Bitcoin, XRP, ETH Price Prediction for Next Week: Last Rally of 2024!
Bitcoin has soared to a new all-time high of $82,371, pushing its market cap past $1.62 trillion! With a massive 20% jump in just 7 days, the crypto market is buzzing. But hold on experts are now predicting a possible crash ahead. In just one hour, $123 million worth of positions were wiped out, causing Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) to drop sharply. Even meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) lost 6%. What caused this sudden dip, and is the market in for more trouble?
One of the main reasons for this sudden selloff was massive liquidations in the market. According to data from Coinglass, around $123 million in positions were liquidated in just four hours, and an eye-watering $621 million in total was wiped out in the last 24 hours.
This included $74 million from long positions and $16 million from short positions, triggering a massive selloff across the market.
Howeer, a total of over 217,000 traders were liquidated, with the largest liquidation happening on the OKX exchange, where a trade worth $15.56 million was closed.
One major signal is the sharp drop in Bitcoin’s implied volatility, especially for Bitcoin At-the-Money (ATM) options. This suggests that options traders aren’t expecting Bitcoin to continue its price surge in the immediate future.
Apart from this, there several macroeconomic factors are adding pressure on the crypto market. China’s recent stimulus package, worth 10 trillion yuan, has disappointed investors, causing a shift in market sentiment.
In addition, upcoming U.S. economic events like the CPI and PPI inflation data, jobless claims, and a speech from Federal Reserve Chair Jerome Powell are raising concerns about the broader economic outlook.
Despite the short-term struggles, some analysts remain hopeful for Bitcoin’s future. Trader Peter Brandt has predicted that Bitcoin could reach $125,000 by the end of the year, and even as high as $300,000 in the long term.
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