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The Solana ecosystem boomed in December as bonk tokens started a multiweek run of over 1,000%, grabbing listings on influential exchanges Binance and Coinbase.A frenzied demand for meme coins issued on the Solana network seems to have fizzled in the past week as newer tokens fail to gather a meaningful community and prices of recent favorites continue to plunge.Dog-themed token bonk (BONK) – whose prices rallied more than 1,000% in a three-month period – is down over 70% from a December peak that saw the token listed on prominent exchanges.Dogwifhat, which gained stickiness among crypto holders with a picture of a dog wearing a hat, is down nearly 80% after generating hype for giving early holders a more than 10,000% return on their capital.Other lesser-known tokens popcat (POPCAT) and chipi (CHIPI), two cat-themed tokens are down more than 90% since lifetime peaks, although their communities still continue to hope for a revival.The Solana ecosystem boomed in December as bonk tokens started a multiweek run of over 1,000%, grabbing listings on influential exchanges Binance and Coinbase.That seemingly kickstarted activity on the network, with prices of Solana's Saga phone flying to over $5,000 – despite being unable to sell out as recently as October – and SOL market capitalization quickly flipping other large tokens.Solana also became the strongest draw among on-chain traders, metrics from last week show, with trading volumes and network fees crossing those of Ethereum – usually the highest – on a seven-day rolling basis.Hype for the blockchain's speedy transactions, cheap fees, and a lottery of meme coin issuances seemingly jumpstarted the network since early December, pushing SOL token prices to nearly $120 from $38 at the start of November.Value locked on Solana applications grew in tandem, rising to $1.3 billion worth of tokens from the $400 million mark in November to reach levels previously seen in July 2022.But profit-taking started in the latter part of December as valuations grew wild, with newer launches not gaining enough momentum and an apparent shift of capital to opportunities on other blockchains.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of elsmt.com. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.Most of the coins have come back to the green zone after a slight correction, according to CoinMarketCap.BTC/USD Bitcoin (BTC) is one of the biggest gainers today, rising by 6.64%On the daily chart, the rate of BTC has broken the resistance level of $44,528. Until the price is above that mark, bulls keep controlling the situation on the market. Thus, the volume has also increased. All in all, traders can expect a test of the $47,000-$48,000 range soon. Bitcoin is trading at $45,547 at press time. ETH/USD Ethereum (ETH) is less of a gainer than Bitcoin (BTC), going up by 4.27%.From the technical point of view, ETH is looking less bullish than Bitcoin (BTC). At the moment, one should pay attention to the level of $2,392. If the candle closes above it and the wick is short, the upward move may continue to vital zone of $2,500. Ethereum is trading at $2,400 at press time.#BTC!💰 #BTC #ETH

In a resounding testament to the burgeoning NFT market, sales on 21 tracked blockchains reached an astounding $1.75 billion in December 2023, marking a staggering 91% increase from the previous month's figure of $916 million, according to data compiled by CryptoSlam. This surge in NFT transactions underscores the dynamic growth of the digital asset space, with Bitcoin (BTC) and Solana (SOL) emerging as frontrunners in the market. Notably, NFT sales on the Bitcoin blockchain dominated the landscape, accounting for almost 50% of the total, translating to a remarkable $881 million. Solana, a blockchain gaining traction for its speed and low transaction costs, secured second place with a 21% share, boasting $366 million in NFT sales. Rise of Bitcoin NFTs In December, an unprecedented 111,713 distinct buyer addresses engaged in NFT transactions on the Bitcoin blockchain. Concurrently, the number of seller addresses soared to a new pinnacle, reaching a total of 98,744. This surge in participants signifies the highest number of sellers within a single month, highlighting the extensive involvement in the Bitcoin NFT ecosystem. A noteworthy development in the NFT space is the rise of Bitcoin NFTs, also known as Ordinals. Diverging from the commonly linked Ethereum-based NFTs, Bitcoin NFTs stand out by being directly inscribed onto individual satoshis, which are the smallest units of BTC. Given that each Bitcoin is divisible into 100 million satoshis, the process of creating NFTs entails inscribing data onto these tiny units, introducing a distinctive element to the NFT landscape.The upswing in NFT transactions on the Bitcoin blockchain mirrors the growing popularity and acceptance of digital assets. Both buyers and sellers are actively engaging in the decentralized and dynamic NFT market, providing additional affirmation of the market's maturity and potential for expansion. These impressive statistics indicate strong activity within the crypto sphere, establishing solid groundwork for ongoing innovation and growth in the industry.#BTC!💰 #solona #BitcoinETFs!

