Bitcoin ($BTC) is currently undergoing a 21% decline after a 12-day period, mirroring past corrections during this bull market.
Interestingly, historical data suggests that such dips have often preceded significant upward movements, presenting potential buying opportunities for investors anticipating Bitcoin’s rise.
In this bull market, $BTC has experienced 4 notable corrections: a 12% drop over 12 days, a 22.6% fall over 15 days, and two approximately 21% dips each lasting about 60 days.
Interestingly, #Bitcoin is currently in the midst of a 21% correction, which has been ongoing for 12… pic.twitter.com/9KUFG0nppa
— Ali (@ali_charts) January 24, 2024
Despite the ongoing market correction, major Bitcoin investors are not slowing down. In the last two weeks alone, 46 new entities have joined the league of those holding 1,000 BTC or more, indicating continued accumulation by significant players.
This trend aligns with the historical pattern of bullish momentum following market bottoms, suggesting a potential peak around October 2025 and approximately 600 more days of bullish activity for $BTC.
If #Bitcoin mirrors past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025.
This implies $BTC still has 600 days of bullish momentum ahead! pic.twitter.com/hD3ApOg347
— Ali (@ali_charts) January 24, 2024
Tesla’s recent financial report for Q4 2023 revealed impressive figures, with total revenue reaching $25.2 billion and an operating profit of $2.1 billion. Notably, Tesla maintained its Bitcoin position, holding 9,720 BTC, and refrained from buying or selling any during Q4.
Traders Exhibit Bearish Sentiment As Institutions Move Massive Bitcoin
Contrarian sentiment is prevalent among social media users, as evidenced by extreme bullish or bearish stances on platforms like Telegram, Reddit, X, and 4Chan. During the market dip, Reddit users actively bought the dip, while Telegram and X users exhibited increased bearish sentiment. On 4Chan, users remained indecisive.
In the realm of institutional moves, Grayscale continued its Bitcoin transactions, depositing 14,487 BTC ($579 million) to Coinbase Prime and 4,750 BTC ($189.8 million) to new wallets.
Since the launch of the spot Bitcoin ETF on January 11, Grayscale has transferred nearly 113,000 bitcoins, predominantly to Coinbase Prime in preparation for potential sales, according to Arkham’s report.
Bitcoin’s Price Dips Below $40K Amid Industry Struggles
These dynamics illustrate the complex interplay of market trends, investor sentiments, and institutional actions within the dynamic landscape of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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