Bitcoin, Ethereum, Dogecoin Close September With A Down Day: 'Nothing Goes Up Forever, Now Market Looks Much Healthier,' Says Trader

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Cryptocurrency markets are trading lower to start the new week after record inflows into Bitcoin ETFs last week.

Cryptocurrency	Price	Gains +/-
Bitcoin BTC/USD	$63,431.9	-3.6%
Ethereum ETH/USD	$2,589.2	-2.8%
Solana SOL/USD	$154.6	-2%
Dogecoin DOGE/USD	$0.118	-7.2%
Shiba Inu SHIB/USD	$0.00001779	-8.4%

Notable Statistics:

IntoTheBlock data shows large transaction volume increased by 6.05% and daily active addresses spiked by 4.9%. Currently, 86% of Bitcoin holders are in profit and 5% are at breakeven.
Coinglass data reports 69,000 traders liquidated in the past 24 hours for $201.46 million. Long liquidations of $156 million are the highest since Sep. 6.
Arkham Intelligence marked Friday as the most bullish ETF day in more than two months. With total net inflows of $494.4 million, the biggest buyers were Ark Invest, Fidelity and Blackrock.

Notable Developments:

Top Losers:

Cryptocurrency	Price	Gains +/-
Worldcoin WLD/USD	$1.9	-8.5%
Shiba Inu SHIB/USD	$0.00001779	-8.4%
Core CORE/USD	$1.04	-7.5%

Trader Notes: With Bitcoin prices dropping 4%, crypto trader Scient thinks panic is already hitting all-time highs. He outlined two scenarios for the upcoming price movement: Bearish and Bullish, clarifying the direction will be out in next 24 or 48 hours.

$BTC, So we are testing the daily block block here and Panic is already hitting ATHs.

Simply observe here for the next swing move.

Bearish: If we get a 1D close below the block ($63000), We likely see $59000.

Bullish: If we continue to consolidate above the OB box, We likely… https://t.co/mV1VTcWfFm pic.twitter.com/S09K3y1Q25

— Scient (@Crypto_Scient) September 30, 2024

Another crypto trader, Ted Pillows, marks this as a Bitcoin bullish retest. He stated, “Nothing goes up forever, and corrections are needed to flush the overleveraged longs.” He expects a reversal soon.

Trader CJ also suggests two possible outcomes for Bitcoin’s price at the end of September. He stated that a close at $65,594 or higher signals a strong bullish trend, with Bitcoin expected to enter a “super cycle” that could push it to $100,000 in Q4. Positive momentum is driven by institutional and political factors.

On the other hand, a close at $65,592 or lower is a bearish scenario where institutions have been offloading their Bitcoin holdings. This could lead to a potential drop below $30,000. In this case, short positions are recommended as further declines are anticipated.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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