Welcome to our first-week roundup of 2024, where we delve into the world of cryptocurrency with a focus on the top trending meme coins from January 1st to January 5th. As the new year kicks off, the meme coin market has shown some surprising shifts, with both familiar names and new entrants catching the eye of crypto buyers and enthusiasts alike. This article looks into these trending meme coins, highlighting the movements and trends that have defined the opening week of 2024 in the eternally fluctuating crypto landscape.
This article gathers data on trending meme coins from several blockchain sources, including well-known coin information aggregation websites, the latest news from the meme coin sector, as well as detailed information on these popular tokens. As 2024 kicks off, several meme coins are trending, including older meme cryptos like Pepe coin and newer ones such as ApeMax and Snek. 

Top Trending Meme Coins First Week of January 2024:
ApeMax – The World’s pioneering Boost-to-Earn crypto and meme coin.Coq Inu – Humorous meme coin on the Avalanche blockchain.Bonq – Trending meme crypto deployed on the Solana chain.Pepe Coin – EVM meme coin inspired by internet green cartoon frog.Snek – Cardano powered meme token with snake theme.Toshi – Young meme token launched on the Based Layer-2.
1. ApeMax (APEMAX)
ApeMax grabs attention in the trending meme coin market in early January 2024 with its creative features, growing presale, and unique characteristics. It launches the innovative ‘Boost-to-Earn’ staking model, allowing those holding its tokens to possibly gain rewards by boosting entities they’re fans of, enhancing the meme coin’s functionality.
Following their purchase, ApeMax token holders gain immediate access to their tokens, a benefit rarely found in the presale stages of other meme coins. This grants them instant usage, allowing them to partake in boost staking activities
2. Coq Inu (COQ)
Coq Inu is a young and humorous new crypto coin amongst the trending meme tokens of the start of 2024. Deployed on the Avalanche C-chain, Coq Inu following the recent trend amongst new meme coins launching on chains other than Ethereum, opting for newer and younger blockchains with more affordable gas and faster speeds. Coq Inu’s price increased by over 22% in the last 14 days.
3. Bonq
A recent arrival in the realm of meme coins, Bonk surfaced on the Solana blockchain in December 2022 and began to draw interest in late 2023 and early 2024 due to its link with the meme culture surrounding Solana. Just as ApeMax utilizes the Binance Smart Chain (BSC), Bonk carves its own niche within the meme coin space by using a blockchain platform that offers lower transaction costs, with a particular emphasis on the Solana ecosystem
4. Pepe Coin
Pepe coin is a young trending meme coin launched in mid-2023 and which famously surpassed a $1 billion market cap shortly following its arrival on the crypto market. Pepe Coin’s popularity has persisted in early 2024, and it now stands as the 5th largest meme cryptocurrency based on market capitalization with most recent data showing 24 hour trading volume over $100 million. 
5. Snek
Snek is a young meme token launched in 2023 and which has been gaining popularity towards the start of 2024, with a 12% growth in the last 24 hours alone. The SNEK token is on the Cardano (ADA) chain, and the coin’s ecosystem features its own mini game, its own energy drink concept. This young meme coin, now with a market cap of over $100 million, launched less than a year ago via a crypto presale.
6. Toshi
Toshi is a buzzing fresh meme token deployed on the Base, Coinbase’s new layer-2 chain. The TOSHI ecosystem comprises Toshi tools, a suite of defi tools for developers on Base, as well as an NFT collection dubbed “NFToshis”, a collection of cat inspired characters.
How to find trending meme coins in January 2024?
Crypto Data Platforms: Platforms like CoinMarketCap or CoinGecko offer real-time data on trending meme coin performance and new tokens.Social Media Monitoring: Cryptocurrency discussions on platforms like X (formerly Twitter), Reddit, and Telegram groups can shed light on popular tokens.Community Forums: Crypto forums or specialized meme coin forums sometimes cover exciting hot tokens.Crypto News Websites: Dedicated Cryptocurrency and blockchain news sites discuss the latest trends and analysis.Crypto Presales and New Coins Sites: Hot new meme coins can also be discovered via the official websites of new tokens like the ApeMax presale website.Blockchain Analytics Tools: Tools that track blockchain activities can sometimes spot sudden surges in transactions or token movements.
