Bitcoin, Ethereum, Dogecoin End The Week With Strong Gains: 'Summer Lull Seasonality Over, Q4 Bull Seasonality Is In,' Says Trader

Author: Khyathi Dalal | October 04, 2024 02:29pm

Cryptocurrency markets are trading higher on positive labor market data.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$62,356.18	+2.7%
Ethereum (CRYPTO: ETH)	$2,432.81	+3.8%
Solana (CRYPTO: SOL)	$143.92	+5.7%
Dogecoin (CRYPTO: DOGE)	$0.1094	+5%
Shiba Inu (CRYPTO: SHIB)	$0.00001751	+10.2%

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 10.9%. Daily active addresses grew by 2.7%. Transactions greater than $100,000 are down from 8,750 to 8,422 in a single day. Exchanges netflows are up by 124.5%.
• Coinglass data reports 41,515 traders liquidated in the past 24 hours for $116.77 million. Long liquidations are at their lowest since Sep 27.
• Crypto chart analyst Ali Martinez cited CryptoQuant data that over the past six days, Bitcoin miners have sold 2,364 BTC worth $143 million.

Notable Developments:

• US Labor Market Posts Strong Data—What It Means For Bitcoin
• Satoshi Nakamoto Being Pseudonymous ‘Is One Of The Coolest Things Ever,’ Human Rights Activist Said—Could The HBO Documentary Kill The Mystery?
• Bitcoin Miner TeraWulf Releases September Mining Update: Details
• Bitcoin Miner Iris Energy Releases September Update: What To Know

Top Gainers:

Cryptocurrency	Price	Gains +/-
Popcat (SOL) (CRYPTO: POPCAT)	$1.17	+21%
FTX Token (CRYPTO: FTT)	$2.31	+17%
Bittensor (CRYPTO: TAO)	$573.7	+15%

Trader Notes: With Bitcoin prices hovering around $62,000 mark, Daan Crypto Trades sees this as another effort of breaking the $62,400 level. He added, "the longer it consolidates below here, the more likely a break higher will be."

However, he does not expect much from Bitcoin, as it is almost weekend and the U.S. markets remain closed.

Crypto trader Jelle predicts that a chop around these prices for the weekend will lead to a push higher in the next week. He added, "Summer lull seasonality over, Q4 bull seasonality is in." In another tweet, Jelle noted locking in a new higher low before the weekend.

There we go, new higher low locking in right before the weekend.

Rest of the year should be fun.#Bitcoin pic.twitter.com/yB5OK64qFk

— Jelle (@CryptoJelleNL) October 4, 2024

CEO and Founder of Cryptoverse Benjamin Cowen pointed out that in April his prediction was a consolidation for 6-9 months after reaching its “mid-cycle top." Six months have now passed, meeting the minimum time for consolidation.

He warns that if there’s a labor market scare this quarter, Bitcoin could drop further, potentially to the 100-week SMA. This could extend the consolidation to nine months like the previous cycle. He advises to hedge for both outcomes.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin Rebounds Above $61,500 And $80K Is More Likely Than $40K, Says Top Technical Analyst

Image: Shutterstock

Posted In: $BTC $DOGE $ETH $FTT $SHIB $SOL