TL;DR Bitcoin (BTC) hit $108K last week but dropped to its current $94K following Jerome Powell’s comments regarding the Fed’s interest rate policy for next year. Despite a 20% weekly dip to $0.32, analysts hint at a parabolic rally for Dogecoin (DOGE), though extremely high targets seem far-fetched. Shiba Inu (SHIB) fell 17% in the last seven days but shows signs of strength, with analysts eyeing a 20% rebound if key resistance levels break. 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). BTC Price, Source: CoinGecko 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 Reserve announced a 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 As CryptoPotato reported , investors have withdrawn almost $1.2 billion from the eleven US-registered financial products, with Fidelity leading the exodus.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 . DOGE Price, Source: CoinGecko 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. SHIB Price, Source: CoinGecko 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.” The post Bitcoin (BTC) Price Volatility, Bullish Dogecoin (DOGE) Predictions, and More: Bits Recap Dec 24 appeared first on CryptoPotato .
