The dog-themed meme coin closed the week at a four-month high of $0.144, having gained 27%. This marked Dogecoin’s best weekly performance since late February during the broader meme coin market rally.
However, the latest uptrend has faced a roadblock, following a spike in the Dogecoin CCI to 247. If this week introduces bearish pressure, DOGE would need to hold above $0.137 to avoid the 20-day SMA support at $0.116.
APE spikes 54% on mainnet launch
Despite underperforming throughout last week, ApeCoin (APE) engineered a last-minute rally that saw it close the week at $0.87 amid a 20% gain.
For the love of god @apecoin tweet this out on it’s own and pin it somwhere 🫡
You degens are already bridging like crazy and sending shitters nonstop, this is fun, can’t even imagine tomorrow with @Toptrader_xyz live 😂 pic.twitter.com/iOWHN80ppL
After breaching $0.92, APE faced major resistance at the upper Bollinger Band yesterday. However, the uptrend resumed in the new week, with APE surging 54% to breach the $1 mark for the first time in four months.
Meanwhile, its RSI has crossed into overbought territories at 85. This position suggests the rally might face exhaustion without renewed buying pressure. A drop below $1 could lead to steeper declines.
DIA hits 32-month peak
DIA (DIA) began the week bearish, but recovered to outperform most assets. After a mixed performance, DIA spiked by a massive 42% on Oct. 17, reclaiming $1 for the first time in two years.
DIA 1D chart – Oct. 20 | Source: crypto.news
Following an 8% correction the next day, DIA resumed the uptrend, gaining by another 14% on Oct. 19. This allowed it to close the week with a 44% gain, trading at a high last seen 32 months ago. Its monthly volume has spiked to 716 million DIA, the highest in history.
Meanwhile, the token’s +DI has spiked to 40.28, confirming immense bullish momentum. The ADX at 50.19 suggests that the push is especially strong. However, this could also indicate an overextension of the rally, with a correction looming.
Gold has gone up more than 2% in the past week, reaching a new all-time high fueled by global demand for safe-haven assets and anticipated interest rate cuts from major central banks, while Bitcoin continues to climb above $67,000.
According to Trading Economics data, the price of gold has hiked up to $2,700 per ounce on Oct. 18, reaching a new record high. In the past week, gold has gone up by 2.08% and nearly 5% in the past month.
This rise in gold is driven by growing demand for safe-haven assets and expected interest rate cuts by major central banks. The European Central Bank has cut rates for the third time this year, lowering the deposit rate to 3.25%.
Gold is also influenced by the ongoing war in the Middle East, following the Israeli military’s confirmation on Oct. 17 that they killed Hamas leader Yahya Sinwar, raising fears of a regional escalation.
Meanwhile, Bitcoin(BTC) has experienced a similar high-rise, with the BTC price on a positive trend since Oct. 10. According to data from crypto.news, Bitcoin experienced an 11% surge over the past week and briefly touched a two-month high of $68,375 on Oct. 16.
Co-founder of crypto asset manager Capriole Investments, Charles Edwards, commented on the similarity between Gold and Bitcoin’s upward trend.
“As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months. Looks promising,” said Edwards on his X post.
As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months. Looks promising. pic.twitter.com/U2KDArxNvS
In recent years, investors have drawn similarities between Gold and Bitcoin’s price movements in the markets. This comparison is mainly due to the fact that both assets are finite in supply and are not tied to any country’s currency, therefore they provide investors with a “safe-haven” that protects them from the volatility of national currencies.
Thus, Bitcoin itself has repeatedly been dubbed “digital gold”, but now a real-world assets platform Swarm Market has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.
On Oct. 17, Swarm Market announced a partnership with OrdinalsBot where individual satoshis can be inscribed with unique gold kilobar serial numbers, which would allow for gold bars to be traded on Bitcoin’s Ordinals protocol.
Through this partnership, Gold will be the first RWA available on Trio, a marketplace developed by OrdinalsBot which is set to launch by the end of the year.
