Crypto Currency

Bitcoin price to hit $125k by end of 2024: Matrixport

Bitcoin (BTC) could rally to a high of $125k in late 2024 amid institutional adoption, Matrixport said in report. The crypto services provider’s Bitcoin price prediction comes amid BTC’s surge to $35k. Spot Bitcoin ETF approval could be one of the catalysts of the bull market. Bitcoin’s jump to above $35,000 this week came amid

Published 2 years ago in
Bitcoin price to hit $125k by end of 2024: Matrixport
  • Bitcoin (BTC) could rally to a high of $125k in late 2024 amid institutional adoption, Matrixport said in report.
  • The crypto services provider’s Bitcoin price prediction comes amid BTC’s surge to $35k.
  • Spot Bitcoin ETF approval could be one of the catalysts of the bull market.

Bitcoin’s jump to above $35,000 this week came amid the crypto market’s latest spot Bitcoin ETF anticipation. This has the flagship cryptocurrecy looking at potentially printing the first consecutive weekly green candle since late July/early August when it went on to hit lows of $24,900 in September.

BTC has notably retreated from the $35k level and is battling to strengthen above $33.5k as of Friday afternoon, October 27.

What could drive Bitcoin price to $125k?

While some analysts say the crypto could look to retest key support levels, crypto services platform Matrixport says in a new Bitcoin price prediction that the benchmark cryptocurrency could soar to $125,000 by the end of next year.

The platform said in its latest research report that with Bitcoin in its fifth bull market, soaring institutional interest and potential price catalysts such as spot ETF could prove key to price gains.

“Bitcoin’s 5th BullMarket is underway, defined by institutional interest and a soaring price trajectory. This cycle began on June 22, 2023, with a new one-year high, historically leading to impressive returns. The target? $125,000 by December 2024,” the firm highlighted in a post on X.

The bullish perspective is down to Bitcoin’s growth as an asset class, with investors now looking at the cryptocurrency much more like they view traditional safe-haven assets like Gold and Treasury bonds. Institutional investors are buying Bitcoin as part of diversifying their portfolios.

BTC at current prices could therefore end up being a huge bargain given the expected influx of institutional money. For investors likely to think of a better entry point, Matrixport analysts say that price was $17k.

“Our analysis indicates that the optimal entry point was in October 2022, when Bitcoin traded at just $17,000. The narrative is now centered around institutional adoption and asset diversification,” they added.

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Crypto Currency

Meme coins remain under pressure as Dogecoin extends losses

Key takeaways Dogecoin extends its correction on Monday as memecoins record huge losses. DOGE could drop below $0.10 if the bearish trend persists.  Memecoins record huge losses The cryptocurrency market opened the new weekly candle bearish, with Bitcoin (BTC) slipping below the $77,000 level on Monday and risk appetite deteriorating across digital assets. Meme coins

Published 24 hours ago in
Meme coins remain under pressure as Dogecoin extends losses

Dogecoin risks dropping below $src.1srcsrc

Key takeaways

  • Dogecoin extends its correction on Monday as memecoins record huge losses.
  • DOGE could drop below $0.10 if the bearish trend persists. 

Memecoins record huge losses

The cryptocurrency market opened the new weekly candle bearish, with Bitcoin (BTC) slipping below the $77,000 level on Monday and risk appetite deteriorating across digital assets.

Meme coins started the week on a weak footing as the broader cryptocurrency market continued to struggle. Dogecoin, Shiba Inu, and Pepe all remain vulnerable to further downside after heavy selling pressure emerged following last week’s market correction.

DOGE is down by 5%, making it the worst performer among the top 10 cryptocurrencies by market cap. 

Dogecoin briefly rallied last week and retested the important weekly resistance zone near $0.119 on Thursday before sellers regained control.

The rejection triggered a fresh wave of downside pressure, with DOGE falling nearly 6% through Sunday and extending losses further on Monday as the token traded below the $0.106 level.

Technical outlook: DOGE risks a deeper correction below key EMAs

The DOGE/USD 4-hour chart is bearish as the leading memecoin has dropped below major support levels. 

If DOGE closes the daily candle below the 100-day Exponential Moving Average (EMA) near $0.106, selling pressure could intensify toward the 50-day EMA around $0.103.

A decisive breakdown below that support area may expose the previous trendline breakout region near $0.090, which now acts as the next major downside target.

Momentum indicators continue to reinforce the bearish outlook for Dogecoin. The Relative Strength Index (RSI) on the 4-hour chart currently sits near 41, slipping below the neutral 50 threshold and signaling that bearish momentum is beginning to strengthen.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator confirmed a bearish crossover on Saturday, a signal that remains active and continues to support downside risk in the near term.

Despite the bearish setup, Dogecoin could still attempt a short-term rebound if buyers successfully defend the 100-day EMA support near $0.106.

