Bitcoin Breakout: Pundit Shows Similarities Between 2023 And 2024
September 04 2024 - 11:30AM
NEWSBTC
A crypto pundit has identified striking similarities between the
Bitcoin (BTC) market behavior in 2023 and 2024. Based on the
analyst’s observation, he believes that Bitcoin is experiencing a
comparable cycle of decline, characterized by widespread investor
sell offs, which could precede a significant price breakout to new
levels. Comparing The Bitcoin Markets Of 2023 And 2024 In a
rather lengthy X (formerly Twitter) post on September 3, a crypto
pundit identified as ‘Dana Crypto Trades’ shared some intriguing
details about the current Bitcoin market, comparing it to the
market environment and trends observed in 2023. The analyst noted
that Bitcoin’s price fluctuated within a range for over six months,
much like it did last year. Related Reading: Major Dogecoin
Indicator Flashes Bullish, Is It Time To Buy? He highlighted that
despite the cryptocurrency‘s bearish performance, the expectations
about the market’s future outlook in the fourth quarter of 2024
remain particularly optimistic. Last year, numerous crypto
investors chose to sell off their Bitcoin holdings when
they were priced around $25,000, hoping to buy back at a lower
value. This massive sell-off occurred despite the more than 90%
probability that Spot Bitcoin ETFs would gain approval this
year. Interestingly, A similar behavior is unfolding in the
present Bitcoin market. The market sentiment has turned negative
due to Bitcoin’s recent price volatility, leading investors to
become bearish. Most of these investors are now liquidating their
holdings, with the expectation to repurchase it at a 10% to 20%
lower price. Daana Crypto has warned that while trying to buy
Bitcoin at a lower price might seem like a great investment
strategy, it carries a significant amount of risks. Basically, if
the market moves upwards instead of the expected decline, investors
who sold their Bitcoin may miss out on substantial
gains. He referenced a situation last year, where some
investors had missed out on a 3X price increase in Bitcoin because
they had sold off their coins and were waiting for a slight price
dip. While providing insights into current market set up, Daan
Crypto acknowledged that he is unable to predict Bitcoin’s short
term market movements, therefore advises that investors remain
cautious. He indicated that for most investors, holding
Bitcoin over the long term might be the best strategy, especially
if the market could witness a significant breakout to the upside
once bearish trends turn stable. BTC Eyes Next Target At
$100,000 In Q4 Another crypto analyst, known as ‘Stockmoney
Lizards,’ on X has also drawn comparisons between Bitcoin’s current
market patterns with those from the early years. Related
Reading: Solana Sees 7,600% Surge In Institutional Inflows, Here’s
Why He observed similar trends in Bitcoin’s price action in 2016
and 2024, indicating that the pioneer cryptocurrency could
experience a comparable but less dramatic price increase to what
was seen in 2016. Despite this, the crypto analyst has set a price
target of $100,000 for Bitcoin by the end of Q4 2024.
Featured image created with Dall.E, chart from Tradingview.com
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