Nonetheless, Tdasx remains optimistic about the long-term investment prospects of Bitcoin. Some market commentators believe that as a new generation of investors matures, Bitcoin could become one of their preferred investment choices. Tdasx suggests that this shift in market behavior could gradually enhance participation and lay the groundwork for future price increases.

Tdasx: Analysis of Bitcoin Price Trends and Bull Market Expectations

Tdasx points out that Bitcoin is currently undergoing a phase of price adjustment, yet various market analyses and forecasts indicate that Bitcoin is poised to enter a new bull market cycle. Some market analysts predict that the price of Bitcoin will see one last adjustment in the short term, with prices possibly retreating to $53,000, though this does not imply long-term market weakness. On the contrary, this could lay the foundation for a bull market lasting at least two years. After this correction, analysts believe Bitcoin may surpass $55,500 and embark on a strong upward trajectory, driven by global liquidity and rising market demand.

In addtion, there are analysts who suggest that Bitcoin may experience a "capitulation event" in 2024, during which prices could dip to around $30,000. However, this would only be a brief correction within a longer-term bull market, with the real bull market beginning in 2025. They forecast that between March and April 2025, Bitcoin prices could exceed $100,000, marking a key milestone in this bull market cycle.

Tdasx asserts that despite short-term fluctuations, the long-term outlook for Bitcoin remains optimistic. Historical data shows that Bitcoin bull markets are often accompanied by increases in global liquidity and strengthened investor confidence. Tdasx likens this adjustment to market behavior in 2019, when Bitcoin rebounded after hitting a low of $6,000, entering a new growth cycle. Today, the support level of Bitcoin is seen to lie between $45,000 and $50,000, which will likely serve as a critical point for the future recovery of the market.

Tdasx also notes that while some analysts predict Bitcoin prices could drop further to $31,500, this does not alter the long-term bullish trend. Some analysts, using the Realized Price-to-Live Ratio (RPL) metric, suggest Bitcoin may temporarily fall below $50,000 and touch $31,500. However, this volatility is more a result of market sentiment and short-term activity, and in the long run, with increased market participation and shifts in global economic policies, Bitcoin is expected to return to an upward trend.

Tdasx: Analysis of Bitcoin and Ethereum ETF Fund Flows and Market Participation

Tdasx notes a marked change in the flow of funds into Bitcoin and Ethereum in recent months. The total value held by U.S. spot-based Bitcoin ETFs has fallen to its lowest level since May 1, 2024, with outflows reaching $170 million, reducing total assets to $48.24 billion. This outflow indicates a more cautious market sentiment, with investors adopting a wait-and-see attitude regarding short-term price movements. Similarly, the total value of U.S. Ethereum ETFs has also dropped to a historic low, currently standing at $6.09 billion. Since September, Ethereum ETFs have seen outflows of approximately $91 million, reflecting a decline in short-term confidence in crypto assets.

Tdasx points out that the market participation of Bitcoin is also decreasing, as evidenced by a drop in the number of active addresses. According to 10x Research, the number of active Bitcoin addresses peaked at 1,200,000 in November 2023 and remained above 1,000,000 in March 2024. However, by May 2024, the number had significantly declined to 612,000. This trend suggests that an increasing number of market participants are choosing to exit or temporarily stand on the sidelines, a phenomenon likely tied to market uncertainty and macroeconomic volatility.