The cryptocurrency market has continued its downward trend, losing 2.2% in the past 24 hours, with a market cap now hovering around $2.45 trillion. This correction has led to a significant liquidation of cryptocurrencies worth nearly half a billion dollars. Analysts point to the recent outflows from US-based spot Bitcoin ETFs as a major contributor to the bearish outlook.

Veteran trader Peter Brandt suggests that Bitcoin's price action is mirroring that of Gold's after the 2009 market crisis, potentially leading to a further dip to $60,000 before a rising trend emerges in the coming quarters. This potential double-top formation has sparked concerns about the end of the crypto bull cycle.

However, not all analysts are bearish. Bitcoinsensus' analyst predicts that the altcoin market will experience a significant recovery by Q4 2024, following a correction bottom in the coming weeks. This bullish outlook is supported by regulatory clarity in the US, paving the way for institutional investors to enter the web3 industry.

The market is eagerly awaiting a final settlement between the US SEC and Ripple, as well as the listing of approved spot Ether ETFs in the US. These developments could provide the catalyst for a major rebound in the crypto market.

In conclusion, while the crypto market continues to experience a correction, analysts predict a final dip before a significant recovery. With regulatory clarity and institutional investment on the horizon, the future looks bright for the web3 industry. As the market navigates this volatility, investors are advised to remain cautious and prepared for a potential rebound in the coming quarters.