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Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern
Source: Buzz FX / 13 Nov 2024 21:00:24 America/New_York
Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve.
Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m. ET) Bitcoin (CRYPTO: BTC) +1.79% $89,874.80 Ethereum (CRYPTO: ETH)
-2.11% $3,190.24 Dogecoin (CRYPTO: DOGE) +1.10% $0.3925 What Happened: The world's largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.
Bitcoin's dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.
Ethereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.
Nearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.
Bitcoin's Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest.
Most top trader accounts on Binance were still positioned for Bitcoin's decline, as seen from the Long/Short Ratio indicator.
The "Extreme Greed" sentiment strengthened as the reading on the Cryptocurrency Fear and Greed Index rose from 84 to 88.
Top Gainers (24-Hours)
Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m. ET) Peanut the Squirrel (PNUT) +443.42% $2.32 Pepe (PEPE) +46.86% $0.00002171 Floki (FLOKI) +30.28% $0.0000024 The global cryptocurrency market capitalization stood at $2.98 trillion, following an increase of 1.32% in the last 24 hours.
Stocks ticked slightly higher on Wednesday. The Dow Jones Industrial Average rose 47.21 points, or 0.11%, to close at 43,958.19. The S&P 500 gained 0.02% to end at 5,985.38. The tech-heavy Nasdaq Composite registered the second straight day of decline, closing down 0.26% at 19,230.72.
Consumer Price Index (CPI) rose from 2.4% in September to 2.6% in October, in line with economist predictions. Investors raised the odds of a 25 basis-point cut at next month's FOMC meeting to 82% from 58% a day before, data from the CME FedWatch tool showed.
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Analyst Notes: In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, said that Bitcoin was likely to witness heightened volatility on the road to $100,000.
"This is not an unexpected phenomenon, as the market often experiences corrections and fluctuations as it navigates uncharted territory," Kline added.
He also backed Bitcoin's appeal as a wealth preservation asset, predicting that it would catch up given the higher chance of another interest rate cut next month.
Influential cryptocurrency analyst Ali Martinez spotted a cup-and-handle pattern for Bitcoin, widely considered a bullish signal in technical analysis.
Martinez set a price target of $255,000 for the leading cryptocurrency.
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