Bitcoin Breaks $100,000, Falls Back Below, Ethereum, Dogecoin Follow Lower: A 'Scam Dump' To Wipe Out Leverage?

Author: Khyathi Dalal | December 05, 2024 03:41pm

Cryptocurrency markets saw highly volatile trading on Thursday, with Bitcoin first crossing the $100,000 milestone but falling back to a low of $98,000 in the afternoon.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$98,600	-0.2%
Ethereum (CRYPTO: ETH)	$3,815	-1.8%
Solana (CRYPTO: SOL)	$232.2	-0.9%
Dogecoin (CRYPTO: DOGE)	$0.4302	+2.0%
Shiba Inu (CRYPTO: SHIB)	$0.00003047	+0.6%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 3.2% and daily active addresses falling by 3.4%. Transactions greater than $100,000 are up from 13,081 to 13,754 in a single day. Exchanges netflows are up by 131.4%.
• Coinglass data reports 180,428 traders were liquidated in the past 24 hours for $650 million.

Notable Developments:

• Coinbase Targets Southeast Asia Crypto Expansion By Supporting Development Of Baht, Peso Stablecoins: ‘Literally The Same Money But Just Faster’
• Anthony Pompliano Says Countries Are ‘Going To FOMO’ Into Buying Bitcoin
• Stablecoins: A New Tool For U.S. Dollar Dominance, Global Financial Access
• MicroStrategy Shares Rise Over 8% In Pre-Market As Michael Saylor Prepares For ‘Party’ After Bitcoin Touches Historic $102K Mark
• Fed Chair Powell Says Economy Remains Strong, Bitcoin Is ‘Like Gold’: Expert Weighs In

Top Gainers:

Cryptocurrency	Price	Gains +/-
JasmyCoin (CRYPTO: JASMY)	$0.05453	+33.5%
Sui (CRYPTO: SUI)	$4.11	+11.7%
Worldcoin (CRYPTO: WLD)	$3.76	+11.2%

Trader Notes: With Bitcoin prices hovering around the $100,000 mark, crypto chart analyst Ali Martinez questions whether this milestone is mere coincidence or part of the “crypto king’s” predictable rhythm.

In previous cycles, Bitcoin required 1,065 days to recover from a bottom to a peak and 1,430 days between market bottoms. If this historical pattern holds, Martinez predicts a market top for BTC by October 2025.

Coincidence, or is it just how #Bitcoin works?

In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days.

If this pattern repeats again, $BTC will reach a market top in Oct 2025! pic.twitter.com/MUStj836Fw

— Ali (@ali_charts) December 5, 2024

Economist Peter Schiff warned that Bitcoin could undermine the dollar—not by replacing it as the global reserve currency, but by the U.S. government adopting Bitcoin.

Schiff argues this scenario would involve the government printing more dollars to acquire Bitcoin, fueling “a larger bubble that squanders the nation’s wealth.”

Meanwhile, crypto trader Wolf speculates whether Bitcoin’s recent breakout could trigger a “scam dump” aimed at liquidating overleveraged positions.

On the other hand, trader Kevin observes that BTC is struggling to sustain its upward momentum. While he acknowledges the downside risk, he suggests that any significant correction may take time to play out.

Update on the daily MACD momentum. Still showing downside momentum which is why #BTC is struggling to sustain a move higher. 100K was symbolic but overall there really was no move. We stayed level last night and measured and showed no exuberance. I warned everyone that all we did… https://t.co/vJdxcSlcVL pic.twitter.com/DZj3NdlR4V

— Kevin (@Kev_Capital_TA) December 5, 2024

Read Next: 

• Bitcoin Crosses $100,000 — This Trader Predicted It At The $16,000 Bottom In November 2022

Image: Shutterstock

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