Bitcoin, Ethereum, Dogecoin Soar As Stocks Register New All-Time Highs: Top Analyst Says King Crypto On Track Toward $78K

Benzinga · 10/15 02:44

Leading cryptocurrencies rallied handsomely Monday, coinciding with fresh highs scaled by stocks.

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +5.40% $65,895.00
Ethereum (CRYPTO: ETH)
               		 +6.86% $2,620.94
Dogecoin (CRYPTO: DOGE)           +6.43% $0.1175

What Happened: Bitcoin jumped above $65,000 during morning trading hours and rose to $66,434 late evening, the highest it has been since July 30. 

Ethereum also rose to a two-week high of $2,630, representing a nearly 7% jump in the last 24 hours. 

Digital asset trading firm QCP Capital highlighted historical similarities with Bitcoin's upward price action preceding the U.S. elections. 

More than $245 million was liquidated from leveraged positions in the last 24 hours, with downside bets worth $209 million getting wiped out. 

Bitcoin's Open Interest-Weighted Funding Rate surged to levels not seen since late July, signaling the dominance of bullish leveraged traders. 

The market sentiment dramatically shifted from "Neutral" to "Greed," according to the Cryptocurrency Fear & Greed index, indicating a potential surge in buying pressure. 

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT)
BOOK OF MEME (BOME) +37.17% $0.01069
Cat in a dogs world (MEW) +28.53% $0.008632
Bitcoin Cash (BCH) +18.28% $380.39

The global cryptocurrency stood at $2.29 trillion, following a jump of 4.75% in the last 24 hours.

Stocks registered a blockbuster opening in the new trading week. The Dow Jones Industrial Average popped 201.36 points, or 0.47%, to close at a record high of 43,065.22. The S&P 500 jumped 0.77% to end at 5,859.85, also a record high. The tech-heavy Nasdaq Composite gained 0.87% to hit 18,502.69.

The rally was fueled by AI juggernaut Nvidia Corp.’s (NASDAQ:NVDA) record close Monday after its shares rose 2.4% in the regular trading session.

The earnings season kicked off with JPMorgan Chase & Co. (NYSE:JPM) reporting their third-quarter numbers last week. This week, investors were keeping a careful eye on the next batch of big earnings reports from major banks and technology companies, including Goldman Sachs Group Inc. (NYSE:GS) and Netflix Inc. (NASDAQ:NFLX).

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Ali Martinez drew attention to his projection from last month and how things were going as anticipated.

On Sept. 23, the analyst had predicted Bitcoin's fall to $60,000, followed by a rebound to $66,000, a retrace to $57,000, and finally a breakout toward $78,000.

Martinez remarked that with the first three prerequisites met, King Crypto was on track for $78,000.

Another widely-followed technical analyst, Rekt Capital stated that Bitcoin needed one daily close above $65,000 and a subsequent retest to sail into the $65000-$71350 area.

"Each of these moves have ended in lower highs, but there is a good chance that this series of lower highs could end with a daily close above $65,000," the analyst said.

Photo by Igor Faun on Shutterstock

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