2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-sees-similar-correction-to-2019" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Sees Similar Correction to 2019</a><br></p>
<p style="text-align: justify">Renowned cryptocurrency analyst Benjamin Cowen has highlighted that <a href="https://en.bitcoinhaber.net/bitcoins-resilience-attracts-investors-despite-market-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s current correction mirrors the price behavior observed in 2019. His analysis draws on social risk metrics and the viewership rates of cryptocurrency-focused YouTube channels.</p>
<h2 id="social-risk-indicators-and-youtube-viewership">Social Risk Indicators and YouTube Viewership</h2>
<p style="text-align: justify">During the major rally of 2021, cryptocurrency-focused YouTube channels averaged around 4 million daily views. Cowen pointed out that this figure has now plummeted to approximately 850,000, illustrating a significant decline. This drop in viewership aligns with decreased social risk indicators, resembling patterns seen in 2019.</p>
<p style="text-align: justify">Cowen emphasized the lack of intense interest that characterized 2021, noting that individual <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> have not re-entered the market despite Bitcoin reaching its all-time high. This absence of retail investors is a critical factor in the current market dynamics.</p>
<h2 id="potential-for-historical-recovery">Potential for Historical Recovery</h2>
<p style="text-align: justify">Cowen also highlighted that the price surge from the lows of 2018 to the highs of 2019 was about 350%. The recent increase from 2022 to 2024 has shown a similar percentage gain, reinforcing the notion that the current correction follows a comparable trend to 2019.</p>
<p style="text-align: justify">Currently, Bitcoin trades at $58,400, having decreased by 1.84% in the past 24 hours. According to Cowen, the ongoing correction in the cryptocurrency market, which mirrors 2019 movements, might hint at a possible <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> recovery.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">Several actionable insights can be drawn from this analysis:</p>
<ul>
 <li>Monitor YouTube viewership trends as a sentiment indicator.</li>
 <li>Pay attention to social risk metrics to gauge market sentiment.</li>
 <li>Historical patterns may provide clues for future price movements.</li>
 <li>Be aware of the current lack of retail investor activity.</li>
</ul>
<p style="text-align: justify">These points can help investors make more informed decisions in the face of market corrections.</p>
<p style="text-align: justify">In summary, the current correction in Bitcoin’s price draws notable parallels with 2019, suggesting that a similar recovery pattern might be on the horizon. However, the absence of retail investors remains a significant factor to consider moving forward.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-sees-similar-correction-to-2019" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Sees Similar Correction to 2019</a></h5>

Bitcoin Sees Similar Correction to 2019

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