Bitcoin, Ethereum, Dogecoin Trade Sideways, Trader Asks: 'Does It Matter If You Buy Bitcoin At $62,000 Or $58,000'?

Author: Khyathi Dalal | May 08, 2024 04:03pm

Cryptocurrency markets could not push into the green, as Bitcoin (CRYPTO: BTC) spot ETF outflows resumed on Tuesday.

What Happened: Major cryptocurrencies are trading slightly down at the time of writing:

Prices as of 4 p.m. Eastern Time:

Cryptocurrency	Gains +/-	Price
Bitcoin (CRYPTO: BTC)	$62,300	-1.1%
Ethereum (CRYPTO: ETH)	$2,996	-1.7%
Solana (CRYPTO: SOL)	$145	-3.3%
Dogecoin (CRYPTO: DOGE)	$0.147	-4.3%
Shiba Inu (CRYPTO: SHIB)	$0.00002285	-2.5%

Notable Statistics:

• Thomas Kralow, in his latest tweet, highlighted Grayscale's first-ever Bitcoin addition (979 Bitcoins) with nine other ETFs adding 4,412 BTC, worth $280 million.
• IntoTheBlock data highlights an increase of 2.9% in large transaction volume and a 6.6% rise in daily active addresses.
• Crypto liquidations in the past 24 hours stand at $139.4 million, with 66,384 traders liquidated.

Notable Developments:

• FTX To Pay Back Customers In Full, With Interest, As It Amasses Billions In Cash: ‘This Is Just An Unbelievable Result,’ Says CEO
• Are Bitcoin Whales Buying The Dip With Less Enthusiasm?
• Major Trading Firm Purchased $1B Worth Of Bitcoin ETFs In Q1
• Hong Kong Launches First $128M Crypto ETF Liquidity Fund

Top Losers:

Cryptocurrency	Gains +/-	Price
Dogwifhat (CRYPTO: WIF)	$2.90	-10.5%
Worldcoin (CRYPTO: WLD)	$5.42	-10.4%
Bittensor (CRYPTO: TAO)	$395.70	-9.3%

Also Read: If Bitcoin Starts ‘Losing The Lows’ It Could Get ‘Ugly’ And ‘Violent,’ Traders Warn

Analyst Notes: Macroeconomist Seth, in his latest X post, states that it does not matter when you buy Bitcoin whether at $62,000 or $58,000."Bitcoin to at least $140,000 this cycle. Those who say they know the exact price, don’t even know what wine to order in the restaurant. Prove me wrong…," Seth writes.

CryptoSlate's lead analyst James Van Straten praises Bitcoin’s strength and the strong miners going from red to green.  

Technical analyst CryptoCon highlights the “Level 3 of the Magic Bands,” which is still in play for Bitcoin, with the next target at $91,184. He also sees the current scenario as consolidation before the bigger goal.

Level 3 of the Magic Bands still looms as the next #Bitcoin target at now $91,184.

It's normal for price to sometimes stop in between to consolidate before reaching the bigger goal.

The cycle top band has also now expanded to $122,884, which has been hit every single cycle.… pic.twitter.com/BkWrsVFlsm

— CryptoCon (@CryptoCon_) May 8, 2024

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Is Ethereum ‘This Cycle’s Basket Case’? 10x Research Points Out ETH’s ‘Only Bull Story’

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $SHIB $SOL