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Bitcoin, Ethereum, Dogecoin Trade Mixed As Year Of The Dragon Dawns: Analyst Predicts 6-Figure Price Targ – Benzinga


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Major cryptocurrencies experienced mixed trading on Sunday night as East Asia marked the start of the Lunar New Year. According to the Chinese zodiac, this period is called the Year of the Dragon.

cryptocurrency Gain +/- Prices (recorded at 9:30 p.m. ET)
Bitcoin (Cryptocurrency: BTC) +1.72% $48,535
Ethereum (Crypto: ETH) +0.22% $2,516
dogecoin (Code:Doge) -0.18% $0.081

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what happened: Based on the latest analysis by 10X Research, the price of Bitcoin is expected to surge as much as $48,000 in the coming days, capitalizing on the historic uptrend seen around the Lunar New Year.

The forecast calls for a jump of at least 11%. Bitcoin has rallied almost 15% over the past two weeks, offsetting previous declines amid excitement around expected Bitcoin exchange-traded funds (ETFs), ultimately leading to a “sell the news” scenario I did.

Top Gainer (24 hours)

cryptocurrency Gain +/- Prices (recorded at 9:30 p.m. EDT)
bitcoin cash (Code: BCH) +10.67% $273.33
flare (cipher: FLR) +10.01% $0.033
immutable (cipher: IMX) +8.57% $3.00

Currently, the global cryptocurrency market capitalization has reached $1.7 trillion, showing an increase of 2.90% in the past 24 hours.

U.S. stock futures were solid Sunday night, capping off a historic week for the S&P 500. There were no major changes in futures prices tied to the 500 stock index, but Dow Jones Industrial Average futures and Nasdaq 100 futures traded within 0.1% of their previous closing levels.

Traders will be closely monitoring future releases. consumer price index The key inflation measure, CPI, is scheduled to be released on Tuesday morning. Additionally, economic indicators are scheduled to be released on Thursday and Friday, including January retail sales, production statistics, imports and exports, housing starts, and the Producer Price Index (PPI).

look more: best cryptocurrency scanner


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Analyst notes: virtual currency analyst michael van de poppe It was observed that Bitcoin is currently encountering resistance in the $48,000 to $50,000 range.

“It’s stronger and more resilient than I personally imagined. Is that a bad thing? No, it’s a good sign. More inflows from institutional investors are a sign of increasing market strength. I think it’s likely that it will be between $53,000 and $57,000 before the halving.”

crypto analyst Ali Martinez In his post, X said that Bitcoin whales have been on a buying spree, accumulating 140,000 BTC (equivalent to $6.16 billion) in the past three weeks. “The #Bitcoin whale continues his buying spree and in the last 3 weeks he has earned $140,000 BTC, bringing his total to $6.16 billion!”

Ki Young JooCEO of analytics platform CryptoQuant, predicted $112,000 per Bitcoin this year.

This prediction is in line with CryptoQuant’s market forecast, which takes into account the impact of investments on Bitcoin’s realization cap. The realized cap represents the total price of the last change in BTC supply.

“The Bitcoin market is seeing monthly spot ETF inflows of $9.5 billion, and the realized cap could increase by $114 billion per year. It could rise from $451 billion to $527-565 billion,” Ki said. .

Ki offered a “worst case” BTC estimate ranging from $55,000 to $59,000.

Photo by FellowNeko on Shutterstock

Read next: Jim Cramer advises against using Binance, prompting strong reaction from Twitter users


Become an options master in today’s market!

oh! The S&P 500 hit an all-time high. The technology and medical sectors are very hot. It’s time to learn the secret to Nic Chahine’s 411% return with options. Get his free report now.


© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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