How are you all? Today I will discuss with you Bitcoin suffered a sharp pullback from record highs !  I am young and have very little experience so please excuse any mistakes.


[Source](https://pixabay.com/vectors/bitcoin-panic-financial-crisis-7296070/)

The world's largest cryptocurrency fell to $66,274 early Friday - down 09%.
Just a few days ago, the digital asset reached an unprecedented value of $74,000.
It is difficult to pinpoint a single cause for Bitcoin's sudden contraction, as many are at play
For one, many crypto traders will be taking profits after an extraordinary bull run that has seen BTC rise 175% in the past 12 months.
Another related to widespread uncertainty in the global economy, expected inflation in the US raises doubts about interest rate cuts.
Citi Index analyst Matt Simpson explained: “Bitcoin has an established history of being volatile and brutal after hitting a record high.
And not only has it recently reached a new high,
In the past, Bitcoin has tended to operate in boom-and-bust cycles, with each peak proving significantly higher than the last.
This is partly driven by a rare event called "The Halving", which occurs every four years.


As the name implies, halving permanently reduces the number of new bitcoins entering the market by 50%.
This is going to happen next April, which means only 450 BTC will be generated per day.
Overall, the peak supply of Bitcoin stands at 21 million - and enthusiasts argue that this scarcity is what makes it so valuable.
Another new development this year is the approval of Bitcoin(BTC) exchange-traded funds in the US, which allows American investors to gain exposure to the price of bitcoin without direct ownership.  Bitcoin between $50000 and $70000 support place at $66,000.  And it's getting good support so far, so I expect Bitcoin price to touch $80000 if it can stand from here.  If you can't stand it, its price will drop to $50,000.  I hope it never happens.
Today's discussion ends here.  I hope you find it interesting and able to understand.  Share your thoughts on today's topic.  Wishes and blessings to all.  Everyone stay well stay healthy stay with Steemit.