The year 2024 started rapidly for Bitcoin 
$82,774. On January 10, 2024, the launch of spot Bitcoin ETFs led to a noticeable increase in BTC trading volume, and institutional investors‘ approaches visibly changed. This shift caused an interesting event: Bitcoin reached its all-time high before the halving. It was discussed that ETFs had a significant impact on this change within the cycle. BTC rose to $73,500 but subsequently experienced a sharp decline. Today, analysts’ complex expectations continue to reflect in their views.
Analysts’ Bitcoin Commentary
In recent days, as cryptocurrencies experienced a deep decline, analysts presented different views. Some maintained their bullish expectations, while others expressed their concerns. However, it was understood from their statements on X that two analysts shared similar views.
First, leading analyst Micael van de Poppe’s X post suggested that the bad days might be nearing an end.
Van de Poppe made the following statement:
Yes, indeed. A drop to take liquidity.
Likely a short upward bounce in #Bitcoin before pulling liquidity below $52.5k, potentially creating a bullish divergence and reversing. Otherwise, $48k is next. The pain is almost over.
On the other hand, Yoddha, known for his comments on X, pointed to the previous cycle and emphasized a similar process, stating:
Here is a detailed summary comparing the current price action with the previous #Bitcoin rally:
2017 -> Peak <- 2021
2018 -> Correction <- 2022
2019 -> Bottom <- 2023
2020 -> First new peak <- 2024
2021 -> Bull euphoria <- 2025
How Much is 1 Bitcoin?
Today, Bitcoin’s decline continued. Recently, BTC’s price fell below $53,000, almost reaching $52,500. Currently, after a 4.34% drop in the last 24 hours, the price stands at $53,700.
The RSI value for BTC indicates 34.23, suggesting it is approaching the oversold region, which could potentially lead to a price bounce, although this is not certain.
The market cap for BTC has fallen to $1 trillion, while the trading volume has exceeded $48 billion.
