Bitcoin (BTC) starts the trading week down 1.6% and is trading above $41,000. Ether (ETH) is also trading above $2,100, down 2%. So, what’s next? Here is the latest situation in the market and analysts’ expectations…
$103 million liquidated in Bitcoin and altcoins
Data from Coinglass shows $103.5 million in token-tracking futures liquidations in the last 12 hours, $95 million of which were long positions or bets on higher prices. Of the total liquidation of $103.5 million, $33 million consisted of Bitcoin positions. Additionally, $29 million of these were long Bitcoin positions.
Lucy Hu, Senior Analyst at Hong Kong-based crypto asset management firm Metalpha, says the broad market continues to hold up pretty well despite the recent Ledger hack, which has seen things like interest rate cuts and ordinals on the horizon drive more interest in Bitcoin. She also adds:
The massive Ledger hack has shaken some sentiments in the DeFi space and raised important questions about wallet security. Additionally, the spectacular rise of Bitcoin Ordinals continues to fuel excitement for heavily rewarded Bitcoin miners. We expect Bitcoin’s long-term growth momentum to remain on track.
Forecasts still optimistic
Despite Bitcoin’s current correction phase, year-end forecasts for 2024-2025 still remain optimistic, especially compared to last year’s harsh predictions for Bitcoin at $10-12 thousand. In a recent year-end report, Woo Network is targeting a $75k price point for BTC in “early 2024.” cryptokoin.com As we reported, Bitwise has a similar price target, and the fund predicts Bitcoin will trade above $80,000. Bitwise also predicted, “Spot bitcoin ETFs will be approved and collectively become the most successful ETF launch of all time.” “Coinbase’s revenue will double and exceed Wall Street expectations by at least 10x.” he added.
Meanwhile, dozens of new meme coins are flooding the market. For this reason, gas fees are increasing rapidly on many layer 1 chains such as Ethereum and Avalanche. For example, Avalanche generated $5 million in fees in the last 24 hours. However, with its significantly larger market cap, Ethereum generated $13.52 million in revenue. Arbitrum and Optimism also saw a big increase in gas fees last week. Some of these layer-1 tokens have fallen faster than Bitcoin or Ethereum. Because AVAX fell by 6% and Solana’s SOL token fell by 4%.
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