Solana-based meme coin Bonk has become the top gainer among the 100 largest crypto assets in the past 24 hours following a recent price surge.
Its latest recovery has been powered by renewed market optimism. However, the bulls now face stiff resistance at key levels, as selling pressure returns following an impressive 8% rise yesterday.
BONK is up 8.1% over the last 24 hours, and is trading at $0.00002380 at the reporting time. Its daily trading volume has also spiked 33%, suggesting renewed market interest, with its market cap at $1.77 billion.
The daily chart shows a well-formed rounded bottom pattern, indicating a potential trend reversal, as the altcoin witnesses higher lows. This pattern suggests that Bonk could break out if it manages to surpass its current resistance.
Despite the recent push above it, the 23.6% Fibonacci retracement level at $0.00002379 continues to act as immediate resistance. If bulls can decisively overcome it, the next significant resistance comes at $0.00002522, the previous local high.
However, bearish sentiment is creeping in, as evidenced by a 3% pullback this morning. In addition, the Williams %R sitting at -23.84 signals potential overbought conditions. However, the RSI at 59.86 suggests there is still room for further gains, but not without the possibility of retracements.
Meanwhile, market analyst Astekz recently highlighted BONK’s next potential targets. According to him, the meme coin faces resistance at $0.00002470. Should bulls manage to break above this, the next targets could be $0.00004804 and $0.00007140.
However, if bears regain control, key support levels to watch are $0.00002261 and $0.00001909, the latter being crucial for maintaining the current bullish sentiment.
Dogecoin price made a strong bullish breakout as investors moved back to meme coins and as Bitcoin crossed $68,000.
Dogecoin (DOGE), the biggest meme coin, rose to $0.1283, its highest level since Sept. 29. It has moved into a bull market after rising by 56% from its lowest point in August.
DOGE’s rally occurred in a high-volume environment. Data from CoinGecko shows it had a 24-hour volume of $2.25 billion, the highest level in over two weeks.
A similar trend happened in the futures market, where open interest rose to over $768 million, its highest level since June 19. Higher open interest is often a sign of increasing demand for a cryptocurrency.
Dogecoin futures open interest | Source: CoinGlass
Dogecoin’s surge mirrored that of other meme coins, which have performed well in the past few weeks. Bonk (BONK) jumped by 14.2% in the last seven days, while Brett, Neiro, and Cat in a Dog’s World have soared by over 20% in the same period.
It also occurred as interest in cryptocurrencies bounced back. Bitcoin crossed the important resistance point at $68,000 for the first time in weeks. Additionally, investors are moving to Bitcoin, with spot ETFs recording $371 million in inflows on Oct. 16. These funds have now had a net inflow of over $19.7 billion since January.
Meanwhile, Dogecoin price rose as some analysts predicted that Tesla was about to buy DOGE after moving Bitcoins worth $225 million to unknown wallets. Elon Musk has touted Dogecoin in the past, suggesting that this could be a possibility.
DOGE has risen for three consecutive days and is hovering at its highest point since Sept. 30.
It has jumped above the 50-day and 200-day Weighted Moving Averages, raising the possibility that it will form a golden cross pattern. Dogecoin soared by over 53% the last time it formed this cross in November.
Dogecoin has also jumped above the ascending trendline, which connects the lowest swings since August.
Therefore, more gains will be confirmed if the DOGE token rises above the key resistance point at $0.1318, its highest point on Sept. 28. A move above that level will indicate more gains, with the next reference level at $0.1440, its highest level on June 21.
Ethena token price rose for three consecutive days as sentiment in the crypto industry improved.
Ethena (ENA), best known for the USDe stablecoin, rose to $0.4676, its highest level since July 24. It has jumped by over 130% from its lowest level this year.
Its rally occurred as the crypto fear and greed index continued rising, moving from last week’s fear zone of 38 to the neutral point of 50.
