Bitcoin, Ethereum, Dogecoin Begin The Week In Red, 'All Of BTC Recent Chop...Preparation For Next Phase Into $100,000s'

Author: Khyathi Dalal | August 19, 2024 04:28pm

Cryptocurrency markets are down on Monday but holding on to crucial trend lines, fueling predictions for a reversal.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$58,971.76	-1.3%
Ethereum (CRYPTO: ETH)	$2,606.37	-2.4%
Solana (CRYPTO: SOL)	$142.95	-2.5%
Dogecoin (CRYPTO: DOGE)	$0.1004	-2%
Shiba Inu (CRYPTO: SHIB)	$0.00001318	-2.2%

Notable Developments:

• How Much Has Donald Trump Made From NFT Sales? It’s More Than You Might Think
• Bitcoin Technical Analyst Concedes: ‘You’re Not The Only One Losing Interest’
• Kamala Harris May Reportedly Nominate SEC Chair Gary Gensler As Treasury Secretary If Elected
• Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?

Notable Statistics:

• IntoTheBlock data shows Bitcoin’s large transaction volume increased by 12.5% in the past 24 hours. Daily active addresses decreased by 4.2%, exchange netflows surged by 1,243.07%. 81% of Bitcoin holders are currently in profit.
• Coinglass data shows 43,284 traders were liquidated in the past 24 hours, total liquidations came in at $105.24 million.

Top Losers:

Cryptocurrency	Price	Gains +/-
Sats (CRYPTO: 1000SATS)	$0.0002865	-6.2%
Brett (Based) (CRYPTO: BRETT)	$0.07609	-5.8%
Ondo (CRYPTO: ONDO)	$0.6766	-5.1%

Trader Notes: Daan Crypto Trades, in his latest post, noted that September has historically been the worst month for Bitcoin, although last year’s exception led to a seven-month green rally. Bitcoin’s August returns are thus far in line with the past two years.

Javon Marks predicts Bitcoin's path to lead to $116,000, as it comes off "a major Hidden Bull Divergence pattern." He sees the first pushback above the $67,559 target taking a massive breakthrough for the next phase of this bull cycle.

He also added that the recent chop after meeting $67,559 the first time could be a preparation for the next phase into the $100,000s.

Bitcoin's Path To >$116,000:

As #Bitcoin (BTC) is still coming off of a major Hidden Bull Divergence pattern, sights can remain on a push back above the $67,559 target, which can be a massive breakthrough for the next phase of this bull cycle.

With a break + hold that target,… https://t.co/sx3K3QfUFb pic.twitter.com/ITrFjuYcOq

— JAVON⚡️MARKS (@JavonTM1) August 19, 2024

Bitcoin Ape sees Bitcoin holding up well on its upwards trend line despite recent dips and volatility. He added, "The $62,300 resistance is a key area to watch for Bitcoin and flipping this zone will ignite bullish sentiments once more."

However, he added that there are many factors in play including the U.S. elections in November.

Another crypto trader More Crypto Online sees holding $58,460 to reach the next key level of $59,729. He noted that "price action is not clearly impulsive, so we have to remain flexible."

$BTC: The price has broken above the first trend line and seems to have broken above the daily price range. However, price action is not clearly impulsive, so we have to remain flexible. To keep this micro structure alive for wave (c), wave (3) should reach $59,729+ next, while… pic.twitter.com/z2CqaOJKjx

— More Crypto Online (@Morecryptoonl) August 19, 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: 

• Bitcoin Technical Analyst Concedes: ‘You’re Not The Only One Losing Interest’

Image: Shutterstock

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