Bitcoin, Ethereum, Dogecoin Dump: ‘We Should Be Back In Line By October,’ Says Expert
Cryptocurrency markets are trading lower in sync with other financial markets as of 8/2/24 Friday afternoon 5pm.
|
Cryptocurrency |
Price |
Gains +/- |
|
Bitcoin (CRYPTO: BTC) |
$62,672 |
-1.1% |
|
Ethereum (CRYPTO: ETH) |
$3,013 |
-3.8% |
|
Solana (CRYPTO: SOL) |
$151.3 |
-6.8% |
|
Dogecoin (CRYPTO: DOGE) |
$0.1127 |
-2.3% |
|
Shiba Inu (CRYPTO: SHIB) |
$0.00001485 |
-2.2% |
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Notable Statistics:
-
IntoTheBlock data shows large transaction volume decreased by 23.6%, while daily active addresses increased by 2.8%. Notably, exchanges netflows spiked by 433.8%.
-
Coinglass data shows 71,166 traders were liquidated in the past 24 hours for $241.76 million.
-
A crypto trader noted a Bitcoin whale who purchased $716.8 million worth of BTC from the Kraken exchange.
-
Radar reports citing Donald Trump that the $35 trillion debt burden can be paid by handing a little crypto check.
-
Arkham Intelligence data points to Genesis moving $1.5 billion BTC and ETH for creditor repayments.
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Top Losers:
|
Cryptocurrency |
Price |
Gains +/– |
|
Maker (CRYPTO: MKR) |
$2,465.1 |
-9.8% |
|
Beam (CRYPTO: BEAM) |
$0.01561 |
-8.5% |
|
Helium (CRYPTO: HNT) |
$4.57 |
-8.3% |
Trader Notes: Crypto trader CJ highlighted Bitcoin’s weak reaction and noted that he will continue to remain in longs. He looks at a run up to $66,000, anticipating a move back down to $58,000-$59,500.
He adds, “If I’m wrong, I’ll get back in $67,000”
Founder and CEO of IntoCryptoverse, Benjamin Cowen sees Bitcoin’s choppiness since March places it still ahead of where it normally is at this point in the cycle.
This shows #BTC cycle ROI from the low.
Despite the choppiness since March, BTC is *still* ahead of where it normally is at this point in the cycle.
If this price action continues, then we should be back in line with prior cycles by October pic.twitter.com/NwqX7GAUUR
— Benjamin Cowen (@intocryptoverse) August 2, 2024
Another crypto trader noted that if Bitcoin loses the quarterly open, then daily demand is likely at $59,000 to $60,000 with monthly support/resistance confluence.
Sistine Research in their latest X post stated that Bitcoin is nowhere close to pricing in the 50% odds of a BTC strategic reserve. It believes that this will happen between now and the election. The prediction from the research stands at, “$85,000 – $100,000 BTC before Nov 5.”
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This article Bitcoin, Ethereum, Dogecoin Dump: ‘We Should Be Back In Line By October,’ Says Expert originally appeared on Benzinga.com
