Bitcoin Breaks $107,000, Ethereum Dips, Dogecoin Rallies As 'Greed' Sentiment Takes Over: Analyst Predicts BTC 'Primed' For A New All-Time High

Leading cryptocurrencies rallied sharply on Sunday as investors awaited new all-time highs for Bitcoin.

What Happened: Bitcoin tapped $107,000, the highest in nearly four months, in a sharp evening rally that saw trading volumes increase by almost 50%. The apex cryptocurrency was already up 11% in the month

Ethereum, on the other hand, sold off, plunging to an intraday low of $2,344.67 before recovering to the mid-$2,400s by late evening.

Over $575 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish leveraged bets accounting for $350 million. 

That said, about $465 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rallied to $108,000.

Bitcoin's Open Interest surged 5.31% in the last 24 hours to levels not seen since December 2024. Meanwhile, bearish bets against Bitcoin spiked, with over 60% of Binance traders with open BTC positions shorting the cryptocurrency.

The "Greed" barometer increased to 74, according to the Crypto Fear and Greed Index, indicating a potential surge in buying pressure in the days to come.

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The global cryptocurrency market capitalization stood at $3.35 trillion, following an increase of 2.36% in the last 24 hours.

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Stock futures dipped Sunday night. The Dow Jones Industrial Average Futures fell 287 points, or 0.67%, as of 8:37 p.m. EDT.  Futures tied to the S&P 500 slid 0.82%, while Nasdaq 100 Futures lost 1.06%.

The sell-offs come after Moody's downgraded the U.S. long-term credit rating, raising fears about government debt and inflation. Treasury Secretary Scott Bessent dismissed these concerns, calling Moody's a "lagging indicator."  

The S&P 500 extended its gains on Wednesday. The broad-based index rose 0.10% to close at 5,892.58, while the tech-focused Nasdaq Composite gained 0.72% to end at 19,146.81. The Dow Jones Industrial Average fell for the second straight day, losing 89.37 points, or 0.21%, to end at 42,051.06.

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Analyst Notes: Cryptocurrency market commentator Michaël van de Poppe highlighted the potential for altcoins to outperform Bitcoin in the next days.

"M2 Supply goes up and Bitcoin is primed for a new ATH. Altcoins are outperforming Bitcoin on every move upwards. I think we're in for a great 6-8 week period," Van De Poppe stated. Notably, Bitcoin touched an all-time high of $109,114.88 on Jan. 20, 2025. It is currently trading 3.72% below those levels.

Cryptocurrency analyst and trader Ali Martinez commented on Ethereum's outlook, painting $3,000 and $4,000 as the next upside targets if the cryptocurrency holds above $2,200.

Photo Courtesy: Yalcin Sonat On Shutterstock.com

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