Bitcoin, Ethereum Shift Sideways, Dogecoin Jumps As Stocks Hit New Record: Top Analyst Predicts King Crypto To Hit New High In 3-4 Weeks, $90K By Year-End

Benzinga · 10/17 02:45

Bitcoin saw a halt in its rally, while the king of meme coins, Dogecoin, fared among the biggest gainers Wednesday.

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +0.21% $67,611.27
Ethereum (CRYPTO: ETH)
               		 -0.24% $2,617.40
Dogecoin (CRYPTO: DOGE)           +7.19% $0.1253

What Happened: The world's largest cryptocurrency bounced above $68,000 in the early morning hours, a level not seen since the last week of July. 

However, bulls faced stiff resistance subsequently, resulting in a sideways movement in the high $67,000s.

Dogecoin jumped over 7%, becoming the best-performing billon-dollar capitalization coin in the last 24 hours.

"BTC continues to remain resilient above the $65,000 level as betting markets point to higher odds of Trump’s win," Digital asset trading firm QCP Capital said.

Total cryptocurrency liquidations hit $126.32 million in the last 24 hours after hitting a two-week high the previous day. More than $72 million in bullish bets was wiped out.

Bitcoin's Open Interest jumped 3.20% in the last 24 hours. A rise in OI, coupled with a sideways price movement, indicated a potential breakout to the upside.

Market sentiment continued to be "Greed," according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT)
Mog Coin (MOG) +11.56% $0.000002064
Bonk (BONK) +11.02% $0.00002471
Dogecoin (DOGE) +6.39% $0.1244

The global cryptocurrency stood at $2.32 trillion, following an increase of 0.63% in the last 24 hours.

Stocks recovered from Tuesday's retrace to close at record highs. The Dow Jones Industrial Average surged 337.28 points, or 0.79%, to close at a new peak of 43,077.70. The S&P 500 gained 0.47% to end at 5,842.47, while the tech-heavy Nasdaq Composite rose 0.28% to close at 18,367.08.

Banking giant Morgan Stanley (NYSE:MS) jumped 6.51% during Wednesday's trading after its third-quarter profit beat estimates.

Traders have priced in a 92% probability of a 25 basis point rate cut during the next month's FOMC meeting, according to CME FedWatch tool.

See More: Best Cryptocurrency Scanners

Analyst Notes: On-chain analytics firm Santiment highlighted the astronomical surge in Bitcoin whale transactions this week.

Furthermore, conversations around the apex cryptocurrency have spiked as it breached $68,000 for the first time since July.

"Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO," Santiment said, clarifying that any retrace would likely be for a shorter period.

Widely followed cryptocurrency analyst Michaël van de Poppe predicted a new all-time high for King Crypto in the coming weeks. 

"I think we’ll see this happening in the next 3-4 weeks that we’ll see that all-time high and likely $90K before EOY," he added.

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