The cryptocurrency markets saw a notable uptick in activity ahead of the weekend, with both Bitcoin and altcoins enjoying substantial price increases. Bitcoin, the top cryptocurrency, surged past $63,000, reflecting a 5.8% gain, while Ethereum climbed by 4.3% to reach $2,459.54. Other altcoins, including Solana, Dogecoin, and Shiba Inu, also reported impressive gains.
Data from IntoTheBlock indicated a 23.2% drop in large transaction volumes, while daily active addresses increased by 3.6%. Notably, transactions exceeding $100,000 rose from 7,555 to 8,264 in just one day, signaling a growing interest from institutional investors. Meanwhile, exchange netflows decreased by 327.6%. Currently, 87% of Bitcoin holders are in profit, with only 13% at breakeven.
According to Coinglass, 38,216 traders faced liquidations in the last 24 hours, totaling $115.88 million. This indicates that some traders were caught off guard by the sudden market surge and had to exit their positions.
Despite the bullish momentum, experienced traders are weighing in on the potential market trajectory. Crypto expert Raoul Pal forecasts that Bitcoin could soar to $250,000, underscoring the significance of his top five crypto predictions for those dependent on traditional income.
Crypto trader Javon Marks noted that Bitcoin’s climb above $62,000 signals a strong effort to reclaim its all-time high of $73,700. He believes the next target could be $116,650 based on historical price trends.
Analyst Miles Deutscher identifies $59,000 as a critical support level and advises cautious trading over the weekend, citing the overall market direction as still uncertain. He emphasizes the need for a higher high to officially break the downtrend structure.
Respected trader Michael van de Poppe points out the market’s shift toward an uptrend, suggesting the next challenge will be at $65,000. He anticipates that the acceleration of this market uptrend is on the horizon.
Veteran trader Seth warns against mistakes during this bullish market, highlighting that large-scale investors (whales) are accumulating and siphoning liquidity from retail traders. He believes this liquidity will propel the market higher.
The growing recognition of Bitcoin as an institutional asset class will be a key topic at Benzinga’s upcoming Future of Digital Assets event on November 19th. This event promises valuable insights into the evolving cryptocurrency landscape and its impact on finance.