Bitcoin (BTC) has soared to $67,000, while Ethereum (ETH) and Solana (SOL) rose to $2,650 and $160, respectively. In most cases, altcoins perform well when Bitcoin and the crypto fear and greed index are rising.
Ethena’s rally also coincided with the falling odds that the USDe stablecoin will de-peg this year. The odds of the stablecoin losing its peg dropped to 4%, down from 16% a few months ago.
USDe, like Terra USD, is not pegged to the U.S. dollar. Instead, it maintains its $1 peg by executing automated and programmatic delta-neutral hedges on its backing assets. Data shows that USDe in circulation is valued at over $2.4 billion.
Unlike other popular stablecoins like Tether and USD Coin, USDe provides yields to its holders. According to its website, it has an APY of 8%, higher than what U.S. government bonds are paying.
Ethena’s rebound occurred even as data shows that the total value locked in its ecosystem continued to fall. The TVL decreased from the year-to-date high of $3.6 billion to $2.4 billion.
Still, the developers have made several important moves in recent months. Last week, they announced plans to invest $46 million of the reserve fund in tokenized assets. Ethena also received backing from BlackRock and Securitize for its new stablecoin, UStb
The daily chart shows that the ENA price bottomed at $0.20 in September and has rebounded by over 125% to $0.462. It flipped the important resistance point at $0.4260, its highest swing on Sept. 30 and the neckline of the double-bottom pattern.
ENA has also rallied above the 50-day moving average, while the Money Flow Index indicator has tilted upward. Therefore, the token will likely continue rising as bulls target the key resistance level at $0.5150, its highest swing on July 24.
The DeepBook token was one of the best-performing cryptocurrencies on Oct. 15 after its much-awaited airdrop.
DeepBook (DEEP) token jumped to a high of $0.0380, up by over 261% from its lowest level on Monday. Its market cap rose to over $85 million, while its fully diluted valuation soared to $339 million.
Developed by former Meta Platforms engineers, DeepBook has become one of the biggest players in the Sui (SUI) ecosystem. DeepBook offers a platform that provides higher liquidity, high throughput, low latency, and transparent trading.
Data shows that DeepBook has become one of the biggest players in the Sui Blockchain. According to DeFi Llama, the network handled over $65 million in volume in the last seven days. This makes it the third-biggest decentralized exchange network after Cetus and Turbos.
DeepBook distributed the DEEP tokens to 100,000 early supporters, who received the DBClaimNFT a few months ago. The token will be used to pay for trading fees on the DeepBook platform, provide liquidity, and facilitate governance of the network.
Dilution is a major concern
According to its website, DeepBook has a maximum supply of 10 billion DEEP tokens and an initial circulating supply of 2.5 billion.
The challenge, therefore, is that long-term holders can expect more dilution over the next seven years as the remaining tokens are released to the market. Token unlocks are highly dilutive since they introduce more coins into the market, reducing the value of existing tokens.
The next potential catalyst for the DeepBook token will be more exchange listings by centralized exchanges like Binance and Coinbase. Most of the current trading happens on centralized and decentralized platforms like Bybit, Gate, MEXC, and Cetus.
DeepBook faces the risk of suffering a sharp reversal, as most newly listed tokens rise and then experience a significant decline. For example, Wormhole (W) token initially soared to $1.8632 after its airdrop and has since dropped by over 83%.
ZkSync (ZK) token initially rose to $0.2942 in June and has dropped by over 54% to $0.1337. Likewise, Hamster Kombat rose to $0.0132 and then plunged to $0.0040.
A potential hope for DeepBook’s token is that the crypto industry has improved, with Bitcoin (BTC) rising to $66,000 and the crypto fear and greed index hitting the greed level of 60. Its token could continue rising if this crypto recovery continues.
The number of Bitcoin addresses in profit has significantly increased following its price surge above the $65,000 zone.
