Market Analysis Predicts Initial Enthusiasm Followed By Potential Setbacks

According to Odaily, 10x Research's market analysis suggests that while some initial enthusiasm is expected at the start of the new year, it is not yet time for the bullish sentiment seen from late January to March or late September to mid-December in 2024. The year is anticipated to begin well, with a slight decline expected before the release of the CPI data on January 15. Favorable inflation data could reignite optimism, potentially leading to a rebound before the January 20 inauguration of Donald Trump. However, this momentum might weaken, with the market possibly retreating ahead of the FOMC meeting on January 29. From January to mid-November 2024, Bitcoin's dominance increased from 50% to 60%, significantly hindering the performance of altcoins. Although the dominance metric briefly dropped to 53% over three weeks, sparking hopes for an altcoin season, it quickly rebounded to nearly 58% before stabilizing around 55%. This consolidation underscores Bitcoin's enduring dominance as the primary driver of the crypto market, suggesting that altcoins may face challenges unless Bitcoin's dominance metric declines again.