Cryptocurrency expert identifies striking similarities between Bitcoin (BTC) Market Behavior in 2023 and 2024. The analyst, based on his observations, believes that Bitcoin is experiencing a comparable cycle of declinecharacterized by a widespread selling of stocks by investors, which may precede a significant rise in prices to recent levels.

Bitcoin Market Comparison 2023 vs 2024

In a rather long X (formerly Twitter) fasting On September 3, a cryptocurrency expert known as “Dana Crypto Trades” shared some intriguing details about the current Bitcoin Marketcomparing it to the market environment and trends observed in 2023. The analyst noted that The price of bitcoin fluctuated for over six months, just like last year.

He stressed that despite bearish cryptocurrency performanceExpectations for the future of the market in the fourth quarter of 2024 remain particularly hopeful.

Last year, many cryptocurrency investors decided to sell their Bitcoin holdings when was valued at around $25,000, hoping to buy it back at a lower price. This massive sell-off occurred despite a greater than 90% probability that Spot Bitcoin ETFs to Gain Approval this year.

Interestingly, a similar behavior is taking place in the current Bitcoin market. The market sentiment has turned negative due to Recent Bitcoin Price Volatilitywhich leads to bearish investor sentiment. Most of these investors are now liquidation of their shareswith the expectation that he will buy it back at a price 10–20% lower.

Daana Crypto warned that while trying buy bitcoin at a lower price may seem like a great investment strategy, but it carries significant risk. Basically, if the market moves up instead of the expected decline, investors who sold their Bitcoins

may lose the opportunity to achieve significant profits.

He referred to the situation from last year when some investors failed to achieve a 3-fold profit bitcoin price augment because they sold their coins and waited for a diminutive price drop. While providing insight into the current market situation, Daan Crypto admitted that he is unable to predict Bitcoin’s short-term market movements, hence advising investors to exercise caution.

He indicated that for most investors, holding Bitcoins over the long term may be the best strategy, especially if the market were to experience significant breakout upwards when the downtrend becomes stable.

BTC Awaits Next Target Of $100,000 In Q4

Another cryptocurrency analyst, known as “Stockmoney Lizards”, is also on X drawn comparisons between Current Bitcoin Market Patterns with those of the early years.

He observed similar trends in Bitcoin price action in 2016 and 2024, indicating that the pioneering cryptocurrency could experience a comparable, but less drastic, price augment to that seen in 2016. Despite this, the cryptocurrency analyst found target price $100,000 for Bitcoins until the end of the fourth quarter of 2024

Featured image created with Dall.E, chart from Tradingview.com