Bitcoin ends 2023 on a familiar note, experiencing another significant decline of over 36% from its peak this year. This echoes the movements of the turbulent 2022 bear market, raising concerns among analysts who observe a startlingly similar correlation. With cryptocurrency exchange-traded funds (ETFs) registering positive inflows despite the price downturn, the market oscillates between trepidation and hope for an eventual rebound. The similarities are striking. In the past year, Bitcoin’s trajectory mirrors the 2022 bear market, with both periods exhibiting a near-identical drop of over 36% from their annual highs. Analysts highlight this alarming correlation, attributing it to growing DeFi applications and increased institutional investment as key drivers behind this recent surge. The question remains: will Bitcoin experience a repeat of the 2022 bear market? While some see this decline as a technical rebound fueled by market sentiment before the holiday season, experts are cautiously predicting a potential trough by Q1 2026 if the past cycle repeats itself. Despite the downturn, investors remain cautious, with crypto ETFs registering $226 million in net inflows during the week ending November 24th. This positive turn is primarily driven by US-based ETFs, attracting a notable $137 million in new investments. While these inflows provide some optimism for the market’s future, they also highlight the persistent uncertainty and raise questions about the potential trend shift.