Bitcoin

In the last two weeks, Bitcoin (BTC) has shown a roller coaster of movements, ranging from reaching a yearly high to undergoing the third-largest sell-off of 2023. During this week’s round trip of BTC’s performance, short-term Bitcoin holders have taken profits at a meaningful magnitude, causing a pause in the climb. Bitcoin’s recent performance 
According to a recent report by Glassnode, Bitcoin has shown stunning performance since November 2023, attributed to the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) and the upcoming 2024 Bitcoin halving. This rally began at $34,000, reaching a yearly high of approximately $44,600 before undergoing a significant drop of $2,500 (-5.75%), marking the third-largest sell-off of 2023. 
This sell-off was less intense compared to the prior two occurrences; the first massive sell-off of (-6.26%) took place in March 2023, and another in August when the market experienced a 7.23% sell-off. However, the current sell-off was experienced by the bull market due to the recent proposal of a <a href="https://news.todayq.com/bitcoin-price-dips-to-40k-as-us-senator-proposes-crypto-bill/">new regulatory bill by US Senator Elizabeth Warren</a>. Bitcoin’s perceived “fair value” and market dynamics 
According to various blockchain-based pricing models, Bitcoin’s perceived “fair value” currently ranges between $30,000 and $36,000. Despite a notable surge in Bitcoin’s price over recent months, there has been a considerable pause in its upward momentum. This pause is attributed to short-term Bitcoin holders capitalizing on the price increase by selling, a move significant enough to impact the overall market dynamics. 
As of now, Bitcoin is up by over 150% this year and has also outperformed many other assets. Bitcoin’s success in 2023 has turned heads, attracting both experienced and new investors. The cryptocurrency’s ability to bring in significant returns has stood out in a year filled with financial uncertainty. 
As we approach the end of the year, the spotlight is on investors and how they are handling this rollercoaster journey. Will they hold onto their gains with confidence, or will the volatility prompt some to cash in and secure profits? 
Bitcoin’s resilience and ability to recover from downturns have been key themes throughout the year. Whether this recent dip is a mere blip or signals a more prolonged shift remains to be seen. Investors, both new and seasoned, are advised to buckle up as they navigate the twists and turns of the crypto rollercoaster heading into the new year. 
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Bitcoin’s fair valued at $30k-$36k, What’s next for BTC?

Todayq News

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