Bitcoin, Ethereum, Dogecoin Trade Sideways But Trader Sees 'Everything Falling Into Place'

Author: Khyathi Dalal | September 24, 2024 02:15pm

Cryptocurrency markets are trading relatively flat, with Bitcoin and Dogecoin holding on to the green zone while Ethereum is down.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$63,744.60	+0.44%
Ethereum (CRYPTO: ETH)	$2,638.27	-1.6%
Solana (CRYPTO: SOL)	$147.23	+2.1%
Dogecoin (CRYPTO: DOGE)	$0.1092	+1.7%
Shiba Inu (CRYPTO: SHIB)	$0.00001471	+1.09%

Notable Statistics:

• IntoTheBlock data shows an increase of 86.9% in large transaction volume and a growth of 31.9% in daily active addresses. Transactions greater than $100,000 are up from 5,516 to 8,444 in a single day. Exchanges netflows increased by 985.2%.
• Coinglass data reports 40,286 traders liquidated in the past 24 hours for $91.41 million. 

Notable Developments:

• Bitwise CIO Matt Hougan: ‘The Most Powerful People In Finance Are Allocating To Crypto’
• Former Coinbase CTO Balaji Srinivasan Says Bitcoin Is About Stopping The State From Slowly Draining Your Wealth
• Gary Gensler-Led SEC Moved Forward With Enforcing Crypto Regulation ‘Despite Legal Problems,’ Commissioner Admits In Hearing
• Max Keiser Says El Salvador ‘Needs To Step It Up’ As Bhutan’s Bitcoin Adoption Astonishes Crypto Market
• Bitcoin ETFs See $4.5M Inflow, But Miners Could Actually Cause The Next Big Move Up

Top Gainers:

Cryptocurrency	Price	Gains +/-
Dogwifhat (CRYPTO: WIF)	$2.00	+14.3%
Conflux (CRYPTO: CFX)	$0.1646	+10.6%
Sui (CRYPTO: SUI)	$1.66	+7.2%

Trader Notes: With Bitcoin prices trading relatively flat at 0.6% gains, Daan Crypto Trades stated that the crypto king has been stuck between these two levels for the past 5-6 days. He added that several altcoins are making some big moves in the past week.  

On the other hand, crypto chart analyst Ali Martinez predicts that if this Bitcoin cycle follows the last two cycles, it could see a market top around October 2025.

Jelle sees two scenarios:

In a strong market, structures like these simply continue higher.

In a weak market, structures like these simply bart back down.

Stay tuned to find out more.#Bitcoin pic.twitter.com/xE2nNXbOhr

— Jelle (@CryptoJelleNL) September 24, 2024

In another tweet, Jelle added that Bitcoin is consolidating below the previous highs, and it needs to push through soon or there is a risk of rolling over into just another lower high. He marks $65,000 as the area to break.

Stockmoney Lizards explains everything in Bitcoin is falling into place: the bear, the bottom, the bull. The trader is curious, "How high will the new all-time high be this cycle?"

#Bitcoin

Everything is falling into place: the bear, the bottom, the bull. Now the only question is—how high will the new all-time high be this cycle? Global liquidity, rate cuts and #BTC scarcity (after the 4th halving) will push the price. pic.twitter.com/aMDsFSD9BZ

— Stockmoney Lizards (@StockmoneyL) September 24, 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: 

• These 42 Cryptos Have Outperformed Bitcoin In 2024: No DOGE, No SHIB, But 8 Meme Coins Among Them

Image: Shutterstock

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