Conclusion – Top Trending Meme Coins First Week of January 2024:
As we wrap up this journey through the top trending meme coins in the first week of January 2024, it’s evident that the meme coin market continues to be a vibrant and ever-evolving segment of the cryptocurrency world. From ApeMax‘s innovative ‘Boost-to-Earn’ feature to the rapid ascent of newcomers like Coq Inu and Snek, these coins are reshaping the landscape of digital meme currencies with their unique Web3 features and growing popularity. 
However, as the new year kicks off, it’s crucial to be aware that all cryptocurrencies, meme coins included, have their share of risks and can be susceptible to high degrees of volatility. It’s therefore key to exercise caution when looking at anything crypto related. This article should not be viewed as containing any financial or crypto advice or guidance. Moreover, not all persons are eligible or suited to purchase crypto coins. For more information on eligibility buying rules about ApeMax, visit the token’s official website to learn more.  
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If you think Wall Street had a phenomenal year, take a closer look at how the cryptocurrency space fared in 2023. As of the early morning hours on Dec. 28, the aggregate value of all listed cryptocurrencies on CoinMarketCap.com had increased by a cool 115% year to date.
Though there are thousands upon thousands of digital currencies to choose from, it's Bitcoin (CRYPTO: BTC) and Ethereum that have done most of the heavy lifting. When 2022 came to a close, Bitcoin and Ethereum collectively accounted for 58% of the $795 billion crypto market cap. As of Dec. 28, these two juggernauts are responsible for 67% of the aforementioned $1.71 trillion value of the crypto market.
But it's not about where digital currencies have been so much as where they're headed next. Following an exceptionally positive year, here are four cryptocurrency predictions for 2024.

Image source: Getty Images.
1. "Buy the rumor, sell the news" will be Bitcoin's theme in 2024
There are a number of reasons Bitcoin surged by more than 160% in 2023. This includes positive sentiment throughout key U.S. financial markets, the belief that a spot Bitcoin exchange-traded fund (ETF) will be approved by the Securities and Exchange Commission (SEC) in January, and the expectation of Bitcoin's "halving" event, which is expected to occur in April 2024.
The latter two catalysts have been particularly important. Financial institutions have, for years, attempted to garner approval to list a Bitcoin ETF, only to be spurned by regulators who have claimed that the crypto space was rife with manipulation. A handful of approved Bitcoin ETFs would allow greater access to the top crypto token through more standard channels (i.e., without having to buy Bitcoin on a crypto exchange).
Likewise, Bitcoin's halving event will reduce the block reward given to cryptocurrency miners by 50%. Bitcoin has a history of rallying into halving events as it results in fewer tokens being minted on a daily basis.
However, Bitcoin has already surged over 160% on the rumor of these events occurring in 2024. This has all the hallmarks of a "buy the rumor, sell the news" year for the largest cryptocurrency by market cap.
To add, Bitcoin continues to fail in the relevancy department. El Salvador's experiment with Bitcoin as a viable currency simply hasn't resonated with its residents. Based on more than $7 billion in remittances transferred into El Salvador from abroad in 2022, a mere $126 million was sent to cryptocurrency wallets.
As I've long stated, Bitcoin's competitive advantages have waned, with other projects leaving its network and utility in the dust.
2. The ultra-popular "dog" coins will continue to underperform
My second prediction is that the ultra-popular "dog" coins -- I'm talking Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) -- will continue to underperform the aggregate crypto market. In 2023, Dogecoin and Shiba Inu tokens gained 35% and 36%, respectively. While this represents a better year-to-date return than the benchmark S&P 500, it's well below the noted 160%-plus gain for Bitcoin.
The core problem with Dogecoin and Shiba Inu is that they're nothing more than payment coins. There are thousands of digital currencies that could, in theory, be used to pay for goods and services. The two dog-inspired coins simply offer nothing in the way of differentiation from countless other projects.
Usage data also backs up that Dogecoin and Shiba Inu lack real-world utility. Online business directory Cryptwerk notes that around 2,500 companies accept DOGE tokens, and roughly 900 companies accept SHIB coins for payment. Meanwhile, there are an estimated 333 million companies worldwide. The wild volatility often associated with meme coins has coerced all but an infinitesimally small percentage of businesses to shy away from Dogecoin and Shiba Inu.
