A speculative report regarding a possible delay in the anticipated spot Bitcoin ETF launch in the US has shaken the market. Following this report, the leading cryptocurrency fell sharply. Following this, social betting started to rise on Wednesday. Meanwhile, BTC and altcoins will go on a wild run in 2024, according to popular crypto analyst Jason Pizzino!
‘Buy the dip’ quotes for Bitcoin are increasing: Reflecting bullish sentiment
According to data tracked by blockchain analysis platform Santiment, the number of “Buy The Dip” mentions on social media increased to 323, the highest level since March 25, 2022. This surge occurred after Bitcoin fell to $41,000 in a matter of hours, shaking up excessive leverage in the market. Buying the dip is one of the most famous narratives in the crypto community. It indicates the intention to purchase the token when the price drops.
Santiment’s Social Trends indicator tracks conversations on Telegram, Reddit, X, and 4Chan to identify keywords or topics of interest. The increase in the number of “buy the dip” calls indicates a bullish trend. However, it has also historically marked deeper price pullbacks. Throughout the 2021 bull market, increases in buy-the-dip calls coincided with another decline in prices. The pullbacks eventually found ground where the crowd moved from neutral to bearish.
Analyst: BTC and altcoins will go on a wild run in 2024!
Popular crypto analyst Jason Pizzino updates his 2024 outlook for Bitcoin and the broader crypto market. The analyst says the history of Bitcoin’s four-year cycles shows that this year could bring big gains. Pizzino notes that 2024 is a US election year. It also draws attention to the possible Bitcoin halving in April. He argues that the combination of the two has historically coincided with “ballistic” price movements. The analyst says that a similar situation will probably occur in the next few years. In this context, the analyst makes the following statement:
We experienced a halving in November 2012. We had an election in 2012. And there is an election coming up this year too. And after these elections, markets could go absolutely ballistic, as we’ve covered before on the channel. In the second year, there was Litecoin, DOGE was coming out, and there were other coins that we don’t even know about anymore… But you can see that the market held its ground again, started to consolidate, exploded again, started to consolidate, and then went on this crazy run that was pretty similar to what happened in 2016-2017. And I can say that we are almost at this point in today’s market. It’s not exactly the same, but it’s similar to previous years, so I look at those years as a road map going forward.
Capital will flow out of Bitcoin and into altcoins!
Based on what happens in the second year of each market cycle, Pizzino expects capital to flow out of Bitcoin and into altcoins. He predicts that he will send them much higher in this direction. He expresses his views on this subject as follows:
Now we are in the second year, there is a flow from Bitcoin to altcoins. We see many investors starting to shift from Bitcoin to altcoins… Going back to the 2015-2016 cycle. The second year was a great year to switch from BTC to altcoins. This doesn’t mean getting rid of all Bitcoins. It doesn’t mean you should get rid of all your USD just for altcoins. However, of course, it is better to be cautious as the cycle will start to accelerate in the second half of the year. We will see this in the next six to 12 months by looking at Bitcoin’s 10-year history.
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