Bitcoin, Ethereum, Dogecoin Dump: 'We Should Be Back In Line By October,' Says Expert

Cryptocurrency markets are trading lower in sync with other financial markets as of 8/2/24 Friday afternoon 5pm.

Cryptocurrency markets were trading lower Friday afternoon in sync with other financial markets.

Bitcoin (CRYPTO: BTC) fell 1.1% to $62,672, Ethereum (CRYPTO: ETH) was down 3.8% at $3,013, and Solana (CRYPTO: SOL) slipped 6.8% to $151.3.

Dogecoin (CRYPTO: DOGE) dropped 2.3% to $0.1127 and Shiba Inu (CRYPTO: SHIB) slid 2.2% to $0.00001485.

Here’s a look at some notable statistics:

IntoTheBlock data showed large transaction volume decreased by 23.6% and daily active addresses increased by 2.8%. Notably, exchange netflows spiked by 433.8%.

Coinglass data showed 71,166 traders were liquidated in the past 24 hours for $241.76 million.

A crypto trader noted a Bitcoin whale who purchased $716.8 million worth of BTC from the Kraken exchange.

Radar reported Donald Trump saying the $35 trillion debt burden can be paid by handing out a little crypto check.

Arkham Intelligence data pointed to Genesis moving $1.5 billion BTC and ETH for creditor repayments.

Top Losers:

Maker (CRYPTO: MKR) fell 9.8% to $2,465.1, Beam (CRYPTO: BEAM) was down 8.5% at $0.01561, and Helium (CRYPTO: HNT) slipped 8.3% to $4.57.

Trader Notes:

Crypto trader CJ highlighted Bitcoin’s weak reaction and said he will continue to remain in longs. He noted a run up to $66,000, anticipating a move back down to $58,000-$59,500.

“If I’m wrong, I’ll get back in $67,000"

Founder and CEO of IntoCryptoverse, Benjamin Cowen noted Bitcoin’s choppiness since March puts it ahead of where it usually is at this point in the cycle.

This shows #BTC cycle ROI from the low.

Despite the choppiness since March, BTC is *still* ahead of where it normally is at this point in the cycle. If this price action continues, then we should be back in line with prior cycles by October pic.twitter.com/NwqX7GAUUR

— Benjamin Cowen (@intocryptoverse) August 2, 2024

Another crypto trader noted if Bitcoin loses the quarterly open, then daily demand is likely at $59,000 to $60,000 with monthly support/resistance confluence.

Sistine Research in their latest X post said Bitcoin is nowhere close to pricing in the 50% odds of a BTC strategic reserve. It believes this will happen between now and the election. The prediction from the research is "$85,000 – $100,000 BTC before Nov 5."