The Crypto Market In 2024: Can Bitcoin Climb Up To $100,000 By The End Of The Year?

The Crypto Market Went On A Rollercoaster Ride In 2024, With Some Of The Crypto Projects Reaching New All-Time Highs, While Bitcoin Is Still Dominating The Sector.

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With Bitcoin's abrupt decline signaling a bearish week for the cryptocurrency market, a summary identifies the biggest winners and losers. Here is a prediction on how Bitcoin might still reach the $100K mark after analyzing a number of Bitcoin and altcoin factors.

In contrast to the $1 billion liquidation on Thursday of last week, the cryptocurrency market has seen a significant decline in liquidations over the last 24 hours. The total value of the cryptocurrency market's 24-hour liquidation is $277.59 million.

With a long liquidation of $187.53 million, the bullish side is still suffering a great deal, while the short-side liquidations are at $90.05 million. Let's find out how likely it is that the cryptocurrency market will recover this week under these circumstances.

Long liquidations have cost Bitcoin (BTC) $41.80 million in the last day. In the meantime, $18.92 million is liquidated from the short sellers. The open interest is still at $60.49 million, but this represents $63.28 million over the last day.

At $95,421, the price of Bitcoin is still above the crucial psychological mark and the critical support level. The price of Bitcoin is finding it difficult to hold at this crucial level after dropping 1.18% on Sunday.

                                                                                                      Source: CoinMarketCap 

The intraday price range is $93,639 to $96,376 at the 24-hour high. A Doji Candle is being created by a small price movement of 0.02% with a wide price range.

At crucial price points, Doji Candles typically serve as a trend-reversal signal. Therefore, a bullish turnaround could be the outcome of the intraday price trend uncertainty with the Doji candle.

Additionally, the likelihood of a bullish recovery is increased when the RSI line turns sideways after breaking the 50% line. In addition to brownie points, the 50-day EMA's recent lower price rejection indicates that Bitcoin has strong support at lower levels.

Therefore, the likelihood of a morning start pattern leading to a new bullish turnaround will rise dramatically if the price of Bitcoin is able to maintain dominance above this level for the remainder of the day.

Ethereum maintains support at $3,200

Ethereum has been able to hover above the $3,000 mark while Bitcoin continues to dominate above the $95,000 level. The 100-day EMA line is providing support for ETH's current price of $3,341.

The price of Ethereum is exhibiting a similar price action to that of Bitcoin, hinting at a bullish turnaround, despite a bearish weekend that caused a nearly 6% decline. The RSI line is flat before hitting the oversold boundary line when a Doji Candle and Morningstar possibilities are present.

Therefore, if the bullish dominance holds throughout the day, the underlying dynamics predict a bullish start to this week.

Supply to keep an eye on: Since Ethereum's upward trend after Donald Trump's election victory, Justin Sun has been selling it aggressively. In the midst of a market meltdown, the Tron founder sold $143 million worth of Ethereum last week, which caused the price of the cryptocurrency to drop 15%.

According to blockchain analytics company Spot On Chain, Sun deposited the entire amount of 39,999 ETH into HTX after redeeming it from Lido Finance and EtherFi. Sun has invested 108,919 ETH (about $400 million) in HTX since November 10, primarily in the vicinity of regional price peaks.

Altcoin movements follow Bitcoin in the short term

The altcoin market, excluding Bitcoin and Ethereum, is still fighting for supremacy and maintaining its position above critical levels. With Bitcoin and Ethereum excluded, the total market capitalization of cryptocurrencies is currently $917.26 billion.

While forming a doji, the altcoin market cap is having difficulty staying above the 50-day EMA line, suggesting a similar chance for a turnaround.

Leading gainers and losers in 2024

In spite of the cryptocurrency market's bullish struggles, some altcoins have risen against the trend. These altcoins include Curve DAO token, Algorand, and Aave.

The average price has increased 11% in the last day to $332.09. The value of Algorand (ALGO) has risen by 10.56% to $0.3632. Curve DAO (CRV), on the other hand, shows a cautious 4.76% growth to reach $0.8246.

One of the tokens that rose the fastest in the cryptocurrency market over the last week, HyperLiquid, has seen a 22.81% price decline in the last day due to market uncertainty. The price of the HYPE token (HYPE) is $26.36 at the moment.

With price declines of 16.50% and 4.92%, respectively, Movement and SUI continue to be the biggest losers after HyperLiquid.

Is Bitcoin going to return to $100K?

The hopeful eye is still looking for a bullish recovery as the price of Bitcoin stays below the $100,000 support level. If the institutional support from the US spot Bitcoin ETFs takes effect, the short-term holding at the $95,000 support level may turn into a reversal point.

Furthermore, the price of Bitcoin is probably going to rebound with extra assistance from the El Salvadorian government, which added 29 BTC last week to $2.84M.

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