Investors should also be aware of the checkered history of payment coins following mammoth increases in value. With few exceptions (e.g., Bitcoin), payment coins that rally by 10,000% or more typically lose 90% or more of their value in the years that follow. Though DOGE and SHIB tokens have both met this 90% retracement threshold, there's simply no reason for their valuations to remain where they are now.
With nothing more than enthusiastic social media banter holding up the valuations of DOGE and SHIB, I'd expect another underperforming year for both "dog" coins.
3. The cryptocurrency market, once again, fails to decouple from Wall Street
For years, the cryptocurrency space has been lauded as a game changer for investors. The expectation of higher digital payment adoption, coupled with the growing usage of smart contracts -- protocols that facilitate, verify, and enforce the negotiation of a contract -- appeared to offer a way for investors to take advantage of cutting-edge innovations that aren't tethered to the performance of the U.S./global economy or the stock market.
My third prediction for 2024 is that digital currencies will, again, fail to decouple from the stock market. In other words, the performance of the benchmark indexes, such as the S&P 500, will ultimately determine how well or poorly the crypto market performs.
As much as investors would like to believe that the cryptocurrency market is a completely different entity from Wall Street, many of the same factors that guide the well-being of Wall Street matter for digital currencies.
For instance, access to capital is paramount. Most asset classes soared in 2021 because interest rates were near historic lows, and the federal government was handing out fiscal stimulus to qualifying individuals and families.
However, history suggests that access to capital could be more challenging in the new year. Banks have been purposefully tightening their lending standards, and the U.S. money supply is meaningfully contracting for the first time since the Great Depression. A couple of key indicators with strong track records of predicting moves lower in the U.S. economy and stock market portend that 2024 could yield another bear market.
Without exceptionally strong positive investor sentiment, it's going to be incredibly difficult, if not impossible, for digital currencies to decouple from the performance of Wall Street in 2024.

Image source: Getty Images.
4. The crypto space will experience another major failure
The fourth and final cryptocurrency prediction for 2024 is that we'll witness another game-changing failure.
In 2022, Terra Classic (CRYPTO: LUNC) (previously known as "Terra") and TerraClassicUSD (CRYPTO: USTC) were the disasters of the crypto space. In May 2022, TerraClassicUSD was the fourth-largest stablecoin by market cap, with Terra Classic being the fourth-biggest digital currency by market cap. However, things unraveled quickly.
Unlike most stablecoins, which use fiat currencies to maintain their peg to the U.S. dollar, TerraClassicUSD relied on an algorithm. A large group of sellers in USTC decoupled this peg, which created an arbitrage opportunity that ultimately led to a cascade effect in Terra's stablecoin and Terra itself.
Not long after this epic collapse, we bore witness to the fraud that occurred at crypto exchange platform FTX. Less than a year after FTX filed for bankruptcy protection, its former CEO, Sam Bankman-Fried, was found guilty on seven counts of fraud and conspiracy brought against him. The former CEO of FTX is facing up to 110 years in prison, with a sentencing date looming in late March.
The crypto market lacks adequate oversight and has historically been a stomping ground for manipulation, which is precisely why the SEC has been gun-shy about approving a Bitcoin ETF.
For example, the SEC charged Coinbase Global (NASDAQ: COIN) and Kraken for operating as unregistered securities exchanges in 2023. These suits threaten the core operations of both businesses, which could result in hefty fines and threaten the future growth or viability of both companies.
There's also been speculation that the largest stablecoin by market cap, Tether (CRYPTO: USDT), could eventually de-peg from the dollar and fail. Tether has repeatedly failed to open its books and disclose precisely what assets are backing its $91 billion stablecoin. After watching a handful of other stablecoins fail to hold their peg to the U.S. dollar, the downfall of Tether could be crypto's black swan event of 2024.
