Although the leading cryptocurrency Bitcoin briefly surpassed $100,000 yesterday, it started the new week weakly and fell to $98,000.
This decline affected altcoins and left investors with leveraged positions in a bind. According to Coinglass data, $495 million worth of leveraged transactions were liquidated in the last 24 hours, $413 million of which were long positions and $82 million were short positions.
While 200 thousand investors liquidated in the last 24 hours, the largest liquidation occurred in the DOGE/USDT trading pair on Binance.
While Bitcoin is trending sideways, analysts have announced their expectations for Bitcoin.
Ethereum Will Launch After January!
At this point, analysts at Singapore-based crypto company QCP Capital announced that they expect Bitcoin and the crypto market to move within a certain range until 2025.
Adding that Bitcoin and the market are still in an upward trend, analysts stated that they expect an increase and ATH in Ethereum after January.
“While we are still structurally bullish, spot prices are likely to remain in this range for the remainder of the holiday season.
Historically, Ethereum typically doesn’t reach a new all-time high until January of the post-halving year. This sentiment is also reflected in the options market, where ETH risk-on returns are skewed toward calls only from January onwards.”
Bitcoin Could Reach $120,000!
Alex Kuptsikevich, senior analyst at FxPro, said that Bitcoin’s failure to stay above $100,000 is a worrying sign for bullish momentum:
“Bitcoin is failing to consolidate above $100,000, which is likely suppressing buying in the broader market. Bitcoin’s lack of bullishness and growth has also negatively impacted altcoins.
We view Bitcoin’s lull as a significant position correction that will help the market shake off short-term overbought conditions and move higher more reliably.
However, the next round of upward momentum could take advantage of the Fibonacci extension and push Bitcoin price to $120,000.”
*This is not investment advice.
