Bitcoin, Ethereum, Dogecoin Plunge Amid Profit-Taking: Analyst Says King Crypto Reaching $110K 'Wouldn't Surprise Me'
Portfolio Pulse from Mehab Qureshi
The cryptocurrency market saw a decline on Sunday with Bitcoin, Ethereum, and Dogecoin experiencing drops due to profit-taking. Bitcoin had $860M in net inflows to exchanges, the highest since March, indicating potential selling pressure. Over 72,249 traders were liquidated in the futures market. U.S. stock futures remained stable. Analysts predict a potential end to Bitcoin's upward trend with a shift towards Ethereum, and a parabolic rise for Bitcoin post-halving is anticipated. InternetComputer's market cap doubled in a week.
December 18, 2023 | 2:42 am
News sentiment analysis
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NEGATIVE IMPACT
Bitcoin experienced significant net inflows to exchanges and a price drop, indicating selling pressure and potential short-term bearishness.
The high level of net inflows to exchanges typically suggests that investors are preparing to sell, which could lead to a price drop in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin saw a larger drop compared to Bitcoin and Ethereum, which may indicate a stronger bearish sentiment in the short term.
Dogecoin's larger percentage drop suggests it may be more affected by the current profit-taking trend, potentially leading to further short-term declines.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Ethereum's price slightly decreased, but analysts predict a shift towards the Ethereum ecosystem with a potential rise to $3,000-3,500.
Despite the current price drop, the analyst's prediction of a shift towards Ethereum and a potential price increase provides a positive outlook.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80