Bitcoin, Ethereum, Dogecoin Dip Ahead Of Macro Volatility Triggers As November Ends: Analyst Predicts Ethereum To Rally Over 80% To $3600
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) saw declines ahead of a week filled with potential macroeconomic volatility. The available supply of Bitcoin on exchanges is at its lowest since April 2018, excluding October's lows. The upcoming Bitcoin halving in April 2024 is expected to reduce the new supply entering the market by 50%, potentially increasing BTC prices. The Federal Reserve's upcoming inflation data will influence interest rate decisions, affecting Bitcoin's price. Analysts predict a positive economic trend could lead to a Bitcoin surge, with a potential to reach $40,000. Ethereum is also expected to rally, with targets around $3,100-3,600 if it breaks out of an 18-month range. Market sentiment is cautious as fear sentiment increases with altcoins retracing their gains.
November 28, 2023 | 3:14 am
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POSITIVE IMPACT
Bitcoin's supply on exchanges is at a multi-year low, and the upcoming halving event in 2024 is expected to reduce new supply, potentially driving up prices. Fed data on inflation could also impact Bitcoin's price in the short term.
The low supply of Bitcoin on exchanges and the halving event are historically bullish signals for Bitcoin's price. However, the impact of the Fed's inflation data is uncertain and could sway prices in either direction.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum is expected to rally with potential targets around $3,100-3,600 if it breaks out of an 18-month range. Analysts suggest a dip towards $1,800-1,900 could be a favorable entry point.
Ethereum's potential to break out of a long-term range could signal a bullish trend. Analyst predictions of a significant rally provide a positive outlook, but market volatility and macroeconomic factors could affect the trajectory.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin experienced a minor dip amid market uncertainty. While not the focus of the article, DOGE's price could be influenced by overall market sentiment and macroeconomic factors.
Dogecoin's minor dip is mentioned without specific forecasts or significant news, suggesting a neutral short-term impact. However, broader market trends and investor sentiment could still affect its price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50