{"id":639730,"date":"2024-09-04T15:30:05","date_gmt":"2024-09-04T15:30:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=639730"},"modified":"2024-09-04T07:51:15","modified_gmt":"2024-09-04T07:51:15","slug":"bitcoin-similarities-2023-2024","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-similarities-2023-2024\/","title":{"rendered":"Bitcoin Breakout: Pundit Shows Similarities Between 2023 And 2024"},"content":{"rendered":"

A crypto pundit has identified striking similarities between the <\/span>Bitcoin (BTC) market behavior<\/span><\/a> in 2023 and 2024. Based on the analyst\u2019s observation, he believes that Bitcoin is experiencing a comparable <\/span>cycle of decline<\/span><\/a>, characterized by widespread investor sell offs, which could precede a significant price breakout to new levels.\u00a0<\/span><\/p>\n

Comparing The Bitcoin Markets Of 2023 And 2024<\/h2>\n

In a rather lengthy X (formerly Twitter) <\/span>post<\/span><\/a> on September 3, a crypto pundit identified as \u2018Dana Crypto Trades\u2019 shared some intriguing details about the current <\/span>Bitcoin market<\/span><\/a>, comparing it to the market environment and trends observed in 2023. The analyst noted that <\/span>Bitcoin\u2019s price fluctuated<\/span><\/a> within a range for over six months, much like it did last year.\u00a0<\/span><\/p>\n

Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy?<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

He highlighted that despite the <\/span>cryptocurrency\u2018s bearish performance<\/span><\/a>, the expectations about the market\u2019s future outlook in the fourth quarter of 2024 remain particularly optimistic.\u00a0<\/span><\/p>\n

Last year, numerous crypto investors\u00a0<\/span>chose to\u00a0sell off their Bitcoin holdings<\/a> when they were<\/span>\u00a0priced around $25,000, hoping to buy back at a lower value. This massive sell-off occurred despite the more than 90% probability that <\/span>Spot Bitcoin ETFs would gain approval<\/span><\/a> this year.\u00a0<\/span><\/p>\n

Interestingly, A similar behavior is unfolding in the present Bitcoin market. The market sentiment has turned negative due to <\/span>Bitcoin\u2019s recent price volatility<\/span><\/a>, leading investors to become bearish. Most of these investors are now <\/span>liquidating their holdings<\/span><\/a>, with the expectation to repurchase it at a 10% to 20% lower price.\u00a0<\/span><\/p>\n

Daana Crypto has warned that while trying to <\/span>buy Bitcoin at a lower price<\/span><\/a> 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\u00a0<\/span><\/p>\n

may miss out on substantial gains.\u00a0<\/span><\/p>\n

He referenced a situation last year, where some investors had missed out on a 3X <\/span>price increase in Bitcoin<\/span><\/a> because they had sold off their coins and were waiting for a slight <\/span>price dip<\/span><\/a>. While providing insights into current market set up, Daan Crypto acknowledged that he is unable to predict Bitcoin\u2019s short term market movements, therefore advises that investors remain cautious.\u00a0<\/span><\/p>\n

He indicated that for most investors, holding Bitcoin over the long term might be the best strategy, especially if the market could witness a <\/span>significant breakout to the upside<\/span><\/a> once bearish trends turn stable.\u00a0<\/span><\/p>\n

BTC Eyes Next Target At $100,000 In Q4<\/h2>\n

Another crypto analyst, known as \u2018Stockmoney Lizards,\u2019 on X has also <\/span>drawn<\/span><\/a> comparisons between <\/span>Bitcoin\u2019s current market patterns<\/span><\/a> with those from the early years.\u00a0<\/span><\/p>\n

Related Reading: Solana Sees 7,600% Surge In Institutional Inflows, Here\u2019s Why<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

He observed similar trends in <\/span>Bitcoin\u2019s price action<\/span><\/a> 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 <\/span>price target of $100,000<\/span><\/a> for Bitcoin by the end of Q4 2024.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price breaks below $57,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto pundit has identified striking similarities between the Bitcoin (BTC) market behavior in 2023 and 2024. Based on the analyst\u2019s 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.\u00a0 Comparing The Bitcoin Markets Of 2023 And 2024 In a rather lengthy X (formerly Twitter) post on September 3, a crypto pundit identified as \u2018Dana Crypto Trades\u2019 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\u2019s price fluctuated within a range for over six months, much like it did last year.\u00a0 Related Reading: Major Dogecoin Indicator Flashes Bullish, Is It Time To Buy? He highlighted that despite the cryptocurrency\u2018s bearish performance, the expectations about the market\u2019s future outlook in the fourth quarter of 2024 remain particularly optimistic.\u00a0 Last year, numerous crypto investors\u00a0chose to\u00a0sell off their Bitcoin holdings when they were\u00a0priced 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.\u00a0 Interestingly, A similar behavior is unfolding in the present Bitcoin market. The market sentiment has turned negative due to Bitcoin\u2019s 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.\u00a0 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\u00a0 may miss out on substantial gains.\u00a0 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\u2019s short term market movements, therefore advises that investors remain cautious.\u00a0 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.\u00a0 BTC Eyes Next Target At $100,000 In Q4 Another crypto analyst, known as \u2018Stockmoney Lizards,\u2019 on X has also drawn comparisons between Bitcoin\u2019s current market patterns with those from the early years.\u00a0 Related Reading: Solana Sees 7,600% Surge In Institutional Inflows, Here\u2019s Why He observed similar trends in Bitcoin\u2019s 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.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":639744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-639730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Breakout: Pundit Shows Similarities Between 2023 And 2024<\/title>\n<meta name=\"description\" content=\"A crypto pundit has identified striking similarities between the Bitcoin market behavior in 2023 and 2024. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breakout: Pundit Shows Similarities Between 2023 And 2024","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-similarities-2023-2024\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-similarities-2023-2024\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin_a688e3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin_a688e3.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-04T15:30:05Z","datePublished":"2024-09-04T15:30:05Z","dateModified":"2024-09-04T15:30:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breakout: Pundit Shows Similarities Between 2023 And 2024\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-similarities-2023-2024\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-similarities-2023-2024\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_a688e3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin_a688e3.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-04T15:30:05Z\",\"datePublished\":\"2024-09-04T15:30:05Z\",\"dateModified\":\"2024-09-04T15:30:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/Bitcoin_a688e3.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=639730"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/639744"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=639730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=639730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=639730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}