Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern

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Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern

Benzinga11-14 09:55

Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve. CryptocurrencyGains +/-Price (Recorded at 7:30 ...

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href=https://www.benzinga.com/trading-ideas/movers/24/11/41960639/bitcoin-flirts-with-100k-dogecoin-edges-higher-ethereum-dips-as-cpi-numbers-fuel-rate-cut-hopes-analyst-says-btc-could-see-over-180-upside-due-to-this-bullish-pattern><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve.\nCryptocurrencyGains +/-Price (Recorded at 7:30 ...</p>\n\n<a href=\"https://www.benzinga.com/trading-ideas/movers/24/11/41960639/bitcoin-flirts-with-100k-dogecoin-edges-higher-ethereum-dips-as-cpi-numbers-fuel-rate-cut-hopes-analyst-says-btc-could-see-over-180-upside-due-to-this-bullish-pattern\">Source 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Reserve.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","FETH":"Fidelity Ethereum Fund","BK4594":"比特币ETF概念","BK4588":"碎股","CPI":"IQ Real Return ETF","BTC":"Grayscale Bitcoin Mini Trust","QETH":"Invesco Galaxy Ethereum ETF","BK4126":"金属与玻璃容器","EZET":"Franklin Ethereum Etf","PEGI":"Pattern Energy Group Inc.","OI":"欧文斯伊利诺玻璃","CETH":"21Shares Core Ethereum ETF","ETHV":"Vaneck Ethereum ETF"},"translate_title":"比特币触及10万美元，狗狗币小幅走高，以太币因CPI数据燃起降息希望而下跌：分析师表示，由于这种看涨模式，BTC可能会上涨超过180%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"QETH":1,"PEGI":1,"OI":1,"FETH":1,"EZET":1,"ETHV":1,"CPI":1,"CETH":1,"BTC":1},"content_text":"Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve.\nCryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Bitcoin BTC/USD+1.79%$89,874.80Ethereum ETH/USD               -2.11%$3,190.24Dogecoin DOGE/USD          +1.10%$0.3925\nWhat Happened: The world's largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.\nBitcoin's dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.\nEthereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.\nNearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.\nBitcoin's Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest. \nMost top trader accounts on Binance were still positioned for Bitcoin's decline, as seen from the Long/Short Ratio indicator.\nThe \"Extreme Greed\" sentiment strengthened as the reading on the Cryptocurrency Fear and Greed Index rose from 84 to 88.\nTop Gainers (24-Hours)\nCryptocurrencyGains +/-Price (Recorded at 7:30 p.m. ET)Peanut the Squirrel (PNUT)+443.42%$2.32Pepe (PEPE)+46.86%$0.00002171Floki (FLOKI)+30.28%$0.0000024\nThe global cryptocurrency market capitalization stood at $2.98 trillion, following an increase of 1.32% in the last 24 hours.\nStocks ticked slightly higher on Wednesday. The Dow Jones Industrial Average rose 47.21 points, or 0.11%, to close at 43,958.19. The S&P 500 gained 0.02% to end at 5,985.38. The tech-heavy Nasdaq Composite registered the second straight day of decline, closing down 0.26% at 19,230.72.\nConsumer Price Index (CPI) rose from 2.4% in September to 2.6% in October, in line with economist predictions. Investors raised the odds of a 25 basis-point cut at next month's FOMC meeting to 82% from 58% a day before, data from the CME FedWatch tool showed. \nSee More: Best Cryptocurrency Scanners\nAnalyst Notes: In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, said that Bitcoin was likely to witness heightened volatility on the road to $100,000.\n\"This is not an unexpected phenomenon, as the market often experiences corrections and fluctuations as it navigates uncharted territory,\" Kline added.\nHe also backed Bitcoin's appeal as a wealth preservation asset, predicting that it would catch up given the higher chance of another interest rate cut next month.\nInfluential cryptocurrency analyst Ali Martinez spotted a cup-and-handle pattern for Bitcoin, widely considered a bullish signal in technical analysis.\nMartinez set a price target of $255,000 for the leading cryptocurrency.\n\nIf #Bitcoin $BTC price action is following a cup-and-handle pattern, the bullish target could reach $255,000! pic.twitter.com/EMuA0QAPKA— Ali (@ali_charts) November 13, 2024\n\nRead Next:    \n\nFBI Raids Polymarket CEO Over Crypto Betting Platform’s US Activities — He Fires Back: ‘In The Face Of Adversity, We Build’\n Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}