Bitcoin, Ethereum, Dogecoin Trade Mixed As BTC ETF Activity Surges To Highest Levels Since Their Debut: Analyst Foresees King Crypto Skyrocketing To $180K In 2025

Zinger Key Points
  • The BTC ETFs trading volume surged to almost $2 billion on Tuesday, marking the highest total since the initial day of trading.
  • Michael Van de Poppe foresees a rapid market downturn, with Bitcoin maintaining its position above $50K.

Major cryptocurrencies traded mixed on Tuesday evening, with Bitcoin exchange-traded funds recording the highest trading volume since their introduction in the U.S. last month.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD+0.82%$52,088
Ethereum ETH/USD+2.57%$2,998
Dogecoin DOGE/USD-3.92%$0.085

What Happened: The BTC ETFs trading volume surged to almost $2 billion on Tuesday, marking the highest total since the initial day of trading on January 11, as reported by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

VanEck’s HODL ETF recorded just under $400 million in volume, while the WisdomTree Bitcoin Fund (BTCW) observed a substantial $221.9 million in trades. BitWise’s fund registered a $178.29 million in trading volume.

Bitcoin experienced a surge during the early hours of Tuesday, climbing from $51,600 to nearly $53,000, only to encounter swift selling pressure that led to a reversal, driving prices down to as low as $50,700. Simultaneously, Ethereum, the second-largest cryptocurrency by market capitalization, faced a slight downturn, plummeting to $2,900 after surpassing the $3,000 mark for the first time since April 2022.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Siacoin (SC)+17.49%$0.015
Monero (XMR)+8.35%$125.18
Flare  (FLR)+6.08%$0.035

The global cryptocurrency market cap now stands at $1.97 trillion, showing a 0.28% decrease in the past 24 hours.

The stock market took a hit on Tuesday as NVIDIA spearheaded a broader decline in the tech sector, just ahead of the chipmaker’s earnings report. 

The Dow Jones Industrial Average experienced a decrease of 64.19 points, or 0.17%, settling at 38,563.80. Similarly, the S&P 500 slipped by 0.60%, at 4,975.51. The  Nasdaq Composite also registered a decline, losing 0.92% to close at 15,630.78.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe foresees a rapid market downturn, with Bitcoin maintaining its position above $50K.

"Probably a broader correction happens once that area is lost. If highs are taken, I still expect $54-58K to be a local top."

According to Ali Martinez’s analysis of the 10-minute Bitcoin chart, the TD Sequential indicates that the support trendline is situated at $51,700, with the resistance trendline at $52,515. "A sustained close outside of this zone will determine the direction of $BTC next move."

A TD Sequential Chart refers to a technical analysis indicator used to identify potential price reversals based on the TD Sequential theory by Tom DeMark. The chart is made up of a series of numbers and countdowns that help traders forecast the resistance points of a current trend, indicating when it might be a good time to buy or sell.

Pseudonymous analyst Dave the Wave sees BTC breaking above the upper limit of the Logarithmic Growth Curve indicator before experiencing a sharp corrective movement. The LGC indicator in cryptocurrency trading is a technical analysis tool that helps traders visualize the exponential growth phases of a cryptocurrency’s price and can be used to identify long-term trends, potential buy/sell zones, and areas of market consolidation.

The analyst utilizes Fibonacci extensions to forecast a price target of $180,000 for BTC in 2025. Fibonacci extensions are employed in technical analysis to project profit targets and price pullbacks, relying on Fibonacci ratios.

"BTC Fib extension gives target of $180,000,” the analyst said.

Photo by FellowNeko on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsTop StoriesMarketsMoversBitcoindogecoinEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!