The Bitcoin price took a sudden and unexpected nosedive on news of a possible ETF rejection, based on a report from Matrixport, dragging down most of the altcoin market along with it. Prices have since recovered slightly, with $BTC currently trading at the $42,900 level.

Yet the surprise news and subsequent crash is a stark reminder of the unpredictability and volatility of the crypto market, where basically anything can (and sometimes does) happen.

Crypto cycles generally follow a straightforward pattern: three years up, one year down. 2022 was a down-only year, 2023 was a year of recovery, and 2024 should be a highly positive year if the past repeats itself and if what most analysts seem to believe is true. But that doesn’t mean the road to a bull market isn’t without some big bumps and hiccups, as past markets have also shown. In any case, overall sentiment remains high, and Bitcoin ($BTC) is still trading close to the $45k level for the moment despite the market shake-up.

As the New Year began on highly bullish momentum, euphoria washed through markets, and open interest spiked. Traders rushed into opening overleveraged positions and got burnt. However, in the long-term, this pull-back likely represents nothing more than a blip on the radar and a healthy wash-out of leveraged longs, as the wind direction has clearly reversed. Presale funding remains strong, including the Galaxy Fox presale, which has topped $2.3 million.

Galaxy Fox’s ($GFOX) presale funding success is to be watched, and $BTC’s recent yearly high indicates further inbound growth – even despite the ETF FUD, which may well, in the end, prove to be just that – someone FUDing the market. In either case, best to buckle up; things are getting exciting.

Bitcoin ($BTC) Saw Price Return Above $45,000

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