What to know:
- Ah, the sweet scent of déjà vu! Bitcoin, that capricious creature, reached a local zenith post the U.S. ETF launch in January 2024, only to be followed by the grand spectacle of President Trump’s inauguration in January 2025, both events heralding a market correction that could make even the most stoic investor weep.
- Currently, Bitcoin finds itself in the throes of a 30% correction, while the U.S. ETF launch was merely a 20% hiccup. Such is the nature of our beloved cryptocurrency, ever the drama queen!
Since the fateful day of January 20, when President Trump took the stage, Bitcoin (BTC) has plummeted from a dizzying $109,000 to a mere $80,000. A classic case of “sell the news,” if ever there was one! The correction has persisted like an unwelcome guest since the digital assets summit last Friday.
Now, while the price action may suggest a short-term bearish outlook, the bulls—those eternal optimists—might see this as a long-term boon. After all, the U.S. administration has shifted from a hostile stance to one that is, dare I say, more favorable. Yet, the absence of immediate buying pressure hints at a short-term malaise. Oh, the irony!
Recall, if you will, the similar price action during the much-ballyhooed launch of U.S. spot bitcoin ETFs in January 2024. From October 2023 to January 2024, Bitcoin soared from $25,000 to $49,000—an impressive 40% rally! But alas, the launch marked a local peak, and the price subsequently tumbled by 20% in the weeks that followed, before eventually reaching new heights above $73,000 in March. Such is the fickle nature of fortune!
This time, after President Trump’s electoral victory in November, Bitcoin rallied a staggering 60%, reaching an all-time high of $109,000 in January, only to succumb to a nearly 30% correction. It seems our dear Bitcoin enjoys a good rollercoaster ride!
The common thread in these tales of woe and triumph is that bullish news tends to trigger a local top in Bitcoin’s price, followed by a significant correction. The pressing question remains: will Bitcoin ascend once more after this correction has run its course? Much depends on the macro landscape, which, like a good Dostoevsky novel, is fraught with uncertainty and existential dread.
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2025-03-10 14:25