Bitcoin, Ethereum, Dogecoin Trade Like 'No Bear Market On The Horizon,' Trader Predicts All-Time High In The 'Next 3-4 Weeks'

Author: Khyathi Dalal | October 16, 2024 03:48pm

Cryptocurrency markets are trading higher, taking 96% Bitcoin holders into profit.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$67,883.56	+1.6%
Ethereum (CRYPTO: ETH)	$2,617.07	+1.3%
Solana (CRYPTO: SOL)	$154.56	-0.15%
Dogecoin (CRYPTO: DOGE)	$0.1265	+10.2%
Shiba Inu (CRYPTO: SHIB)	$0.00001869	+3.4%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 43.5% and daily active addresses growing by 10.4%. Transactions greater than $100,000 are up from 9,217 to 9,654 in a single day. Exchanges netflows are up by 43.8%.
• Coinglass data reports 53,788 traders were liquidated in the past 24 hours for $147.29 million.
• Crypto trader Jake Gagain pointed to Bitcoin reaching the highest market dominance (58.8%) since 2021. Analysts predict Bitcoin could reach 60% dominance before an altcoin season begins.

Notable Developments:

• Elon Musk’s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets
• Venture Capitalist Labels Gary Gensler ‘Worst Crypto Regulator Ever,’ Says Election Race Is A ‘Win-Win’ For Crypto Investors
• Bitcoin’s Next Big Move To Be Decided By Election Result And Labor Market Report, Says Benjamin Cowen
• Dogecoin, Shiba Inu, Reached Multi-Billion Dollar Valuations In Months That Took Regular Companies Decades, Study Finds

Top Gainers:

Cryptocurrency	Price	Gains +/-
FTX Token (CRYPTO: FTT)	$2.1	+14%
Dogecoin (CRYPTO: DOGE)	$0.1265	+10.2%
Bonk (CRYPTO: BONK)	$0.00002409	+7%

Trader Notes: With Bitcoin prices hovering around $67,000 mark, trader Michaёl van de Poppe stated that the crypto king is targeting a new all-time high as the trend has shifted. He anticipates this happening within the next 3-4 weeks, with Bitcoin potentially reaching $90,000 by the end of the year.

Voicing a similar opinion, CryptoCon marks Bitcoin’s next target at $109,000 which could potentially be reached as early as December. According to the trader, everything is aligning for a year of all-time highs in 2025, with no recession or bear market in sight.

Santiment’s poll on when BTC will hit $73,700 shows 41.6% of respondents thinking it will be by the end of October and 36.5% by end of 2024. Around 9.4% say it will never happen.

🤔 With Bitcoin just surpassing $68K for the first time since July 29th, when will its market value surpass the $73.7K all-time high?

— Santiment (@santimentfeed) October 16, 2024

Crypto trader BitQuant sees an upcoming range where Bitcoin might consolidate between $75,000 and $95,000. $63,000 remains a solid buying price for BTC, but the trader does not recommend buying above $70,000.

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: 

• Crypto Policy Scorecard Rates Trump, Harris And Biden: One’s ‘Undoubtedly More Favorable’ But There’s One ‘Supportive’ Surprise

Image: Shutterstock

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