Bitcoin, Ethereum, Dogecoin Holding On To Green Ahead Of Weekend: '$100,000 By End Of 2024 Does Not Look So Impossible'

Author: Khyathi Dalal | August 09, 2024 04:17pm

Cryptocurrency markets are trading marginally higher, as a new Trump-themed coin wreaked havoc in the crypto space.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$60,660	+1.6%
Ethereum (CRYPTO: ETH)	$2,593	+0.4%
Solana (CRYPTO: SOL)	$153.8	-1.5%
Dogecoin (CRYPTO: DOGE)	$0.1034	+0.9%
Shiba Inu (CRYPTO: SHIB)	$0.00001398	+1.9%

Notable Developments:

• Bitcoin’s Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
• New World Currency? Not So Fast BRICS Nations, Analyst Says, ‘De-Dollarization Is A Myth’
• Anthony Scaramucci Thinks Crypto Industry’s Virtual Meeting With Democrats Was ‘Encouraging,’ Despite Reportedly Heated Exchanges
• CBOE Refiles Application For Bitcoin ETF Options, Signaling Potential SEC Engagement
• Putin Greenlights Crypto Mining In Russia 2 Months After Trump Vowed To Mine All Remaining Bitcoins In US

Notable Statistics:

• IntoTheBlock data shows large transaction volume declined by 4.4%, while exchange netflows narrowed by 28.7%. Transactions greater than $100,000 in the past seven days increased from 8,697 as of August 2 to 8,971 as of August 8.
• Coinglass data noted 49,660 traders liquidated for $187.08 million. Bitcoin short liquidations came in at their lowest ($10.6 million) since July 30.
• Bitgrow founder Vivek indicated that whales purchased the most bitcoin since October 2014.

Top Gainers:

Cryptocurrency	Price	Gains +/–
Celestia (CRYPTO: TIA)	$5.6	+17.2%
Zcash (CRYPTO: ZEC)	$40.07	+15.8%
Cronos (CRYPTO: CRO)	$0.0949	+15.8%

Trader Notes: CryptoCon, in their latest tweet, stated that the Bitcoin Fibonacci extension has accurately found each local high of this cycle. He predicts the next 52% increase and the .618 extension is set to push over the legendary $100,000 threshold at $109,236.

Based on the continuation of "1-month-behind 2023," more than $100,000 by the end of the year "doesn't look so impossible."

Michaёl van de Poppe prefers to hold above $57,500 for bullish continuation to be taking place towards an all-time high in September/October.

Crypto trader Kevin predicts a Bitcoin price target of $69,000.

#BTC if forming a bull flag on the 1H time frame. Kind of suspect though since we are going into the weekend. Price target is 69K. pic.twitter.com/02GcUNNwII

— Kevin (@Kev_Capital_TA) August 9, 2024

Cryptoquant Founder & CEO Ki Young Ju noted that Bitcoin was discounted for only three days, as most Bitcoin on-chain cyclical indicators have shifted back from the borderline to signal a bull market.  

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:

• Bitcoin’s Bullish Prospects: Fed Cuts, Strategic Reserve And A 2020 Deja-Vu

Image: Shutterstock

Posted In: $BTC $CRO $DOGE $ETH $SHIB $SOL $TIA $ZEC