Bitcoin, Ethereum, Dogecoin Grind Up: 'We Could See A Fully Bullish 2025,' Trader Hopes

Author: Khyathi Dalal | September 12, 2024 04:00pm

Cryptocurrency markets are slightly up as markets are trying to assess the chances of a rate cut next Wednesday.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$58,420.94	+1.7%
Ethereum (CRYPTO: ETH)	$2,354.98	+0.9%
Solana (CRYPTO: SOL)	$135.52	+2.8%
Dogecoin (CRYPTO: DOGE)	$0.1021	+0.8%
Shiba Inu (CRYPTO: SHIB)	$0.00001334	+0.7%

Notable Statistics:

• IntoTheBlock data shows Bitcoin's large transaction volume dropped by 11%, while daily active addresses saw a 7% drop. Exchanges netflows narrowed by 56.7%.
• Coinglass data shows 26,425 traders liquidated in the past 24 hours for $67.65 million.
• Crypto chart analyst Ali Martinez noted a spike in the Bitcoin Taker Buy/Sell Ratio on Binance. This is a sign of aggressive buying, with potential upward momentum ahead.
• In another tweet, he said that Bitcoin miners are earning far less than their historical average as indicated by Bitcoin Puell Multiple dropping below 0.4.

Notable Developments:

• CryptoPunk Heist: $1M NFT Snagged For $18,000 In Smart Contract Exploit
• Grayscale Revives XRP Trust After 3-Year Hiatus
• Coinbase Launches cbBTC, Bridging Bitcoin To Ethereum And Base Networks
• ‘Put In’ The CBDC: Russian Central Bank Targets July 2025 For Widespread Digital Ruble Use
• Crypto Bank Anchorage Digital Challenges Coinbase’s ETF Custody Dominance

Top Gainers:

Cryptocurrency	Price	Gains +/-
Worldcoin (CRYPTO: WLD)	$1.60	+16.5%
Sui (CRYPTO: SUI)	$1.02	+12.5%
Beam (CRYPTO: BEAM)	$0.01416	+11.4%

Trader Notes: With Bitcoin prices crossing the $58,000-mark, crypto trader Titan Of Crypto foresees the "legendary $100,000 target incoming." He predicts the end of the year could surprise many just like in 2022 when the “recession was everywhere,” but Bitcoin bottomed out earlier.

With a reclaim of $58,000, crypto trader Jelle sees a push beyond $65,000 to "completely lock into the Q4 all-time high thesis."

#Bitcoin slowly grinds higher — as it tries to reclaim the key level around $58,000.

Want to see this push beyond $65,000 to completely lock into the Q4 ATH thesis.

Until then — level by level. pic.twitter.com/q8ClQFaZqd

— Jelle (@CryptoJelleNL) September 12, 2024

Stockmoney Lizards compares Bitcoin's performance to a time-specific pattern that revolves around the Halving dates. The trader calls the timing perfect and expects to see bright green monthly candles again after a couple of weeks, most likely in Q4 2024.

He added, "If all goes according to plan, we could see a full bullish 2025."

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: 

• What’s Next For Bitcoin, Ethereum After Months Of Sideways Momentum?

Image: Shutterstock

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