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Daily BTC Review
❌Liquidations in the market over the last 24 hours, CoinGlass: ~62K traders, totaling ~$162 million - 52% long positions and 48% short positions.
Most of the liquidations are not related to BTC movement, but to altcoin movement. As I pointed out yesterday, if bitcoin continues to stand still and its dominance starts to fall, altcoins will be best affected - which is exactly what we saw yesterday.
Most likely, after such an impulsive rise, bitcoin will not go into a correction, but into a sideways range that is still in the formation phase. This is good, as it will allow certain market participants to calmly lock in profits, and others to gain positions. At the same time, volatility will appear, which can also be handled in the short-term.
I do not expect any significant movements on bitcoin. I am waiting for the formation of a sideways range. Probably within 45-42K, but maybe it will be wider, it's too early to say. As the Bitcoin price sustains above $43,000, the Ethereum price is also on the verge of marking new yearly highs close to $2400.
The rise in the volume of non-exchange addresses, which has hit an ATH of 54.6 million compared to the 150 biggest exchange addresses, marking a 5-year low at 9.3 million, suggests the whales are probably losing sell-off power. As retail traders are getting stronger with this move, a fine rise in the price is expected in the coming days. A popular analyst, Michael van de Poppe, believes that the ETH price could soar and reach $3000 somewhere in Q1 of 2024.
Ethereum starts to rally against $BTC.In the period prior to the Bitcoin halving, 3-8 months before, it's the best period to allocate towards altcoins.Right now, we might be seeing the exact same on $ETH, which means that Ethereum is ready for $3,000+ in Q1.
Collectively, Ethereum’s price has displayed extreme bullish momentum since the start of the month, and hence, a bullish close for the year could be on the horizon. Meanwhile, market sentiments have also turned bullish, substantiating the bullish claim and supporting the price target above $3000 in the first few weeks of 2024.
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