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After BONK's recent boom and the ecosystem's rebound, Solana is seeing more new tokens created than ever before. Who's behind them?This month, more new fungible tokens have been minted on Solana than at any point in the network’s history—by a staggering degree.In the last two weeks alone, 72,202 new tokens have popped up on Solana using the SPL token standard, according to data from Solscan. That’s over 71 times the amount of coins created on the network during a comparable period in October. Daily stats for new token creation on Solana are now consistently about four times higher than they’ve ever been since Solana launched in 2020. In the last two weeks alone, 72,202 new tokens have popped up on Solana using the SPL token standard, according to data from Solscan. That’s over 71 times the amount of coins created on the network during a comparable period in October. Daily stats for new token creation on Solana are now consistently about four times higher than they’ve ever been since Solana launched in 2020. While the Solana ecosystem has enjoyed a resounding comeback in the last two months—one that’s boosted SOL, Solana NFTs, Solana meme coins, and even demand for the Solana smartphone—such a dramatic spike in token creation likely cannot be explained by organic increases in network activity. “Maybe you can assume a doubling or tripling of [new SPL token creation] because of an uptick in general activity,” Slorg, a pseudonymous blockchain investigator and the project lead of Solana NFT tool Sol Incinerator, told Decrypt. “But how do you account for the other 6,000 tokens a day?”Slorg got sucked into the conundrum when a fake token for Sol Incinerator recently popped up on Solana. By tracking on-chain transactions, Slorg and their team discovered that the imposter had created dozens of new SOL coins that same day, pumping and dumping each of them within a matter of minutes, before moving on to the next: PUZZ, RUN, BABY DINO, and DEGEN BOT, just to name a few. Of these 7,000 tokens being launched daily, a lot of them are these 30-a-day style churn type tokens to farm people watching the ‘recent’ tab on Birdeye,” Slorg said, referencing the popular crypto trading data aggregator. Slorg tweeted this week that they "found wallet trails where one guy launched 300 [tokens] himself in a week."To be clear, not every hyped Solana meme coin is more than an hour-long rugpull. BONK has stuck to its elaborate roadmap (including launching its BonkBot automated trading bot, which is gaining traction); the token was launched by a team including prominent Solana builders and enjoys broad ecosystem support. And Dogwifhat has remained steadily capitalized since its launch last month.But the success of some of those tokens, in the context of Solana’s broader resurgence, appears to have attracted enough deployers who—enticed by the prospects of making even a few dollars each gambit—are willing to flood the ecosystem with sham coins.“A lot of people tell me, ‘This is the entire point of crypto,’” Slorg said. “And it’s kind of demoralizing, because I think we can be so much more.”$SOL

An increase above $100,000 or a spectacular plunge due to “sell the news” event: what does 2024 hold for Bitcoin (BTC)?TL;DRBitcoin’s Bullish Forecasts: Enthusiasts and experts, including Adam Back, envision Bitcoin surpassing gold’s market cap, with potential peaks reaching as high as $700,000 per coin.Bearish Perspectives and Risks: Contrarily, figures like Peter Schiff express skepticism, cautioning about a potential bubble and decline in Bitcoin’s value, especially with the launch of a spot Bitcoin ETF.Bitcoin’s Strong Performance in 2023: Despite challenges, including banking crises and global tensions, Bitcoin has shown resilience, markedly increasing in value throughout the year.BTC Bulls Envision Massive PeaksBitcoin’s impressive price increase as of late has given experts, analysts, and prominent figures the opportunity to speculate where is the asset headed next. Somewhat expected, bulls have been most vocal, with some of them predicting a new all-time high in the near future.One example is Adam Back – a well-known British cryptographer and CEO of Blockstream. In his view, BTC has the chance to surpass the market capitalization of gold while its valuation could explode to the astonishing $700,000 per coin. He believes such a scenario might occur during the next potential bull run, possibly triggered by the upcoming halving (scheduled for next spring).The crypto analyst James Van Straten also thinks BTC could flip gold and thus witness a price jump of 4,000%. It is worth mentioning that Bitcoin’s market cap currently stands at almost $850 billion, whereas the yellow metal has $13.8 trillion, meaning the digital asset has a long way to go before hitting such a milestone.Max Keiser – an American filmmaker and outspoken proponent of the primary cryptocurrency – and Robert Kiyosaki – the author of the book “Rich Dad, Poor Dad” – are among the optimists, too. The former recently claimed that BTC could be on the verge of experiencing a so-called “God Candle” that could take its price to as high as $100,000. Kiyosaki predicted a grim future for the US dollar in 2024 and a possible Bitcoin rise toward $120,000.Those willing to observe additional BTC forecasts coming from prominent figures could take a look at