Since the inception of the Bitcoin ETF, the cryptocurrency market has been struggling, with the value of various tokens declining daily. Bitcoin (BTC) has dropped to approximately $40,000, while Ethereum (ETH) is trading around $2,200. Many view this as a temporary setback or a necessary price correction for the crypto market.

Prominent figures in the crypto sphere like Kyle Chasse, Ran NeuNer, and Alex Becker are optimistic, suggesting that this downturn won't persist beyond 2024. They anticipate a brief decline followed by a rebound, possibly triggered by the Bitcoin Halving event scheduled for mid-year, historically known to drive prices higher.

Their optimism stems from the belief that selling pressure from Grayscale Bitcoin Trust (GBTC) is waning, and once this pressure subsides, the market will have the opportunity to push prices up. Additionally, FTX has divested approximately $900 million worth of assets, further impacting the market dynamics.

A sharp 10-15% pullback in BTC prices is anticipated in the near future, with altcoins potentially gaining 30-50%. Meanwhile, the community is advised to navigate through this correction in three ways:

1. Exercise patience and hold onto tokens for long-term gains, as this downturn is expected to be short-lived.

2. Monitor on-chain analytics and crypto price predictions to gauge the reduction in selling pressure.

3. Focus on the overall trend of the crypto market rather than short-term fluctuations.

These strategies vary depending on personal interpretation and investment goals. For instance, short-term investments may prove profitable for those who bought BTC at lower prices.

Various factors are influencing the crypto market, including the Bitcoin ETF launch, GBTC's selling pressure, FTX's actions, and considerations about portfolio holding periods. As GBTC reduces its Bitcoin reserves, BTC prices are being impacted, but once this selling spree ends, prices may stabilize.

BTC and ETH are currently trading at $40,331.28 and $2,254.84, respectively, with slight increases noted recently.