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A crypto expert has noticed 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 similar development. cycle of declinecharacterized by widespread investor sell-offs, which could precede a significant price breakout to new levels.
Comparison of the 2023 and 2024 Bitcoin markets
In a rather long X (formerly Twitter) after on September 3, a crypto expert identified as ‘Dana Crypto Trades’ shared some intriguing details about the current situation Bitcoin marketcompared to the market environment and trends observed in 2023. The analyst noticed that The price of Bitcoin fluctuated within a range of more than six months, just like last year.
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He emphasized that despite the the bearish performance of cryptocurrencyexpectations about the future prospects of the market in the fourth quarter of 2024 remain particularly optimistic.
Last year there were numerous crypto investors chose to sell their Bitcoin holdings when they were priced around $25,000, hoping to repurchase at a lower value. This massive sell-off occurred despite a greater than 90% probability that this was the case Spot Bitcoin ETFs Would Receive Approval this year.
Interestingly enough, a similar behavior is unfolding in the current Bitcoin market. As a result, market sentiment has become negative Bitcoin’s recent price volatilitymaking investors bearish. Most of these investors are now liquidate their assetswith the expectation of buying it back at a 10% to 20% lower price.
Daana Crypto warned about that while she was trying Buy Bitcoin at a lower price It may seem like a great investment strategy, but it comes with a significant number of risks. In short, if the market goes up instead of the expected fall, investors will sell their Bitcoin
can miss out on significant profits.
He referred to a situation last year where some investors missed a 3X price increase of Bitcoin because they had sold their coins and were waiting for a little something price drop. While providing insight into the current market setup, Daan Crypto acknowledged that he is unable to predict Bitcoin’s market movements in the short term. Therefore, he advises investors to remain cautious.
He indicated that for most investors, holding Bitcoin could be the best strategy in the long term, especially if the market could witness a significant breakthrough to the upside once bearish trends become stable.
BTC is aiming for the next target of $100,000 in the fourth quarter
Another crypto analyst known as ‘Stockmoney Lizards’ on drawn comparisons between Bitcoin’s current market patterns with those from the early years.
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He noted similar trends in Bitcoin’s price action in 2016 and 2024, indicating that the pioneer cryptocurrency could experience a similar but less dramatic price increase as in 2016. Despite this, the crypto analyst has a price target of $100,000 for Bitcoin by the end of the fourth quarter of 2024.
Featured image created with Dall.E, chart from Tradingview.com
