Bitcoin, Ethereum, Dogecoin Pick Up Steam As BTC Whale Transactions Spike: 'The Real Parabola Is Loading…,' Says Trader

Author: Khyathi Dalal | August 13, 2024 03:19pm

Cryptocurrency markets are trading higher amid a spike in BTC whale transactions and possible renewed Mt.Gox distributions.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$60,904	+2.9%
Ethereum (CRYPTO: ETH)	$2,715	+1.8%
Solana (CRYPTO: SOL)	$146.4	+1.8%
Dogecoin (CRYPTO: DOGE)	$0.1056	+0.19%
Shiba Inu (CRYPTO: SHIB)	$0.0000139	+1.8%

Notable Developments:

• Enjoy Ethereum’s Rally While It Lasts, Warns 10x Research
• Kamala Harris Administration Could Continue Crypto Crackdown, Expert Warns
• Bitcoin Spikes To $61,000 As BitGo Wallet Linked To $2B Bitcoin Transfer Possibly Prepares Mt. Gox Payouts
• Nayib Bukele’s ‘Bitcoin City’ Project In El Salvador Attracts $1.6B Investment From Turkey-Based Company

Notable Statistics:

• IntoTheBlock data shows a 40.9% increase in large transaction volume, while daily active addresses grew by 12%. Exchanges netflows narrowed by 69.2%. Transactions greater than $100,000 spiked from 4,929 as of August 11 to 7,557 as of August 12.
• Coinglass data shows 33,766 traders liquidated in the past 24 hours for $106.01 million.

Top Gainers:

Cryptocurrency	Price	Gains +/–
THORChain (CRYPTO: RUNE)	$3.64	+12.1%
Stacks (CRYPTO: STX)	$1.55	+10.6%
Akash Network (CRYPTO: AKT)	$2.84	+8.8%

Trader Notes: Michaёl van de Poppe wondered where Bitcoin is headed next. The first resistance above $56,000 is $60,000-$61,000 and if that is broken "we’ll be next to the ATH and you can buy the dip if you’re a trader."

However, he noted that in case of poor CPI data, the next target is $48,000 if $56,000 breaks.

More Crypto Online highlighted that now that the price has broken out of the sideways range to the upside, it is at resistance at previous swing highs. The trader predicts a "rally to $66,800 to confirm a viable third wave in the white diagonal pattern."

$BTC: The price has finally broken out of its sideways range to the upside and is now encountering resistance at previous swing highs. More importantly, the price needs to rally to $66,800 to confirm a viable third wave in the white diagonal pattern.

If the rally falters, the… pic.twitter.com/dokMdZlw4f

— More Crypto Online (@Morecryptoonl) August 13, 2024

Rekt Capital noted that the Bitcoin buy-side volume has come in, but more volume needs to come in for BTC to "eclipse its local highs from a few days ago." The trader believes a daily close above $61,700 would be even better.

CryptoCon predicts the real parabola is still loading and the August 2024 support is made.

This one is simple#Bitcoin makes the mid-top at the Pi Cycle 350 DMA*2, and then finds support at the Weekly Gaussian Moving Average.

Support made August 2024 ✅

The real bull parabola is loading… pic.twitter.com/LFl4YbiRNu

— CryptoCon (@CryptoCon_) August 13, 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:

• How Does Bitcoin Perform Ahead Of US Presidential Elections? ‘Another 400 Days Of Upward Price Expansion Left,’ Says Analyst

Image: Shutterstock

Posted In: $AKT $BTC $DOGE $ETH $RUNE $SHIB $SOL $STX