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Bitcoin Correction Deepens, Sees Worst Week Since Trump Win

BTC prices are currently down 12% from their all-time high of just above $108,000 on Dec. 17, and the correction appears to be deepening. The asset hit an intraday low of $93,810 during trading in Asia on Monday morning but recovered quickly to tap $96,000 before another slip. Those losses have resulted in a “bearish engulfing” weekly candle, as reported by crypto analyst “Rekt Capital.” All of the gains over the past month have now been wiped out in the correction. “Bitcoin is showing increasing signs of transitioning into a multi-week correction,” he said. #BTC Bitcoin has confirmed a Bearish Engulfing candlestick formation $BTC #Crypto #Bitcoin https://t.co/KnIptVe958 pic.twitter.com/XwUWCkjTvM — Rekt Capital (@rektcapital) December 23, 2024 Bitcoin Corrections Are Normal “Historically, week eight in Bitcoin price discovery tends to be a corrective week,” the analyst added while providing a comparison with previous market cycles. In 2017, week nine was also corrective, but to a much lesser extent than week eight, he observed, before adding : “Generally, once BTC clears the typically corrective weeks 7 and 8 – the retrace gets close to a bottom.” It is also the worst week for the asset since Donald Trump won the US presidential election in early November. Additionally, the Federal Reserve’s cautious policy outlook has tempered optimism over Trump’s embrace of the crypto sector. Nevertheless, BTC remains up more than 40% since Trump’s victory. “We should hold the $90,000 level for Bitcoin into the year-end, but if we break below that could trigger further liquidations,” Sean McNulty, director of trading at liquidity provider Arbelos Markets, told Bloomberg. Meanwhile, David Lawant, head of research at crypto prime broker FalconX, said the “low-liquidity environment may bring more volatility as we enter into the final days of the year.” He pointed out that Dec. 27 will also likely see the biggest crypto options expiry event of its history, with almost $18 billion in notional value BTC and ETH contracts expiring. Additionally, spot Bitcoin ETFs shed almost $950 million on Thursday and Friday as investors were rattled by the market pullback. Some Altcoins Showing Recovery There are a handful of altcoins showing minor bounces from their correction dips this Monday morning. Solana (SOL) made 2.2% on the day to reach $186, Chainlink (LINK) was up 5.1%, topping $23, Toncoin (TON) made 3.5% to reach $5.50, and Stellar (XLM) was up 3%, trading at $0.363 at the time of writing. The post Bitcoin Correction Deepens, Sees Worst Week Since Trump Win appeared first on CryptoPotato .

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Another Dogecoin (DOGE) ‘parabolic rally is on the way,’ says expert

As Dogecoin ( DOGE ) struggles with short-term bearish sentiments, historical price movements and technical indicators suggest the top meme coin might be poised for another parabolic rally. This outlook comes from renowned cryptocurrency trading expert Ali Martinez, who drew parallels between Dogecoin’s 2017 and 2021 movements, hinting at explosive growth after significant retracements, as shared in an X post on December 23. Back in 2017, Dogecoin surged 212%, followed by a 40% retracement, before embarking on a 5,000% rally. Similarly, in 2021, DOGE climbed 476%, retraced by 56%, and soared by 12,000% to reach its all-time high. Dogecoin price analysis chart. Source: TradigView/Ali_charts The same pattern appears to be replicating in 2024, with the meme coin surging 440% before undergoing a 46% retracement, closely mirroring its previous cycles. According to Martinez’s analysis, this setup could signal the beginning of another parabolic move for Dogecoin. “Now, in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way,” Martinez said. Indeed, Dogecoin’s price has been confined within an ascending channel, a pattern often preceding major rallies. A breakout above the channel could signal a bullish reversal and trigger a parabolic rally. DOGE’s $0.70 price target In another X post on December 21, cryptocurrency trading analyst Javon Marks also highlighted that historical patterns could hint at another DOGE rally. The analyst noted the recent pullback mirrors price movements from 2020, when DOGE broke through descending resistance patterns, consolidated briefly, and surged over 122%, achieving more than double gains. Dogecoin price analysis chart. Source: TradigView The anticipated target for this rally is $0.73905, suggesting Dogecoin could revisit and surpass its all-time high. Besides the technical setup, Dogecoin’s potential to rally is also guided by fundamental factors, with Tesla (NASDAQ: TSLA ) CEO Elon Musk’s influence remaining a key element. Musk’s commentary on Dogecoin has been influential, and the possibility of a rally could coincide with his official appointment as the head of the Department of Government Efficiency (DOGE) in January 2025. Additionally, DOGE has recently seen an increase in whale accumulation , reinforcing confidence in the asset. Historically, such transactions have preceded major price rallies. DOGE price analysis At press time, DOGE was valued at $0.31, showing weakness on the daily and weekly timeframes, dropping 0.40% and 21%, respectively. DOGE seven-day price chart. Source: Finbold Amid the current correction, Dogecoin’s technical setup suggests a possible downside in the short term. The coin is trading below its 50-day simple moving average ( SMA ) of $0.360157, reinforcing bearish momentum. DOGE remains above its 200-day SMA, which is at $0.178915, indicating that the long-term trend may still hold bullish undertones. Interestingly, the Fear & Greed Index reflects a reading of 73, firmly in the “Greed” zone, hinting at strong market interest despite prevailing negative sentiment. In summary, as DOGE faces short-term weakness, historical patterns suggest Dogecoin could be on the verge of another explosive rally, eyeing a breakout toward the $1 mark. Featured image via Shutterstock The post Another Dogecoin (DOGE) ‘parabolic rally is on the way,’ says expert appeared first on Finbold . Crypto Potato

