Bitcoin, Ethereum, Dogecoin See Green Thursday: One Trader Is 'Buying In September' But Expects A Bad Surprise Later

Author: Khyathi Dalal | August 08, 2024 04:11pm

Cryptocurrency markets are trading higher, as the first Solana ETF was approved in Brazil.  

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$59,320	+8.3%
Ethereum (CRYPTO: ETH)	$2,568	+9.2%
Solana (CRYPTO: SOL)	$155.8	+8.9%
Dogecoin (CRYPTO: DOGE)	$0.1025	+6.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001368	+5.3%

Notable Developments:

• Grayscale, Which Offers Bitcoin and Ethereum Exposure Through ETFs, Launches New Crypto Funds For These Two Tokens
• FTX, Alameda Ordered To Pay $12.7B To Creditors By U.S. Judge
• Bitcoin Archive reported that Russian President Vladimir Putin signed a law legalizing Bitcoin and crypto mining in Russia.
• Popular Crypto Chart Analyst Ali Martinez Predicts Bitcoin To Run Up To $60,000, But Not Everyone Agrees
• Solana Spikes To $160 As Brazil Approves First Solana ETF: ‘SOL Should Gain 100% On Ethereum In Months Ahead,’ Says Trader

Notable Statistics:

• IntoTheBlock data shows large transaction volume narrowed by 3% and daily active addresses decreased by 1.5%. Notably, exchange netflows skyrocketed 783,141.9% in a single day. Despite significant price volatility, 82% of Bitcoin holders are currently making a profi,t while 5% remain at breakeven.
• Coinglass data noted 54,425 traders were liquidated in the past 24 hours with the total liquidations at $195.10 million.
• Crypto chart analyst Ali Martinez noted that Bitcoin addresses holding more than 100 BTC increased from 15,913 to 16,006 during the recent correction

Top Gainers:

Cryptocurrency	Price	Gains +/–
Sui (CRYPTO: SUI)	$0.7766	-24.1%
Helium (CRYPTO: HNT)	$5.6	+20.3%
XRP (CRYPTO: XRP)	$0.6218	+17.2%

Trader Notes: Crypto trader Blockchainedbb believes $48,000 is the bottom for September and Bitcoin can pump higher around the election. However, he predicts a drop to $40,000-$44,000 in December before $75,000. His plan is to buy $44,000-$48,000, while those buying in September should again expect another drop in December.

Bitcoin technical analyst CryptoCon sees Bitcoin bouncing back yet again from Level 2 of the Magic Bands at $55,444. He believes the level 3 target of $94,302 is still intact. The cycle top band has surged to $128,062 and will move higher as the price moves into all-time highs.

Rekt Capital states that Bitcoin has narrowed the gap between its all-time highs.

#BTC

Bitcoin's recent recovery now means that Bitcoin is only -14% down from the highs vs -29% only a few days ago$BTC #Crypto #Bitcoin https://t.co/gER84VxH5B pic.twitter.com/GtkJlCGawx

— Rekt Capital (@rektcapital) August 8, 2024

Another crypto trader reminded investors that BTC recently touched a trendline that has played an important role for around 11 years. He is curious if Bitcoin is turning this resistance into support and concluded, "you have the first ever golden cross of the 50/100 SMA."

#Bitcoin

Why is no one talking about the fact that $BTC recently touched a trendline that has been playing an insanely important role for almost 11 YEARS?

Is Bitcoin turning this resistance into support?

On top of that you have the first ever golden cross of the 50/100 SMA.🔥 pic.twitter.com/j0gbhzGZmb

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