As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital asset market, I have learned to keep a level head and maintain a long-term perspective, especially during periods of market turbulence such as this current downtrend in Bitcoin.
2024 saw a dip in public opinion towards Bitcoin reach its minimum this year, potentially indicating an upcoming surge that could propel its value beyond $100,000 – the record high for the world’s leading digital currency.
At the moment, Bitcoin’s (BTC) price has dropped more than 10% from its peak of over $108,300, which was reached on Dec. 17. As of 12:38 pm UTC, it is trading above $97,150 according to CryptoMoon’s data.
After a 10% adjustment, the overall sentiment on Bitcoin across social media platforms dropped to its minimum point in 2024, with about four or five positive comments regarding Bitcoin for every negative one.
In contrast, the current low sentiment among retail investors might signal an imminent Bitcoin price surge, as suggested by market intelligence platform Santiment in their recent blog post on December 22.
“Vocal traders are now showing severe FUD, and that’s good news for contrarians who know markets move in the opposite direction of retail’s expectations.”
Many other crypto analysts are also anticipating that Bitcoin’s correction below $100,000 may soon come to an end. Interestingly, on December 20th, Bitcoin formed three consecutive red candles for the first time since early November – a period preceding Donald Trump’s win in the US election.
Bitcoin fractals point to upward momentum, but another week of BTC downtrend still in play
It’s possible that by the close of 2024, Bitcoin might show signs of recovery, according to certain fractal patterns frequently employed in cryptocurrency trading. These patterns help predict significant price support and resistance points, as well as potential trend changes, by examining past market trends.
According to analyst Elja Boom’s recent post on December 20th, it appears that Bitcoin might soon regain its value and surpass $100,000 in the near future, as suggested by the developing fractal patterns on its daily chart.
“We have seen this before.”
Nevertheless, Bitcoin’s price drop might prolong for another week, as suggested by historical analysis provided by crypto expert Rekt Capital in a recent post on December 21st.
“In 2017, Week 7 as well as Weeks 8 and 9 were also corrective. In 2021, Week 6 and Week 8 were corrective. Bitcoin is currently in Week 7 and slowly transitioning into Week 8.”
Looking ahead to 2025, Bitcoin‘s price trend appears promising. Favorable economic conditions worldwide and a loosening monetary policy may push Bitcoin prices beyond $160,000 by the end of the coming year, as suggested by Matrixport, a leading provider in crypto services.
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2024-12-22 16:29