Bitcoin, Ethereum, Dogecoin Rise Amid Tesla-Fueled Tech Stocks Rally: Popular Analyst Says BTC Could Reach $138K Before ‘Major Pullback’
By Benzinga
Leading cryptocurrencies inched higher Monday, coinciding with a surge in tech stocks.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +0.60% | $91,007.28 |
| Ethereum (CRYPTO: ETH) |
+1.49% | $3,158.99 |
| Dogecoin (CRYPTO: DOGE) | +2.23% | $0.3725 |
What Happened: Bitcoin exhibited choppy movement, oscillating between $92,000 and $89,000. The leading cryptocurrency has lost momentum since smashing past $93,000 last week.
Ethereum moved slightly northward, reaching an intraday high of $3,225 before rapidly retreating to $3,150.
In the past 24 hours, 114,745 traders were liquidated, with the total liquidations at $329.61 million. Over $200 million in upside bets was wiped out.
The Open Interest (OI) in Bitcoin futures rose 2% in the last 24 hours, suggesting sustained speculative interest.
The number of traders holding Bitcoin long positions climbed considerably over the previous 24 hours, signaling expectations that the rally will resume.
The “Extreme Greed” sentiment increased to 90, as per the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Hedera (HBR) | +40.64% | $0.1395 |
| Tezos (XTZ) | +40.27% | $1.13 |
| Akash Network (AKT) | +38.64% | $4.55 |
The global cryptocurrency market capitalization stood at $3.08 trillion, rising 1.84% in the last 24 hours.
The Nasdaq Composite, the barometer of tech stocks, popped 111.68 points, or 0.60%, to end at 18,791.81. The S&P 500 gained 0.39% to close at 5,893.62, while the Dow Jones Industrial Average closed 0.13% lower at 43,389.60.
The tech rally was driven by a 5.62% jump in shares of EV juggernaut Tesla Inc. (NASDAQ:TSLA) on reports suggesting that the upcoming regulatory framework under Trump might ease mandates for self-driving vehicles.
Additionally, investors were geared up for AI behemoth Nvidia Corp.’s (NASDAQ:NVDA) earnings report on Wednesday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Ali Martinez used historical trajectories to project Bitcoin’s next moves before a significant correction.
“During the 2017 bull market, Bitcoin surged 156% past its previous all-time high before the first major correction of -39%. In 2020, BTC rose 121% before a -32% correction,” Martinez stated.
Should history repeat, Bitcoin could reach $138,000 before its “first major pullback,” the analyst added.
Popular on-chain analytics firm CryptoQuant said that Bitcoin has “room” for further growth based on the reading of the Short Term Holders SOPR indicator.
The SOPR, combined with the 30-day moving average (30d MA), revealed that short-term holders are taking moderate profits, with no signs of excessive euphoria.
“Currently, the indicator remains in the middle region, far from the Extreme Greed range, suggesting that the asset still has room to continue rising before reaching a possible market top,” CryptoQuant noted.
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