our dedicated video below:How About a Bearish Scenario?Despite BTC’s success this year, some people seem they would never change their negative stance on the asset. Such is the case with Peter Schiff – an American stockbroker and one of Bitcoin’s harshest critics.At the start of December, he warned that BTC’s uptrend could be attributed to the speculative fervor surrounding the launch of a spot Bitcoin ETF in the USA. In his view, the excitement would soon evaporate, describing it as a bubble set to burst. As a result, BTC might experience a spectacular plunge, while gold (Schiff’s favorite investment asset) could thrive.He doubled down on that thesis a few weeks later, claiming that the introduction of a spot Bitcoin ETF “will be historically insignificant.” Schiff thinks that the launch of such a financial product would bring minimal investor demand and create a “sell the news” event.Bitcoin (BTC) Has Risen Like a Phoenix This YearThe primary cryptocurrency has once again demonstrated its remarkable resilience. It started the year at around $16,500, shuttered by the devastating bear market in 2022, but it seems like the finish will be well above the $40K level. Currently, BTC is worth approximately $42,500 (per CoinGecko’s data), meaning a 160% increase.What’s more spectacular is how the digital asset managed to overcome several negative events, rising stronger after each one of them. Such an example is BTC’s performance amid the severe banking crisis in the USA in the spring. Recall that leading banks like Silicon Valley Bank and Signature Bank were shut down after depositors withdrew great amounts of money out of fear of insolvency. And while the finance sector was gasping, this was not the case with the crypto industry, particularly Bitcoin. The asset’s valuation soared from $20,000 to above $30,000 shortly after the aforementioned bankruptcies.The intensified conflict between Israel and Palestine has also not managed to impact BTC negatively. In fact, the asset’s price climbed from around $28,000 on October 7 (the day when Hamas launched a major attack on Israel, killing thousands of people and taking numerous hostages) to almost $35,000 by the end of the month.Binance’s issues with the US Department of Justice are another example of BTC’s resilience. As CryptoPotato reported at the end of November, the world’s largest cryptocurrency exchange agreed to pay a whopping $4.3 billion fine for allegedly violating certain anti-money-laundering procedures, whereas CEO Changpeng Zhao (CZ) resigned from his post.Bitcoin’s price slightly dipped from $37,000 to $36,000 following the news but started another rally shortly after, which took it to $44K two weeks later.

Bitcoin bears regain strength as the BTC price drops under 20-EMA hinting at bearish action going ahead in January.The Bitcoin (BTC) price has been flirting around for a while at $42,500 levels as investors eagerly await the launch of the first spot Bitcoin ETF in the US. A report from last week suggests that the approval from the U.S. SEC is most likely to arrive this week.Will Bitcoin ETF Be A Sell the Event News?After a solid 160% run-up last year in 2023, analysts believe that the BTC price could see some retracement soon after the Bitcoin ETF arrival. Probably, BTC could enter a sideways consolidation until the Bitcoin halving scheduled around April 2024.Renowned investor and crypto analyst Rekt Capital shares insights on Bitcoin’s recent monthly close, drawing attention to key support levels and historical patterns.In a recent update, Rekt Capital highlights that Bitcoin has historically exhibited volatile retests when hovering around the $41,000 support level (represented in blue). During these retests, downside wicks extended to approximately the $37,000 region, suggesting a pattern in the price action.Based on historical data, Rekt Capital suggests that any potential dip to the $37,000 level could be considered a healthy retracement. The analyst points out that Bitcoin has experienced similar price movements in the past, and such patterns have historically contributed to the cryptocurrency’s overall market health.Moreover, Rekt Capital emphasizes that with just over 100 days until the Bitcoin Halving, any deeper retracements in the pre-halving period could present ultimate bargain-buying opportunities for investors. As the market continues to evolve, traders and investors are closely monitoring these key support levels and historical patterns for potential insights into Bitcoin’s future price movements.BTC Upside Remains Capped, Bears’ Grip StrengthensThe Bitcoin options data for January 12 has been showing weakness recently. Furthermore, analysts believe that even if the BTC price rallies on the ETF approval, the upside remains limited from here.The current state of the Bitcoin market is marked by lower highs and lows, signaling an increasing strength among bears, according to a recent analysis. Notably, the previous peak, exceeding $44,800, has yet to undergo a retest, further supporting the bearish sentiment.Analysis of the chart reveals that Bitcoin’s price has recently fallen below the daily EMA-20, situated at $42,542, a level not breached in the past couple of months after reaching a multi-month high. The surge in bearish volume, reaching a 2-day peak and recording the highest levels since April, suggests the possibility of an impending correction.