Bitcoin (BTC) Price Volatility, Bullish Dogecoin (DOGE) Predictions, and More: Bits Recap Dec 24
2024-12-24
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TL;DR
BTC’s Rollercoaster
Exactly a week ago, Bitcoin (BTC) made history, reaching a new all-time high of over $108,000. Nonetheless, the peak was short-lived and was followed by a substantial correction. On December 20, the price plummeted below $93K, but a day later, it climbed to almost $100K. The past few days offered another pullback, with BTC falling under $93,000 on December 23 and later rebounding to its current $94,000 (per CoinGecko’s data).
One factor potentially affecting the asset’s valuation could be the latest FOMC meeting, specifically Jerome Powell’s comments. While the Chairman of the Federal Reserveannounceda 0.25% interest rate cut, he warned that this policy might be paused next year due to rising inflation concerns. He also said the central bank is not permitted to hold BTC, which has arguably put Trump’s promises of creating a strategic BTC reserve in question.
The asset’s downturn also coincides with massive outflows from the spot BTC ETFs. As CryptoPotato reported, investors have withdrawn almost $1.2 billion from the eleven US-registered financial products, with Fidelity leading the exodus.
Despite the bearish outlook, some analysts believe BTC might be gearing up for another significant rally in the near future. X user Ali Martinez said the asset “still enjoys positive momentum” due to the Market Value to Realized Value (MVRV), which has been on a downfall lately. Those willing to explore additional price forecasts and check whether now is a good time to hop on the BTC bandwagon can take a look at our dedicated video below:
What’s Next for DOGE’s Price?
The sector’s latest correction has also negatively affected the biggest meme coin in terms of market capitalization. Dogecoin (DOGE) is currently worth around $0.32, representing a 20% decline on a weekly scale.
Similar to BTC, many market observers believe it may soon return to the green track. Martinez was among those weighing in again, envisioning a massive 12,000% price explosion should history repeat itself.
“In 2017, when Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rallied 5,000%. In 2021, it went up 476%, retraced 56%, then skyrocketed 12,000%. Now, in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way,” he stated.
It is worth mentioning that such an exponential price increase would require Dogecoin’s market cap to skyrocket above $5.5 trillion. As of writing these lines, the entire capitalization of the crypto sector is less than $3.5 trillion, making the forecast quite challenging (to say the least).How’s SHIB Doing?
Dogecoin’s biggest rival – Shiba Inu (SHIB) – has underperformed, too. Its valuation tumbled by 17% in the past seven days, while its market cap is currently standing at $13.2 billion. This makes SHIB the 17th-biggest cryptocurrency.
According to the X user Rose Signals Premium, though, the price of the meme coin has been “showing signs of strength.” The analyst set the $0.00002139 – $0.00001939 range as a support zone and $0.00002715 as an initial goal (that would require a 20% spike from the current valuation).
$0.00003083 was depicted as an “intermediate resistance,” whereas $0.00003511 was predicted to serve as a “major resistance.”