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Bitcoin, Ethereum, Dogecoin Trade Mixed As BTC ETF Activity Surges To Highest Levels Since Their Debut: Analyst Foresees King Crypto Skyrocketing To $180K In 2025

Author: Mehab Qureshi | February 20, 2024 11:12pm

Major cryptocurrencies traded mixed on Tuesday evening, with Bitcoin exchange-traded funds recording the highest trading volume since their introduction in the U.S. last month.

CryptocurrencyGains +/-Price (Recorded 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

What Happened: The BTC ETFs trading volume surged to almost $2 billion on Tuesday, marking the highest total since the initial day of trading on January 11, as reported by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

VanEck’s HODL ETF recorded just under $400 million in volume, while the WisdomTree Bitcoin Fund (BTCW) observed a substantial $221.9 million in trades. BitWise’s fund registered a $178.29 million in trading volume.

Bitcoin experienced a surge during the early hours of Tuesday, climbing from $51,600 to nearly $53,000, only to encounter swift selling pressure that led to a reversal, driving prices down to as low as $50,700. Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, faced a slight downturn, plummeting to $2,900 after surpassing the $3,000 mark for the first time since April 2022.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Siacoin (SC)+17.49%$0.015
Monero (XMR)+8.35%$125.18
Flare  (FLR)+6.08%$0.035

The global cryptocurrency market cap now stands at $1.97 trillion, showing a 0.28% decrease in the past 24 hours.

The stock market took a hit on Tuesday as NVIDIA spearheaded a broader decline in the tech sector, just ahead of the chipmaker’s earnings report. 

The Dow Jones Industrial Average experienced a decrease of 64.19 points, or 0.17%, settling at 38,563.80. Similarly, the S&P 500 slipped by 0.60%, at 4,975.51. The  Nasdaq Composite also registered a decline, losing 0.92% to close at 15,630.78.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe foresees a rapid market downturn, with Bitcoin maintaining its position above $50K.

"Probably a broader correction happens once that area is lost. If highs are taken, I still expect $54-58K to be a local top."

According to Ali Martinez’s analysis of the 10-minute Bitcoin chart, the TD Sequential indicates that the support trendline is situated at $51,700, with the resistance trendline at $52,515. "A sustained close outside of this zone will determine the direction of $BTC next move."

A TD Sequential Chart refers to a technical analysis indicator used to identify potential price reversals based on the TD Sequential theory by Tom DeMark. The chart is made up of a series of numbers and countdowns that help traders forecast the resistance points of a current trend, indicating when it might be a good time to buy or sell.

Pseudonymous analyst Dave the Wave sees BTC breaking above the upper limit of the Logarithmic Growth Curve indicator before experiencing a sharp corrective movement. The LGC indicator in cryptocurrency trading is a technical analysis tool that helps traders visualize the exponential growth phases of a cryptocurrency’s price and can be used to identify long-term trends, potential buy/sell zones, and areas of market consolidation.

The analyst utilizes Fibonacci extensions to forecast a price target of $180,000 for BTC in 2025. Fibonacci extensions are employed in technical analysis to project profit targets and price pullbacks, relying on Fibonacci ratios.

"BTC Fib extension gives target of $180,000,” the analyst said.

Photo by FellowNeko on Shutterstock

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Posted In: $BTC $DOGE $ETH

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