The launch of Bitcoin spot ETFs was expected to drive institutional demand and push Bitcoin to new highs, but the reality has been different. Bitcoin has struggled to maintain upward momentum since the launch of the ETFs. Analyst Benjamin Cowen has drawn parallels between the performance of the Bitcoin ETF and the Nasdaq-100 ETF, which peaked 54 weeks after its inception. This peak coincided with the U.S. presidential inauguration, suggesting a potential macroeconomic turning point. The rise of memecoins has diverted capital away from Bitcoin, but Bitcoin dominance has been increasing as investors lose confidence in altcoins. The role of ETFs in terms of accessibility and decentralization has been a point of debate. Historical market patterns, such as left-translated cycles in the 1970s, suggest a possible decline in Bitcoin in Q1 2025, followed by a relief rally in Q2/Q3. If Bitcoin falls below $70,000 soon, it may confirm a left-translated cycle, while maintaining support above $70,000 could still lead to new highs. At the time of writing, Bitcoin's price is $86,034.03, with a 24-hour trading volume of $50,823,451,453 and a market capitalization of $1.7 trillion. However, it's important to note that the information provided is for informational and educational purposes only and should not be taken as financial advice.



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