As a seasoned crypto investor with over a decade of experience navigating through various market cycles, I have learned to stay calm and patient during turbulent times. The current situation, while unsettling for some, is not unusual when viewed from a broader perspective.
September 9th saw ‘Daan Crypto Trader’ share insights with his 382,000 followers on social media, stating that unlike past cycles, Bitcoin (BTC) reached a new peak prior to the halving event but has since plateaued instead of continuing its upward trend.
Yet, it’s currently surpassing the progress made at similar stages in previous cycles when compared to those peaks, he noted, further explaining:
“That’s why I feel like these past 6+ months are not that odd.”
Right now, the drop in Bitcoin’s value from its record high is approximately 25.6%. This decline is smaller than some of the more significant drops experienced during past corrections.
#Bitcoin This cycle is like no other.
Price made a new all time high before the halving and has stalled since.
In simpler terms, compared to past cycles, it has advanced beyond the points at which they were at this same stage in their respective histories.
That’s why I feel like these past 6+ months are not that odd.
— Daan Crypto Trades (@DaanCrypto) September 8, 2024
Don’t Panic, Zoom Out
On September 8th, Quinten Francois, one of the founders of WeRate, shared a graph displaying our current market cycle alongside the previous two, accompanied by the message “don’t be alarmed, take a step back and look at the bigger picture.
As an analyst, I’ve been observing a striking similarity between the market trends from the 2017 and 2021 bull cycles and our current market scenario. This alignment suggests that we are on track, and it appears that the bull phase could kick off over the next year or so.
Stop panicking and zoom out #Bitcoin $BTC
— Quinten | 048.eth (@QuintenFrancois) September 8, 2024
According to a post by Vivek Sen, founder of Bitgrow Lab, he shared a chart that presents Bitcoin’s current position within its market cycle and offers an insight into its potential future trajectory.
Every single time. #Bitcoin
— Vivek (@Vivek4real_) September 8, 2024
Additionally, there’s been a resurgence in mining activity after a significant drop, indicating that we might be at a stage in the cycle comparable to past four-year phases.
According to ‘Rekt Capital’, this current cycle is similar to previous halving periods, but he has a more optimistic view for the remainder of 2024.
Over the final three months of both 2016 and 2020 (October through December), Bitcoin experienced a continuous increase in value, as noted by the analyst.
Sentiment at Rock Bottom
Nevertheless, sentiment is still at rock bottom with the Bitcoin Fear and Greed Index at yearly lows with a reading of 26, “fear.”
On Sunday, the value of the asset dropped to approximately $53,700, its lowest point in a single day. However, it managed to bounce back and temporarily reach $55,000 before dipping again and trading at around $54,800 during the Asian morning session on Monday.
Currently, the price is almost touching the support levels. To see more growth, it needs to rise above the $56,000 mark shortly.
This week might experience increased market fluctuations, possibly because of a presidential debate and crucial consumer price index releases.
In the next two days, there will be a presidential debate. Three days from now, we’ll get the Consumer Price Index (CPI) data, followed by the Producer Price Index (PPI) on the fourth day. Anticipate rate cuts in ten days… time is ticking, time is ticking.
— Satoshi Flipper (@SatoshiFlipper) September 8, 2024
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2024-09-09 10:55