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calendar_month Oct 31, 2024

Bitcoin, Dogecoin Cool Down, Ethereum Gains As Stocks Reverse On Q3 GDP Numbers: Analyst Predicts BTC At $80K In November, $90K-100K By December

The cryptocurrency market frenzy paused Tuesday as Bitcoin remained rangebound below its all-time high.

Cryptocurrency Gains +/- Price (Recorded at 8:45 p.m. EDT)
Bitcoin (CRYPTO: BTC) -0.27% $72,106.26
Ethereum (CRYPTO: ETH)
               
+1.32% $2,656.70
Dogecoin (CRYPTO: DOGE)           -3.54% $0.1683

What Happened: The world’s largest cryptocurrency almost set a new all-time high Monday before traders started to take profits.

On Tuesday, Bitcoin was glued in the $72,000 region, hitting an intraday high of $72,905 early in the evening.

Ethereum reversed course after breaking $2,700 briefly in the early morning hours.

Total cryptocurrency liquidations exceeded $100 million over the last 24 hours, with $62 million in bullish leveraged bets getting wiped out.

Bitcoin’s Open Interest rose 0.20% in the last 24 hours, in line with the sideways movement of the spot price.

Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.

“Extreme Greed” engulfed the market, as per the Cryptocurrency Fear and Greed Index, raising fears of a potential correction.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 8:45 p.m. EDT)
Maker (MKR) +8.45% $1,245.43
Chainlink (LINK) +5.24% $12.37
Aave (AAVE) +4.53% $156.93

The global cryptocurrency stood at $2.42 trillion, following a contraction of 0.15% in the last 24 hours.

Stocks pulled back from Tuesday’s highs. The Dow Jones Industrial Average slipped 91.51 points, or 0.22%, to end at 42,141.54. The S&P 500 fell 0.33% to close at 5,813.67, while the tech-focused Nasdaq Composite tumbled 0.56% from its record close from the previous day, ending at 18,607.93.

Investors parsed key macroeconomic data, including slower-than-expected U.S. GDP growth in the third quarter and higher-than-expected private employment growth in October.

The market has priced in a more than 95% possibility of the Federal Reserve cutting interest rates by 0.25% at its FOMC meeting next week, according to CME FedWatch tool.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin was approaching its new all-time high faster than what he previously predicted.

“I think $80,000 in November, $90,000-100,000 in December, and altcoins to strongly outperform as yields are going to drop,” the analyst issued a fresh projection.

Similarly, he predicted Ethereum to top the $3,000 level in November.

J.A. Maartunn, author at on-chain analytics firm CryptoQuant, drew attention to the growing retail investor demand for Bitcoin, which hit its highest level in seven months.

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