Is This The Bottom? Experts Weigh In On Bitcoin 13% Dip And Potential Recovery

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,947,132,855,125	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,947,132,855,125

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	569.24	0.58%	98,328.67	98,328.66	98,328.67

Price Change

Price Change %

Current Price

Bid Price

Offer

569.24

0.58%

98,328.67

98,328.66

98,328.67

High Price	Low Price	Open Price	Prev. Close	52 Week Range
99,596.57	97,143.56	97,688.23	97,759.43	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

99,596.57

97,143.56

97,688.23

97,759.43

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:34:40	0.007000	98,328.67	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:34:40

0.007000

98,328.67

USD

Price x Volume	Volume	Base Symbol	Related Pairs
406,376,558.93	4,127.29	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

406,376,558.93

4,127.29

Is This The Bottom? Experts Weigh In On Bitcoin 13% Dip And Potential Recovery

21/12/2024 6:00am

NEWSBTC

Bitcoin (BTC) is experiencing its first seven-day decline in eight weeks, prompted by hawkish signals from the US Federal Reserve (Fed) that have led traders to sell off the asset, which has more than doubled in value this year. Bitcoin Rebounds To $97,500 After Historic ETF Outflow The market’s leading cryptocurrency saw a drop of as much as 5.3% to $92,149 on Friday, following a record high of just above $108,000 earlier in the week. Since then the Bitcoin price has recovered the $97,500 mark, down approximately 5% since Sunday. This downturn has also affected smaller cryptocurrencies, including Ethereum (ETH) and Dogecoin (DOGE), despite a generally positive performance in US equities. Related Reading: Bitcoin Rally Loses Momentum: Could A Drop To $75,000 Signal The Final Correction? The shift in sentiment is further highlighted by a significant outflow from US exchange-traded funds (ETFs) that invest directly in Bitcoin. On Thursday, these funds recorded a historic outflow of $680 million, ending a 15-day streak of inflows, according to data compiled by Bloomberg. The heightened volatility in the crypto market follows a rally that began after Donald Trump’s victory in the US presidential election on November 5. Analysts from QCP Capital have noted that positioning in the market had become “overly bullish,” leaving digital assets susceptible to fluctuations in the Federal Reserve’s tone regarding inflation control. With the US Federal Reserve signaling a potential slowdown in its easing measures with its chair’s Powell announcement on Wednesday, the focus is shifting to the pace at which traditional financial institutions adopt cryptocurrency. Historical Patterns Suggest Potential Rebound For BTC’s Price Hani Abuagla, a senior market analyst at XTB, stated in a recent note that the interplay of monetary policy, institutional adoption, and political developments suggests that Bitcoin will remain sensitive to both macroeconomic and crypto-specific catalysts through 2025. This sentiment is echoed by Chris Weston, head of research at Pepperstone Group, who advised caution in the short term. Weston noted that while a collapse in price is not imminent, the momentum behind Bitcoin’s recent rally has diminished, indicating a shift in market control. Related Reading: XRP, Solana Among Altcoins Witnessing TD Buy Signal, Analyst Reveals Market expert Lark Davis on the other hand, weighed in on the current price action, reassuring investors that historical patterns could suggest a rebound in the coming days. The expert referenced December 2020, when Bitcoin experienced a 12% drop following a 77% rally in the preceding months but then surged from $17,000 to $41,000—a 136% increase—in just 23 days. Davis posits that a similar scenario may be unfolding now, with Bitcoin facing a 13% dip after a robust fourth quarter. While he acknowledges the possibility of an additional 10-15% correction, he remains optimistic about the potential for further upward movement in the cryptocurrency market. Featured image from DALL-E, chart from TradingView.com

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