‘We Should Be Back In Line By October,’ Says Expert

Bitcoin, Ethereum, Dogecoin Dump: “We Should Be Lined Up By October,” Says Expert

Cryptocurrency markets are trading lower in sync with other financial markets as of 17:00 on Friday afternoon, 8/2/24.

Cryptocurrency

Price

Earnings +/-

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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Key Statistics:

IntoTheBlock data shows that the volume of large transactions decreased by 23.6%, while daily active addresses increased by 2.8%. In particular, net flows of exchanges increased by 433.8%.

According to Coinglass data, 71,166 investors were liquidated for $241.76 million in the last 24 hours.

A crypto investor spotted a Bitcoin whale purchasing $716.8 million worth of BTC from the Kraken exchange.

Citing Donald Trump, Radar reports that the $35 trillion debt burden could be paid off by issuing a small crypto check.

Arkham Intelligence data shows that Genesis is moving $1.5 billion worth of BTC and ETH to pay creditors.

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Top Losers:

Cryptocurrency

Price

Earnings +/–

Manufacturer (CRYPTO: MKR)

$2,465.1

-9.8%

Ray (CRYPTO: RAYS)

$0.01561

-8.5%

Helium (CRYPTO: HNT)

$4.57

-8.3%

Trader Notes: Crypto trader CJ highlighted Bitcoin’s weak reaction and indicated that he will remain in long positions. He expects a rally to $66,000 and a pullback to $58,000-$59,500.

“If I’m wrong, I get $67,000 back,” he adds.

Benjamin Cowen, founder and CEO of IntoCryptoverse, believes that Bitcoin’s volatility since March still leaves it ahead of its current normal for the cycle.

This shows that #BTC cycle ROI is low.

Despite the volatility since March, BTC is *still* ahead of where it normally is at this point in the cycle.

If this price action continues, we should be back in line with previous cycles by October. picture.twitter.com/NwqX7GAUUR

— Benjamin Cowen (@intocryptoverse) August 2, 2024

Another cryptocurrency investor noted that if Bitcoin loses its quarterly opening, daily demand will likely be in the $59,000 to $60,000 range, while a monthly support/resistance combination will occur.

The story continues

Sistine Research noted in its latest X post that Bitcoin is nowhere near the 50% BTC strategic reserve. It believes this will happen between now and the election. The research estimates: “85,000 – 100,000 BTC before November 5th.”

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This article Bitcoin, Ethereum, Dogecoin Dump: ‘We Should Be Lining Up By October,’ Says Expert was first published on Benzinga.com