2024

Kevin

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin’s current price discovery phase is underperforming, showing only a 30% gain compared to previous cycles’ rapid rallies.</li>  
 <li>Institutional investors are driving Bitcoin’s price, with retail interest decreasing, marking a shift in market dynamics.</li>  
 <li>Bitcoin’s price surge in 2024 might be influenced by political factors, with analyst Kevin linking it to Trump’s election win.</li> 
</ul>  
<p>Bitcoin has begun what many anticipated to be a new stage of price discovery.. However, the latest market movement has underperformed compared to previous cycles. Historically, Bitcoin’s price would double within<a href="https://cryptonewsland.com/bitcoins-october-rally-could-push-prices-to-79000-breaking-ath/" target="_blank" rel="noopener noreferrer nofollow"> weeks of breaking previous all-time highs</a>.&nbsp;</p>  
<p>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.</p>  
<h2 class="wp-block-heading" id="h-price-movements-and-key-levels">Price Movements and Key Levels</h2>  
<p>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.&nbsp;</p>  
<p>$1,678 in 2017, $21,811 in 2021, and $22,272 in 2024 are noteworthy pricing points. During a <a href="https://cryptonewsland.com/bitcoin-whale-numbers-hit-new-peak-since-january-2021/" target="_blank" rel="noopener noreferrer nofollow">time of high market confidence</a>, the price of Bitcoin increased 124.77%, from about $1,678 in 2017 to nearly $22,272 by late 2021.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd2JsbpCzHEhG4rcmxDfLNoIKV1Cv3e3q_CbxAixQmwL_CKLbfe7lpULFiHQmbYlSsvVEetNSNt12PCFRT-iKrdoMNVbCkA0uQ6PZfFnAy91QkLV86CMHkgd97Yr0BojhcPTSLNdw?key=1RMCz3U2dx4wGYXi3J2gIyAi" alt="">
</figure>  
<p>Source: <a href="https://x.com/Kev_Capital_TA/status/1859051559671189795" target="_blank" rel="noopener noreferrer nofollow">Kevin</a></p>  
<p>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.</p>  
<h2 class="wp-block-heading" id="h-institutional-influence-and-market-cycles">Institutional Influence and Market Cycles</h2>  
<p>In the latest cycle, Bitcoin’s price action appears largely driven by institutional investors. Analyst Kevin believes the current market movement is primarily influenced by large financial entities. Furthermore, Bitcoin’s price surge in this cycle might be linked to broader economic factors, such as political events. For example, Kevin notes that Trump’s election win has likely played a <a href="https://cryptonewsland.com/analysts-picks-for-the-next-surge/" target="_blank" rel="noopener noreferrer nofollow">role in Bitcoin reaching its current price levels</a>.</p>  
<p>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.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoins-2024-surge-falls-short-is-institutional-influence-to-blame/" rel="noopener noreferrer nofollow">Bitcoin’s 2024 Surge Falls Short, Is Institutional Influence to Blame?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

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

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