cryptocurrencies Today it fell led by BTC and BTC is about to lose $98,000. Although the price lingering near the daily low of $98,072 has demoralized altcoin investors, the ongoing consolidation at higher levels is positive. If BTC starts to linger at six-figure prices before long, rallies in altcoins could continue.
Cryptocurrency Analysts Comment
QCP Capital market analysts published their latest predictions for cryptocurrencies today. We regularly share these reviews that they publish, covering developments on the macroeconomic front, crypto-specific events and more. So what did analysts talk about today?
“$4,000 and $100,000 levels ETH And BTC are lines in the sand. The majors broke through these key levels last week and have been trading lower for much of today.
Looking at 27DEC24, the maturity with the highest OI, these levels coincide with the contracts with the highest OI: ETH-27DEC24-4k (90k contracts) and BTC-27DEC24-100k (16k contracts). So, if spot transactions rise, will there be a squeeze as dealers try to close their positions? We are less inclined to think that way. Just today we saw buyers taking profits on long BTC-27DEC24-100k-C positions and possibly pushing them into March (130k-150k). This suggests that there should be plenty of gamma supply upstream. Additionally, perp funding is flat on Deribit and slightly higher than usual on major exchanges, reducing the likelihood of a flow to the upside.
Although structurally we are still in an upward trend, spot prices are likely to remain in this range for the remainder of the holiday season. Historically, ETH generally does not reach its all-time high until January of the year after the halving. This situation is also reflected in the options market, where ETH risk returns have only been towards calls since January.”
Will Cryptocurrencies Rise?
For the first and second quarters of 2025 QCP Capital Many experts, including analysts, expect the rise in cryptocurrencies to continue. However, this upward expectation does not mean that there will not be intermediate declines. Especially the highly leveraged demand in futures reminds investors that surprise movements such as the recent drop to $ 90,500 should not be that surprising.
BTC price As we head into the New Year’s holiday with over $98,000 at the time of writing, the US inflation data coming on Wednesday may affect short-term performance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
