Mixed Trading Patterns Observed in Bitcoin, Ethereum, and Dogecoin as Bitcoin ETF Activity Peaks Since Launch; Expert Predicts Bitcoin’s Ascension to $180K by 2025
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As mixed results were seen in major cryptocurrencies on Tuesday night,
Bitcoin ETFs achieved a peak in trading volume since their U.S. inception last month.
| Cryptocurrency | Change +/- | Value (Captured at 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) |
+0.82% | $52,088 |
| Ethereum (CRYPTO: ETH) |
+2.57% | $2,998 |
| Dogecoin (CRYPTO: DOGE) |
-3.92% | $0.085 |
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Developments: On Tuesday, Bitcoin ETFs saw their trade volume soar to almost $2 billion, a record level not seen since the very first day of trading on January 11, according to analysis by Eric Balchunas, a senior ETF specialist at Bloomberg Intelligence.
The VanEck HODL ETF approached a trade volume of just under $400 million, while the WisdomTree Bitcoin Trust (BTCW) noted an impressive $221.9 million in trade volume. Additionally, BitWise’s fund took in $178.29 million in trade volume.
Bitcoin saw an increase early on Tuesday, with prices climbing from $51,600 to nearly $53,000. However, it was met with strong selling pressure causing a price dip down to the $50,700 mark. Meanwhile, Ethereum, the runner-up in terms of market capitalization for cryptocurrencies, also experienced a decline, sinking to a low of $2,900 after briefly surpassing the $3,000 threshold for the first time since April 2022.
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| Cryptocurrency | Change +/- | Value (Caught at 9:30 p.m. EDT) |
| Siacoin (SC) | +17.49% | $0.015 |
| Monero (XMR) | +8.35% | $125.18 |
| Flare (FLR) | +6.08% | $0.035 |
The worldwide crypto market’s capitalization is recorded at $1.97 trillion, showcasing a minor 0.28% decline over the last 24 hours.
A sell-off in the stock market occurred on Tuesday, driven primarily by NVIDIA, which led a downturn midst the tech sector just before the chipmaker’s earnings announcement.
The Dow Jones Industrial Average saw a drop of 64.19 points, a modest decrease of 0.17%, to close at 38,563.80. The S&P 500 fell by 0.60% to 4,975.51, and the Nasdaq Composite declined by 0.92%, ending the day at 15,630.78.
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Analyst Opinions: Celebrated cryptocurrency analyst Michael Van de Poppe predicts a quick downturn in the market, envisioning Bitcoin holding its ground above the $50K mark.
“Potential for a wider correction if that threshold is breached. If highs are taken, I foresee $54-58K as a temporary ceiling.”
Within Ali Martinez’s scrutiny of the 10-minute Bitcoin chart, the TD Sequential suggests a support trend line at $51,700, with resistance at $52,515. “A decisive break from this range will set the direction of $BTC’s upcoming movements.”
For those unfamiliar, a TD Sequential Chart is a sequence of numbers and countdowns that traders use to predict turning points in a current trend, based on the principles of Tom DeMark.
Analyst Dave the Wave sees BTC ascending beyond the top end of the Logarithmic Growth Curve, followed by a steep correction. This tool, known as LGC, is employed to chart the exponential progress of a cryptocurrency’s price, highlighting long-range trends and pinpointing likely zones for buying, selling, or market stabilization.
Using Fibonacci extensions, the analyst proposes a 2025 price milestone for BTC of $180,000, highlighting the use of these extensions in setting potential profit targets and pullback levels based on Fibonacci ratios.
“BTC Fib extension targets $180,000,” he remarked.
Captured by FellowNeko on Shutterstock
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