According to data provided by IntoTheBlock, over 50.67 million Bitcoin (BTC) addresses have accumulated the asset below $65,500, accounting for 94% of the total BTC holders.
The remaining 6%, around 3.37 million addresses, purchased Bitcoin for an average price of $68,139 with a total volume of 1.58 million BTC, per data from ITB.
Of this tally, over 80,000 daily active addresses are in profit and around 247,000 holders are close to their initial investment, per ITB data. At this point, only 3,440 of the active addresses are losing money.
A pretty similar movement was also noticed in late September as Bitcoin plunged from $65,800 on Sept. 28 to $60,000 on Oct. 3 as the investors and traders aimed for short-term profits. The current chart hints at a local top as the market has been moving without long-term catalysts.
One of the key drivers behind the BTC price surge is the sudden increase in short liquidations. Per a crypto.news report, over $145 million in crypto assets have been liquidated in the past 24 hours, with Bitcoin leading the pact with $63 million in liquidations.
Moreover, the $555.9 million inflows in spot BTC exchange-traded funds in the U.S. also triggered bullish sentiment around investors and traders as well.
Despite the latest correction, the BTC price is still up 1.8% in the past 24 hours and is trading at $65,750 at the time of writing. The asset’s market cap is sitting at $1.3 trillion with a daily trading volume of $39.5 billion.
Data shows that Bitcoin’s Relative Strength Index is hovering at 64, showing that the asset is slightly overbought at this point. A further price hike would be expected for Bitcoin if the RSI cools down close to the 50 mark.
With Bitcoin breaking through $66K, are we seeing the early stages of a long-term bull market or just another temporary spike?
Table of Contents
Bitcoin is back in action
Bitcoin (BTC) is back in the spotlight, crossing the $64,000 resistance mark as the broader crypto market shows signs of recovery. As of Oct. 14, Bitcoin is trading around $66,000 levels, marking a solid 5.5% jump in the past 24 hours.
Bitcoin 6-month price chart | Source: TradingView
This surge follows weeks of volatility in the crypto space, largely driven by global economic concerns and rising geopolitical tensions, particularly in the Middle East.
A key driver behind this renewed momentum is global markets reacting to China’s latest economic updates. While it has been working to revive its economy, its much-anticipated stimulus announcement has left many wondering if it’s enough.
Economists suggest that China’s efforts to curb deflation are falling short, which has shifted attention to Bitcoin. According to Bloomberg, some speculators are moving away from Chinese stocks and into crypto, taking advantage of Bitcoin’s momentum.
Caroline Mauron, co-founder of Orbit Markets, highlighted that “capital rotation from Bitcoin into Chinese equities” was previously holding crypto down. Now, with this rotation easing, Bitcoin appears to be reaping the benefits.
Adding to the positive momentum, last week’s decision by the bankrupt Mt. Gox crypto exchange to delay its creditor repayment deadline by another year has relieved some market anxiety. The exchange owes nearly $2.7 billion worth of Bitcoin, and the delay has lessened fears of a large-scale sell-off.
And perhaps the most exciting factor? October — fondly dubbed “Uptober” by the crypto community — has historically been Bitcoin’s most profitable month. Since its inception, Bitcoin has posted an average gain of over 21% in October, although there were setbacks in 2014 and 2018.
So, where does this leave Bitcoin now? Let’s dive deeper into what’s next for BTC and what Bitcoin price predictions could mean for the coming days.
Factors fueling the market momentum
Bitcoin has been gaining steam lately, driven by several key factors.
One of the clearest signs of positive momentum is the inflows into spot Bitcoin exchange-traded funds. After a brief period of outflows, spot BTC ETFs saw a monumental shift on Oct. 11, recording their largest inflow in two weeks—surpassing $253 million.
This suggests that the recent selling pressure on Bitcoin might be easing, with investors regaining confidence. ETF inflows often indicate institutional interest, hinting at brighter days ahead for Bitcoin.
