Bitcoin’s 2024 Surge Falls Short, Is Institutional Influence to Blame?

• Bitcoin’s current price discovery phase is underperforming, showing only a 30% gain compared to previous cycles’ rapid rallies.
• Institutional investors are driving Bitcoin’s price, with retail interest decreasing, marking a shift in market dynamics.
• Bitcoin’s price surge in 2024 might be influenced by political factors, with analyst Kevin linking it to Trump’s election win.

Yet, this cycle has shown a modest 30% increase after three weeks, with momentum slowing down. According to market analyst Kevin, this underperformance stands out, especially in comparison to earlier Bitcoin rallies.

Price Movements and Key Levels

The price fluctuations of Bitcoin since 2011 show a trend of periodic price spikes. The chart shows support and resistance levels marked by horizontal yellow lines. These levels indicate where Bitcoin’s price has stalled or reversed during past bull runs. 

Despite a drop following this spike, Bitcoin managed to keep soaring. The price of Bitcoin rose to $63,000 in 2024. Nevertheless, the price discovery stage has fallen short of the quick increases observed in earlier cycles.

Institutional Influence and Market Cycles

However, everyday investors seem less interested in Bitcoin. This trend contrasts with past cycles, where retail investors played a larger role in driving prices higher. Kevin emphasizes that the price is now mainly moved by institutional forces, contributing to Bitcoin's underwhelming performance.