Meme Coins Like Bonk and DogWifHat Lead Solana dApp Revenues. Rollblock Aims To Surpass All

The post Meme Coins Like Bonk and DogWifHat Lead Solana dApp Revenues. Rollblock Aims To Surpass All appeared first on Coinpedia Fintech News In November 2024, Solana’s decentralized applications (DApps) generated $365 million in revenue, with meme coin platforms leading the bull run. Bonk and DogWifHat are leading the charge, but it needs to be asked if a meme coin bull run is sustainable. Usually, they are not, and investors would be well advised to seek out tokens with better long-term and short-term potential. An impossible ask? Not necessarily. Rollblock is raising its hand to be the investment token of the year. Rollblock (RBLK): New Altcoin Brings Online Gambling To The Blockchain Online gambling is a massive industry sector, but investing in this lucrative industry was reserved only for moguls and millionaires. Now, Rollblock is bringing online gambling investments to retail investors thanks to its presale. Here’s the tea: Rollblock already exists. It’s not making promises of what it may do one day in the future; Rollblock’s online casino is live and active and offers punters hundreds of games to choose from. Rollblock boasts the title of the world’s first play-to-earn online casino built on Ethereum. Rollblock is now having a presale of its RBLK utility token to raise liquidity for its online casino. The potential for massive price growth here is obvious, but it gets even better. All Rollblock token holders get paid a weekly share of the income generated by the online casino, making Rollblock an income-bearing asset. It’s no wonder that thousands of investors have supplied Rollblock with over $7.4 million worth of liquidity; this token is changing the face of online gambling, and now retail investors can grab a slice of the pie. Bonk (BONK): King Of The Solana Meme Coins Meme coins are frivolous, but they can be exceptionally lucrative. Bonk is a case in point of this, as the token showed a phenomenal rise during 2024 and then dropped the ‘phenomenal’ adjective for something even more superlative during the November pump. Early adopters of Bonk are laughing to the Lambo dealership – but only if they got out on time. Meme coins like Bonk tend to crash and burn, as at the end of the day, there’s nothing of value to underpin their price. Bonk may still make money this bull run, but at what risk? DogWifHat (WiF): Second Placed Solana Meme Coin Loses Half Its value DogWifHat (WIF) is in many ways a textbook example of a meme coin. It is not just frivolous but outright silly. If not spurious. Its financial underpinnings? None. WIF is worthless, with zero infrastructure of use to give it value. Yet, this Solana meme coin has returned 46,000% yields since its launch. That is the good news. The bad news is that it was closer to 100,000% in March this year. WIF crashed and shed half its value since then. WIF is now at a level lower than it was before the Trump Pump. Yes, meme coins are fun, but are they worth it? Conclusion Investing in meme coins can be lucrative, but the fun and games can come to a rapid end when the bull run ends and investors stand to lose the farm. There are much safer investments out there. Rollblock exemplifies a token with immediate short-term yield and long-term passive income. Rollblock is now available at $0.043. Discover the exciting opportunities of the Rollblock (RBLK) presale today! Website: https://presale.rollblock.io Socials: https://linktr.ee/rollblockcasino Crypto Potato