DOGE/USD 4H Chart

A sustained hold above that level may allow DOGE to recover toward the key weekly resistance zone around $0.119.

However, broader market sentiment, particularly Bitcoin’s direction, is likely to remain the dominant driver for meme coin price action in the near term.

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Crypto Currency

Bitcoin slides below $76,800 as ETF outflows and inflation fears pressure crypto markets

Key takeaways BTC dips lower for a fourth straight day on Monday after losing nearly 6% the previous week. US-listed BTC spot ETFs record a weekly outflow of $1 billion, the highest in three months. Bitcoin (BTC) remained under pressure on Monday, trading below $77,000 after declining nearly 6% last week, as persistent spot ETF

Published 24 hours ago in
Bitcoin slides below $76,800 as ETF outflows and inflation fears pressure crypto markets

Bitcoin drops below $77k

Key takeaways

  • BTC dips lower for a fourth straight day on Monday after losing nearly 6% the previous week.
  • US-listed BTC spot ETFs record a weekly outflow of $1 billion, the highest in three months.

Bitcoin (BTC) remained under pressure on Monday, trading below $77,000 after declining nearly 6% last week, as persistent spot ETF outflows and stronger-than-expected US inflation data dampened investor appetite for risk assets.

The latest decline marks Bitcoin’s fourth consecutive day of losses, with the cryptocurrency continuing to retreat after failing to sustain momentum above the key $82,000 resistance zone.

Hot US inflation data boosts hawkish Fed expectations

Bitcoin’s recent weakness accelerated following hotter-than-expected US inflation data released last week, alongside stronger US retail sales figures that reinforced expectations for a more hawkish Federal Reserve.

The renewed inflation concerns strengthened the US dollar and pushed Treasury yields higher, creating additional pressure on risk-sensitive assets such as cryptocurrencies.

Higher interest rate expectations typically reduce market liquidity and shift investor capital toward safer, yield-generating assets, limiting demand for speculative markets like Bitcoin.

The rejection near the $82,000 level also triggered additional profit-taking from short-term holders, intensifying the correction.

Institutional demand for Bitcoin also weakened notably last week. According to data from CoinGlass, US spot Bitcoin exchange-traded funds recorded net outflows of approximately $1 billion last week, marking the largest weekly withdrawal since late January.

The sharp reversal in ETF flows signals a cooling of institutional sentiment after several weeks of strong inflows that had previously supported Bitcoin’s rally.

If ETF outflows continue in the coming sessions, analysts warn that Bitcoin could face additional downside pressure.

Bitcoin price outlook: Bulls failed to take out a key resistance level

The BTC/USD 4-hour chart is bearish after Bitcoin’s price was rejected near the 100-week Exponential Moving Average (EMA) around $82,289.

BTC also closed last week below the 61.8% Fibonacci retracement level near $78,490, measured from the October all-time high of $126,199 to the February low around $60,000.

The breakdown below those key technical levels has shifted momentum firmly lower. If selling pressure persists, Bitcoin could extend losses toward the major psychological support level at $75,000.

On the weekly chart, momentum indicators remain mixed but increasingly cautious. The Relative Strength Index (RSI) slipped below the neutral 50 level and currently sits near 35, signaling a strong bearish momentum.

Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is also in the negative region, suggesting that the bears are in control. 

If the bearish trend persists, immediate support sits near the clustered 50-day and 100-day EMAs below current

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Crypto Currency

Bitcoin Depot Files for Bankruptcy as Regulatory Pressure and Revenue Collapse Force Shutdown of 9,000 ATMs

Bitcoin Depot North America’s biggest Bitcoin ATM firm has reached an important point in its journey by submitting for Chapter 11 bankruptcy. This news represents a sharp decline for a firm that was once at the forefront of retail crypto access, but is now gearing up to methodically turn off more than 9,000 devices globally…

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Bitcoin Depot North America’s biggest Bitcoin ATM firm has reached an important point in its journey by submitting for Chapter 11 bankruptcy. This news represents a sharp decline for a firm that was once at the forefront of retail crypto access, but is now gearing up to methodically turn off more than 9,000 devices globally…
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Crypto Currency

Japan Brokerages Build Crypto Funds as 2028 Reform Nears

Japan’s SBI Securities and Rakuten Securities are preparing in-house crypto investment trusts as regulators move toward allowing bitcoin and ether funds for retail brokerage accounts. The post Japan Brokerages Build Crypto Funds as 2028 Reform Nears appeared first on Crypto News Australia…

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Japan Brokerages Build Crypto Funds as 2028 Reform Nears

Japan’s SBI Securities and Rakuten Securities are preparing in-house crypto investment trusts as regulators move toward allowing bitcoin and ether funds for retail brokerage accounts.
The post Japan Brokerages Build Crypto Funds as 2028 Reform Nears appeared first on Crypto News Australia…
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