The US presidential race is also adding to Bitcoin’s rise. Prediction markets have flipped, now favoring pro-crypto Republican candidate Donald Trump over Democratic Vice President Kamala Harris.
As of Oct. 14, Trump’s odds of victory on Polymarket stand at 54%, while Harris’s have dropped to 45%, marking her lowest point since launching her campaign. A Trump win is seen as favorable for the crypto industry, potentially leading to more crypto-friendly policies.
Meanwhile, Bitcoin’s biggest corporate backer, MicroStrategy (MSTR), continues to outperform the market. Since adopting its Bitcoin-centric strategy in August 2020, MicroStrategy’s stock has surged 1,620%, vastly outpacing Bitcoin, the “Magnificent 7” tech giants, and the S&P 500.
Executive Chairman Michael Saylor remains bullish, recently tweeting, ‘the only thing better than bitcoin is more bitcoin.’
However, Bitcoin mining has seen mixed results lately. While BTC prices have risen by 5% this month, the network’s hashrate also climbed by 11%, slightly impacting miners’ profitability.
Analysts at Jefferies noted that miner revenue per exahash fell by 2.6% in September, and October could be more challenging unless prices surge.
Bitcoin’s momentum is further fueled by recent moves by the Federal Reserve. On Sep. 18, the Fed cut its interest rate by 50 basis points, bringing the short-term benchmark rate to 4.75%-5.00%.
The market is also pricing in additional cuts, with an 86% chance of a 25 basis point cut in November and December. Lower rates generally benefit risk assets like Bitcoin, as cheaper borrowing costs drive investors toward higher-yielding alternatives.
What to expect next?
Looking at both macro and crypto-specific data, a few key observations are emerging about the potential direction of the market. Let’s take a look at some critical insights.
Whale accumulation and minimal resistance
According to IntoTheBlock’s “In/Out of the Money Around Price” data, Bitcoin faces minimal resistance in the $55,000 to $64,000 range.
According to @intotheblock‘s In/Out of the Money Around Price data, Bitcoin faces minimal resistance ahead in terms of volume. Whales have significantly increased their accumulation in the sub-$60K range. Currently, over 4.3 million $BTC volume is “In the Money” between $55K and… pic.twitter.com/i90ITpNke5
Over 4.3 million BTC in volume is “in the money” here, meaning many holders are sitting in profitable positions, reinforcing the importance of this range.
A key takeaway from this data is that whales — large Bitcoin holders — are steadily increasing their positions below the $60,000 mark.
Slim Daddy, a crypto market observer, notes, “Whales have significantly increased their accumulation in the sub-$60K range.” This pattern suggests that major investors believe Bitcoin is undervalued and poised for a breakout.
Historically, whale accumulation often signals upcoming bullish rallies, as their buying power creates upward pressure on the price. From a technical standpoint, this strengthens the case for a breakout, especially as Bitcoin holds above $62,000.
Key resistance at $64,000
Crypto analyst Michaël van de Poppe views Bitcoin’s recent test of $62,000 as a precursor to an even larger move. He predicts that a “massive build-up” is underway and that “a test of $64,000 will likely bring the big breakout the market is looking for.”
Probably we’ll have 1-2 days of consolidation on #Bitcoin, however we’ve already tested $62,000.
A test of $64,000 will likely bring the big breakout we’re looking for.
The $64,000 level is critical for both psychological and technical reasons. Psychologically, it represents a key area where many traders set stop-losses or take-profits. Technically, this is a resistance zone where strong selling pressure could emerge.
If Bitcoin breaks through $64,000 decisively, it may pave the way for a sustained rally toward previous all-time highs. However, failure to breach this level could result in a pullback.
While whale accumulation under $60,000 offers some support, a failure at $64,000 could lead to temporary consolidation or a short-term dip.
Bitcoin price predictions: 2024 and beyond
With Bitcoin currently regaining momentum, the big question on everyone’s mind is: Where could Bitcoin go next?
