Bitcoin, Ethereum, Dogecoin Plunge Amid Profit-Taking: Analyst Says King Crypto Reaching $110K ‘Wouldn’t Surprise Me’

The cryptocurrency market experienced a decline on Sunday evening, as on-chain data reveals a considerable amount of profit-taking behind the stagnant prices.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD -2.09% $41,077
Ethereum ETH/USD -2.07% $2,176
Dogecoin DOGE/USD -3.51% $0.092

What Happened: According to analytics firm IntoTheBlock, Bitcoin experienced an influx of $860 million in net inflows to crypto exchanges last week, which is the highest level since March. The movement of assets to exchanges generally implies that investors plan to sell, suggesting that several investors decided to cash in on the profits following Bitcoin’s 65% surge from $27,000 in October.

On the futures side, within the last 24 hours, over 72,249 traders were liquidated, resulting in a total of $153.48 million. The largest single liquidation order on Bitmex occurred on XBT-USD, with a value of $10.00 million.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:40 p.m. EDT)
Bitget Token (BGB) +8.76% $0.61
Stacks (STX) +6.96% $1.10
Injective (INJ) +2.58% $30.38

The global crypto market cap has reached $1.59 trillion, marking a 0.86% decrease in the last 24 hours.

U.S. stock futures on Sunday night remained relatively unchanged after a notable seventh consecutive week of gains for the three key indices. Dow industrials futures climbed by 0.1% or 34 points, S&P 500 futures increased by a marginal 0.1%, and Nasdaq 100 futures’ rise stood at just 0.02%.

Last week, investors’ sentiment turned optimistic after the Federal Reserve announced its plan to cut three short-term interest rates in 2024, signaling the cooling inflation.

See More: Best Cryptocurrency Scanners

Analyst Notes: According to cryptocurrency analyst Michael Van de Poppe, it seems that we may be nearing the end of the current upward trend of Bitcoin. “Perhaps $48-51K and then we’ll correct and rotate towards the Ethereum ecosystem, bringing Ethereum towards $3,000-3,500.”

Eli Taranto, Director at EQITrade, said “With all the commotion around crypto and ETFs, whatever threatens the financial system needs to be regulated or managed. Stability and order is the number one priority, and if cryptocurrency proves that it cannot withstand and handle effective compliance because nefarious players outweigh the positive, it becomes a matter of the public good.”

He added, ” Order causes markets to thrive and any innovation needs to contribute to that process. Bitcoin may reach to 45k or higher in the short term after dipping, and may grow exponentially but the public and private partnership aspect will be key.”

The pseudonymous analyst DonAlt, explains his prediction that Bitcoin will experience a parabolic rise following its halving next year.

“Maybe we do something like this before we go lower again – like $90,000, $100,000 [or] $110,000 toward 2026 or 2025 wouldn’t surprise me but it’s what I think you could be looking at on the Bitcoin front.”

Santiment, an on-chain analytics firm, has reported a slight dip in the cryptocurrency market during the last non-holiday weekend of 2023. Bitcoin has seen a fall back to $41.6K, while Ethereum remains relatively stable above $2,200. Interestingly, InternetComputer has emerged as an outlier, having more than doubled its market cap in just a week.

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