Bitcoin is experiencing a significant correction, currently trading over 10% down from its all-time high of above $108,300, as social sentiment around the cryptocurrency hits its lowest level in 2024. This downturn in retail investor sentiment, reflected in a comment ratio of four to five positive versus negative remarks, may suggest an impending recovery above the $100,000 mark. Analysts, including those from market intelligence platform Santiment and cryptocurrency analyst Elja Boom, view this sentiment dip as a potential signal for a Bitcoin breakout. They note historical patterns where similar sentiment lows were precursors to price recoveries. However, crypto analyst Rekt Capital warns that Bitcoin's correction may persist for another week, drawing parallels to previous years when similar patterns were noticed. Despite the short-term downtrend, optimism for Bitcoin's price trajectory remains, fueled by improving macroeconomic conditions anticipated for the end of 2024.

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