Analysts and market experts have offered several predictions, each based on different data models. Let’s explore what they’re saying about Bitcoin’s future, starting with 2024.
Bitcoin price prediction for 2024
One of the more conservative predictions comes from Coincodex, which forecasts Bitcoin reaching a new all-time high of $89,885 by November 2024—a 38% upside from current levels, surpassing the previous high of $73,750 in March 2024.
Another model from DigitalCoinPrice offers a broader range, estimating Bitcoin’s price to fall between $59,195 and $144,380. On average, they predict Bitcoin will hover around $137,331 in 2024.
Bitcoin price prediction for 2025
According to Coincodex, Bitcoin is expected to trade between $65,494 and $102,794 in 2025. DigitalCoinPrice offers a more bullish outlook, forecasting a range of $141,620 to $169,264.
Titan of Crypto also predicts Bitcoin could push toward $105,000 in 2025, based on Fibonacci circle analysis. He suggests this is a conservative estimate, hinting at the potential for even higher gains depending on market conditions.
Bitcoin price predictions for 2030 become more dramatic. By then, Coincodex predicts Bitcoin could trade between $118,333 and $305,028. DigitalCoinPrice, on the higher end, sees Bitcoin reaching nearly $493,000 — a massive increase from current levels.
If Bitcoin continues gaining institutional adoption and favor as a mainstream financial asset, reaching these high figures by 2030 is not out of the question. However, caution is necessary.
The road ahead
While these predictions paint an exciting picture of Bitcoin’s future, it’s important to approach them with caution. Bitcoin’s volatility means large swings in either direction are always possible. Market psychology, global financial conditions, and unexpected events can quickly alter these forecasts.
For investors, staying informed and keeping a long-term perspective is key. Always consider your risk tolerance and the broader market before making investment decisions. Never invest more than you can afford to lose.
Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has surged in the two months since Binance delisted it.
Reef (REEF) token rose to $0.010 on Monday, Oct. 14, up by over 1,500% from its lowest level this year, making it one of the best-performing cryptocurrencies.
Notably, the Reef coin has risen by almost 1,200% since Aug. 26, when it was delisted by Binance, the biggest crypto exchange in the industry. Its market cap has jumped to over $223 million.
Reef price performance since Aug. 26 | Source: TradingView
In a statement at the time, Binance also delisted other tokens like ForTube, Loom Network, VGX Token, and Ellipsis. It cited several factors such as low trading volume and liquidity, the commitment of the team to the project, new regulatory requirements, and smart contract stability.
Most of Reef’s trading has shifted to other centralized exchanges. According to CoinGecko, WhiteBit had the biggest share of trading volume in the last 24 hours. It is followed by other exchanges like HTX, KuCoin, and Bitget.
This rebound is likely due to the developers making significant improvements after the Binance delisting. They initiated a new community developer fund to incentivize developers in the ecosystem. Some of the potential dApps to be funded include those in industries such as lending, DAO infrastructure, and hardware.
Reef has also made other progress since the Binance delisting. For example, Hydra Coin announced that it was building the first NFT battle card game on the Reef Chain.
Additionally, the developers are collaborating with VIA Labs, a blockchain bridging solution, which will begin bridge development this week. They are also in discussions with perpetual decentralized exchanges about revenue sharing and RPC infrastructure providers.
Reef has also gained momentum as the number of holders has increased. According to CoinCarp, the token now has almost 23,000 holders, significantly higher than its level before the Binance delisting.
Reef’s surge continued as Bitcoin (BTC) and other cryptocurrencies maintained their strong rebound on Monday. It has flipped the key resistance point at $0.0053, its highest swing since March 2024.
Reef has remained above the 50-day and 100-day Exponential Moving Averages, which is a bullish sign. However, the Relative Strength Index and the Stochastic Oscillator have moved to overbought levels.
Therefore, while more gains are possible, the coin may experience a pullback in the coming days due to profit-taking. If this happens, it may retest the key support at $0.0053.
