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Bitcoin's price dropped 4% to $97,911 following the US JOLTS data, which indicated a surge in job creation. This decline was attributed to large-volume traders engaging in "spoofing," leading to the disappearance of price support. Analysts warn that if Bitcoin fails to maintain support at the 50-day SMA, it could test lows around $92,000.
Analyst Justin Bennett indicates that Bitcoin is forming a bullish ascending channel, reminiscent of a pattern that led to a 100% rally earlier this year. He suggests that reclaiming the $100,000 area as support could trigger further price increases, with targets of $110,000 and $120,000 in 2025. Currently, Bitcoin is trading at $95,889, and maintaining support at $95,700 is crucial for bullish momentum.
Recent price movements indicate a potential rebound for Dogecoin, with analysts expressing confidence in its upward trajectory despite current market volatility. Trader Tardigrade notes a bullish trend on the 3-day time frame, highlighting the formation of an Ascending Channel pattern that could lead to significant price gains if DOGE breaks above key resistance levels. However, the coin has faced bearish performance, with a 25% drop in trading volume and a 20% decrease in value over the past week, currently trading at $0.31.
Ethereum's price is under scrutiny as it approaches the end of 2024, with analysts highlighting the critical $3,540 resistance level. A failure to surpass this could lead to a decline towards $3,000 or even $2,600. However, increased whale accumulation and positive market sentiment suggest a potential recovery, with forecasts indicating a 35% rise in the next three months and a 100% increase within a year.
Ethereum's price is under scrutiny as it approaches the end of 2024, with analysts highlighting the need to recover the $3,540 level to maintain bullish momentum. Currently trading at $3,330, a failure to break this resistance could lead to a drop towards $2,600. Meanwhile, whale accumulation and significant inflows into spot Ethereum ETFs signal growing confidence in the altcoin's future, with projections suggesting a potential 35% increase in the next three months and 100% growth within a year.
Analyst Justin Bennett is bullish on CRV, the token of CurveDAO, predicting a potential surge of over 600% from its current price of $0.77. He also sees Solana (SOL) as poised for a breakout, suggesting it could rise to $290 if it holds support in the $180 range.
Bitcoin is currently trading between $96,000 and $98,000, supported by significant buying activity from over 1.16 million BTC held in wallets. Despite a recent drop below $100,000 due to a hawkish stance from the Federal Reserve, 86% of holders remain profitable, with many continuing to accumulate BTC. Analysts warn that if Bitcoin falls below $96,000, it could drop to $90,000, while a bullish target of $110,000 remains in sight.
A prominent crypto trader predicts Ethereum is poised for a new all-time high, anticipating a surge past $4,000 as Bitcoin profits flow into ETH. With Bitcoin currently in a bullish phase, the trader expects it to reach between $116,000 and $125,000 by year-end, suggesting a strong finish for both leading cryptocurrencies.
Crypto analyst Tony Severino suggests that Bitcoin could surge to $190,000, drawing parallels with the 2017 bull run's Elliott Wave count. He predicts a potential retracement to $104,000 before a rally, while other analysts foresee Bitcoin reaching $125,000 by year-end amid growing optimism about its status as a US reserve asset. Currently, Bitcoin trades around $106,559.
Ethereum (ETH) has surged above $4,000 for the first time in eight months, with analysts predicting a potential rally to new all-time highs, possibly reaching $5,000+ soon. The formation of a golden cross signals bullish momentum, while Lunex Network (LNEX) is gaining traction, recently rising over 266% and aiming for $1 as it addresses interoperability challenges in the DeFi space.
Justin Bennett
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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