Bitcoin, Ethereum, Dogecoin Remain Choppy, Analyst Forecasts 2X-10X Increase For King Crypto This Bull Cycle

Leading cryptocurrencies traded mostly flat on Monday, as efforts by bulls for an upside breakout stalled yet again.

What Happened: Bitcoin hit $70,000 during trading hours but faced rejection soon after, dipping to the $69,500 zone. Similarly, Ethereum broke $3,700 briefly, only to relegate to $3,660.

In the last 24 hours, 51,865 traders were liquidated, with the total liquidations coming in at $95 million. Long liquidations accounted for 78% of the total.

Observations from Bitcoin's liquidation heatmap showed significant leverage concentrations around $70,826 and $70,320, suggesting a high number of potential liquidations at these levels.

The number of traders opening long positions for Bitcoin surged sharply in the last 24 hours when compared to those shorting the asset, reflecting optimism about the price rise.

This was also apparent in the strengthening "Greed" sentiment on the Cryptocurrency Fear & Greed Index, paving the way for a potential increase in buying pressure.

Top Gainer (24 Hour)

The global cryptocurrency market cap is $2.53 trillion, shrinking 0.67% in the last 24 hours.

The stock market lifted on Monday. The Dow Jones Industrial Average added  69.05 points, or 0.18%, to close at 38,868.04. The S&P 500 gained 0.26 to end at a record high of 5,360.79, while the tech-focused Nasdaq 100 advanced 0.35% to hit 17,192.53, its highest ever..

The rally comes ahead of the Federal Reserve's latest rate decision and May's consumer price index data, both due on Wednesday. The CPI is the preferred inflation gauge for the Fed and investors closely track the data to ascertain the likelihood of rate cuts by the central bank.

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Analyst Notes: Widely followed cryptocurrency analyst Timothy Peterson noted Bitcoin's 200-day Moving Average hitting an all-time high, a signal which he thinks marks the end of the recovery phase.

"Historically, this is followed by 1-2 years of upward trends and frequent new all-time highs, with price increases of 2x to 10x," Peterson remarked.

On the other hand, another prominent analyst, Michaël van de Poppe, flagged a buying opportunity for altcoins that have remained stagnant this year. 

"It's been a strange bull market. Solana has been doing great, Bitcoin has been rallying to an all-time high pre-halving and after the Spot ETF launch, but altcoins have gone silent since that. Is a reversal on the horizon for Altcoins? Very likely it is," Van de Poppe predicted.

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