Bitcoin’s old peaks aren’t untouchable anymore, and the days of parabolic rallies could be over

Bitcoin’s price retraces to old highs, signaling slower growth and a maturing market. What to know : Bitcoin’s current bear market has pulled prices back to about $70,000, revisiting the prior cycle’s record high and breaking from earlier patterns in which past peaks were rarely retested. Each successive bull run has produced smaller percentage gains, reflecting the law of diminishing returns as higher prices demand far more capital to push bitcoin to new highs. Traders’ anchoring to the $70,000 level may help determine whether this bear phase is nearing an end.