, as the curly-locked effective altruist proclaimed his innocence. Still, the steady hands among us remained resilient amidst sinking market sentiment, hoping that 2023 would deliver better news.

The Path to Recovery

2023 heralded a chance for redemption after 2022’s crypto pummeling. Bitcoin awoke from its slumber in January, rising over 30% by April powered by the tailwinds of the US banking crisis. Ordinals hype injected further optimism even as macro instability rattled traditional markets. For a moment, Bitcoin shined as a beacon for safety amid monetary mayhem.

However, that shining moment was a fleeting one as the narrative around economic weakness weighed like an albatross around crypto’s neck by June. Down but not out, a ray of light pierced the gloom as BlackRock and other financial heavyweights applied for spot Bitcoin ETFs. The flood of ETF filings buoyed Bitcoin to crest near $32,000 in July before the macroeconomic narrative reasserted to plunge prices lower once more.

Macroeconomic frailty plagued Bitcoin over the summer doldrums crashing its price below $25,000 during the hot season. Yet an autumn revival spurred by state-level adoption rumors and anticipation of imminent ETF approval took hold through October. Digital gold rode these hopeful waves to power upwards of $45,000 in early December off the back of seven consecutive weekly green candle closes, recording a 170% year-to-date gain in the process.

As 2023 draws to a close, Bitcoin has scripted a comeback story for the ages, and with numerous bullish events on the horizon for 2024, it seems as though the best of this comeback story is yet to be written.

Does Bitcoin’s Golden Era Await?

If 2023 marked a thaw for cryptocurrency, 2024 and beyond may prove a veritable heat wave. Regulatory rumblings suggest spot Bitcoin ETF approvals are imminent, which would unleash a deluge of institutional capital if rubberstamped. Approval odds for January 2024 are running at 90% as over a dozen ETF filings await their chance to unlock US markets for leading investment managers like BlackRock and Fidelity.

Industry observers widely agree these investment products could rapidly expand Bitcoin access and supercharge adoption. Yet the shinest bauble ahead lies with the Bitcoin halving slated for April 2024. This programmed negative supply shock slices mining rewards in half, directly constricting Bitcoin’s circulating supply. Economic principles suggest diminished flows plus swelling demand may propel the Bitcoin price upwards.

Past halvings brought spectacular gains in their wake once the initial turbulence smoothed. The 2016 halving preceded Bitcoin’s meteoric rise from $650 in July 2016 to around $20,000 over 18 months later. 2020’s event kicked off an even more breathtaking rally in absolute terms rising from $8,800 in May 2020 to nearly $70,000 by November 2021. 

While the path ahead undoubtedly holds plenty of twists and turns, Bitcoiners have cause for holiday cheer as 2023 comes to a close. This year’s recovery has resiliently positioned Bitcoin for major catalysts just over the horizon.

On the Flipside

  • 2016’s halving yielded a 3,000% gain at the peak, while 2020’s netted investors 700% growth
  • Increased institutional adoption would likely provide stability and dampen volatility to advance Bitcoin’s maturation cycle
  • Critics have repeatedly underestimated Bitcoin, particularly now as it thrives under ongoing global economic uncertainty.

Why This Matters

The holiday air is filled with renewed optimism as Bitcoin mounts its resilient comeback. Having seemingly conquered crypto winter’s bitter chill, the stage is now set for rebirth in the new year. With regulatory thaws and institutional money beckoning, holders can warm themselves by the glow of brighter days to come.

Check out the previous installment of our 12 Days of Cryptomas series where we looked back at four positive moments from 2023:
Looking Back at Crypto’s 2023 Mistletoe Moments

What did DailyCoin’s true love give to us on day 6 of Cryptomas? Find out now:

Crypto Hidden Gems: The 6 Golden Eggs of 2023

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.