Bitcoin continues to impress analysts in 2024 by resisting significant price drops despite hitting all-time highs. The trend of mild corrections, as noted by on-chain analyst Checkmate, sets this bull cycle apart from historical patterns.

Market Strength Evident Through Limited Drawdowns

Despite occasional profit-taking at peak prices, sellers have only managed to trigger a 20% price drop once since September 2023. Subsequent corrections have not exceeded 15.8%, showcasing the market's resilience against intense selling pressure.

Contrasting Previous Bull Markets

This current market behavior stands in stark contrast to the 2019-2021 bull market, where corrections of more than 50% were common occurrences. Analysts are surprised by Bitcoin's ability to maintain its price levels without experiencing deeper corrections this time around.

Influence of ETFs and Changing Market Dynamics

The introduction of US spot Bitcoin ETFs is believed to be a significant factor in this deviation. These ETFs have accumulated a substantial amount of BTC since their launch, providing strong support on the buy-side. Additionally, factors such as reduced BTC balances on exchanges contribute to the optimistic sentiment for continued price growth.

In Summary

Bitcoin's resilience against selling pressure reflects a maturing market and evolving dynamics. While analysts recognize the possibility of future corrections, the current trend emphasizes the market's robustness and the potential for a sustained bullish trend.