As Bitcoin Surges Over $50K, Ethereum, Dogecoin Join The Rally — Analyst Predicts New Price Target Of $130K For King Crypto

Major cryptocurrencies surged on Monday evening, rebounding swiftly after a temporary setback subsequent to the launch of spot ETFs on January 11. The crypto bull market, which commenced in January 2023, has now advanced into the FOMO stage.

What Happened:  The price of Bitcoin has surged above $50,000 for the first time in over two years.

Data from CoinGlass indicates that BTC shorts worth $55 million were liquidated in the last 24 hours, while ETH shorts worth $28 million met the same fate. During this period, a total of 59,725 traders were liquidated, resulting in liquidation of $198.41 million. The largest single liquidation order, amounting to $3.14 million, took place on Bitmex for LINK-USD.

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $1.80 trillion, showing a 0.80% decrease in the past 24 hours.

The Dow Jones Industrial Average surged to a record high on Monday in anticipation of upcoming inflation and earnings reports. The 30-stock index gained 125.69 points, or 0.33%, to reach a closing value of 38,797.38. Meanwhile, the S&P 500 experienced a slight decline of 0.09%, concluding at 5,021.84, and the Nasdaq Composite dipped 0.3% to settle at 15,942.55.

Traders will closely monitor the upcoming release of the consumer price index (CPI), a vital measure of inflation, scheduled for Tuesday morning. Additionally, economic data is anticipated later in the week, including January’s reports on retail sales, production, imports and exports, housing starts, and the producer price index (PPI).

Monday's surge propelled cryptocurrency stocks upwards, with major players like Coinbase and MicroStrategy experiencing substantial gains. Coinbase saw an increase of over 3%, while MicroStrategy surged by nearly 10%. Notably, mining stocks showed growth, with CleanSpark rising by approximately 14% and Iris Energy surging by 15%. Additionally, Marathon Digital gained over 13%.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe notes that Bitcoin is exhibiting strength at the resistance level of $48,000-50,000.

"Stronger and more resilient than I personally imagined. Is that bad? No, it’s a good sign. More inflow from institutions signals more market strength.  I think seeing $53,000-57,000 pre-halving has a likely chance."

Pseudonymous cryptocurrency analyst Daan Crypto Trades has shared insights on the Bitcoin liquidation heatmap, pinpointing key levels for monitoring at $47.5K and $50.4K.

"Decent clusters there but nothing crazy just yet. These clusters will grow the longer price ranges around this area."

Gert van Lagen noted that Bitcoin has broken above the neckline of a 2-year+ Head and Shoulders Bottom pattern. The target price indicated is $150,000.

Photo by Igor Faun on Shutterstock

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