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Benzinga
Benzinga
Khyathi Dalal

Bitcoin, Ethereum, XRP, Dogecoin Trade Flat On Friday But 'One Major Leg Up Left,' Says Trader

Firenze,,Italy,November,11,,2024:,Cryptocurrency,Trader,Holding,Bitcoin,In

Cryptocurrency markets remained largely flat on Friday, reflecting low trading volumes and signs of short-term technical fatigue.

Cryptocurrency Ticker Price
Bitcoin (CRYPTO: BTC) $106,654.83
Ethereum (CRYPTO: ETH) $2,400.50
Solana (CRYPTO: SOL) $141.12
XRP (CRYPTO: XRP) $2.09
Dogecoin (CRYPTO: DOGE) $0.1588
Shiba Inu (CRYPTO: SHIB) $0.00001112

Notable Statistics:

  • IntoTheBlock data shows Bitcoin's large transaction volume decreasing by 7.2% and daily active addresses growing by 2.5%. Transactions greater than $100,000 are down from 11,556 to 11,383 in a single day. Exchanges netflows are down by 41.7%.
  • Coinglass data reports 70,686 traders were liquidated in the past 24 hours for $263.27 million.

Notable Developments:

Top Gainers:

Cryptocurrency Ticker Price   
Pudgy Penguins (CRYPTO: PENGU) $0.01028
Sei (CRYPTO: SEI) $0.2801
Render (CRYPTO: RENDER) $3.11

Trader Notes: Crypto trader Ted Pillows predicts Bitcoin still has one final, explosive move left in this cycle, eyeing a blow-off top above $160,000 sometime in 2025.

The Cryptomist says BTC has already broken out and is now eyeing a push toward $109,000. If Bitcoin clears the $109,000–$109,500 resistance band, it could rally further to $111,000.

Roman, however, urges caution. While acknowledging BTC's upside potential, he warns that high timeframe indicators resemble those seen near the 2021 market top, raising the risk of a 75%+ correction if history rhymes. The current risk-reward ratio, he suggests, is becoming less favorable.

Rekt Capital adds that Bitcoin's most recent price discovery correction lasted unusually long compared to prior cycles. For BTC to form three distinct price discovery legs, any next correction may be shorter and sharper, marking a potentially volatile final phase of the bull run.

Read Next: 

Image: Shutterstock

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