Bitcoin Surges 111% in 2024, But Is a 30% Drop Coming in January? Hint Top Analyst!

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Bitcoin has had an impressive year in 2024, starting at $42,000 and closing near $96,670, marking an impressive 111% gain. This followed a 155% increase in 2023, making it two strong years in a row for the top cryptocurrency. 

Despite the bullish run, prominent crypto analyst Benjamin Cowen warns that Bitcoin might face a 30% drop in January, based on past trends.

Bitcoin To Face 30% Drop

Benjamin Cowen noted that Bitcoin’s performance in 2024 looks similar to past halving years like 2016 and 2020. In those years, Bitcoin’s price went up in October and November but slowed down by December, much like what happened in 2012. This slowdown often led to a price drop in January.

Interestingly, this time, Bitcoin has already seen a 15% drop in December 2024. According to Cowen, in past post-halving years like 2017 and 2021, Bitcoin’s price fell by about 30% in January.

If history repeats, a 30% drop this January could bring Bitcoin’s price down to around $77,700. This would match the 20-week moving average, a key level that many traders watch.

January’s Correction Already Happened?

Perhaps this time, things are different. Instead of seeing a December rally, Bitcoin has already experienced a decline. This change has led some optimists to believe the market might have “front-run” the expected January correction. 

In simple words, Bitcoin could have already completed the downward move that many were anticipating for January.

Benjamin Cowen suggests this early drop could mean the January correction has already occurred. If that’s the case, Bitcoin may avoid a big dip this month, breaking the usual trend.

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Bitcoin’s Bold Prediction

Looking further, some analysts are feeling optimistic about Bitcoin’s future in 2025. According to a Coinpedia report, Coinshare’s Market Head, James Butterfill, predicts Bitcoin could hit $150K in 2025. He believes the main factor driving this surge will be a positive regulatory environment in the US.

On the other hand, Pantera Capital has an even more bullish forecast, projecting Bitcoin could skyrocket to $740,000 by 2028.