Bitcoin, Ethereum Lose Ground: Peter Brandt Identifies 3 Dynamics On BTC Chart

Author: Khyathi Dalal | September 03, 2024 04:57pm

Cryptocurrency markets are trading relatively lower or flat as Bitcoin short-term holders are offloading more than before.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$58,112.09	-0.6%
Ethereum (CRYPTO: ETH)	$2,459.86	-2.5%
Solana (CRYPTO: SOL)	$131.69	-1.2%
Dogecoin (CRYPTO: DOGE)	$0.09815	+0.4%
Shiba Inu (CRYPTO: SHIB)	$0.00001328	-1.3%

Notable Statistics:

• IntoTheBlock data noted a 40.7% increase in Bitcoin's exchange net flows while daily active addresses grew by 6.2%. Transactions greater than $100,000 spiked from 5,943 as of Sept. 1 to 8,962 as of Sept. 2.
• Coinglass data shows 39,162 traders were liquidated in the past 24 hours as the total liquidations stood at $98.72 million.
• Crypto chart analyst Ali Martinez cites Glassnode data indicating that since mid-August, short-term holders have offloaded 642,366 BTC. He stated that these holders have a big impact on Bitcoin prices.

While many aspire to be diamond hands 💎🙌 and HODL, short-term holders actually have a big impact on #Bitcoin's price. When they buy, $BTC typically rises, but when they sell, the market feels the pain.

Since mid-August, these holders have offloaded 642,366 #BTC! pic.twitter.com/cXEZXeL8dD

— Ali (@ali_charts) September 2, 2024

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Top Losers:

Cryptocurrency	Price	Gains +/-
DOGS (CRYPTO: DOGS)	$0.001038	-7.9%
Aave (CRYPTO: AAVE)	$122.62	-5.7%
Lido DAO (CRYPTO: LDO)	$1.01	-5.3%

Trader Notes: As Bitcoin has been trading relatively flat and stuck in a range for the past few days, chart trader Peter Brandt noted three things: the first being an ongoing series of lower highs and lower lows, the second one being the downward slope of lows showing lack of energy and lastly he adds that in no other post-halving time in Bitcoin history has the crypto king has taken so long to reach all-time high levels.

Providing a slightly longer-term view, Rekt Capital marks $58,300 as the key level for a weekly close to get into new resistance.

#BTC

Bitcoin is showing initial signs of turning the blue Higher Low and the Channel Bottom (black) into new resistance for the time being

Still has almost a full week to turn it all around

Needs to Weekly Close above ~$58300 at the end of the week$BTC #Crypto #Bitcoin https://t.co/JbrBCaiWud pic.twitter.com/KIs06F51L8

— Rekt Capital (@rektcapital) September 3, 2024

CryptoCon in a detailed technical analysis reflects on the reliability of rainbow models and log curves, noting their success in predicting Bitcoin’s 2021 peaks. The trader believes Bitcoin could reach up to $180,000 by the end of next year, following the most optimistic curve.

Despite the sideways movement in Bitcoin’s price since March 2024, which has caused boredom and fear among investors, the author emphasizes that the final crypto rally is yet to come. While long-term holders are suggested to stay patient, the next exciting phase, dubbed "Red Year 2025," is approaching, CryptoCon said.

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 Vs. Altcoins Dominance: This ‘Unusual Cycle’ Is Getting ‘Harder And Harder To Play’

Photo via Shutterstock.

Posted In: $AAVE $BTC $DOGE $DOGS $ETH $LDO $SHIB $SOL