Bitcoin Price Analysis: BTC Falls Alongside XRP and DOGE in Weekend Decline

Over the weekend, Bitcoin took a bit of a tumble, dropping from a high of $98,500 to $95,500. This sudden shift caused a ripple effect throughout the entire crypto market, leading to over $500 million in futures liquidations, especially hitting smaller altcoins and midcap futures.

While Bitcoin lost more than 3.5% of its value, XRP and Dogecoin were hit even harder, dropping over 5% each. Other major players like Solana, Ethereum, Cardano, and Binance Coin saw losses between 2%-5% before bouncing back a bit during early Asian trading on Monday. The overall crypto market capitalization took a hit, falling by 2.4%.

Despite the rocky weekend, market sentiment remains positive, with many analysts still holding out hope for Bitcoin to reach the coveted $100,000 mark. The recent pullback was seen as a natural correction, especially as the token approached the six-figure milestone.

While the market saw significant liquidations across both long and short positions, traders are not overly concerned. In fact, many see this as an opportunity for institutions to continue buying into ETFs and other assets. Jeff Mei, COO at crypto exchange BTSE, even expressed confidence that hitting $100K in the coming week is very likely. Additionally, with the stock market performing well and signs of pro-crypto policies on the horizon, many are optimistic about the market’s potential heading into 2025.

Overall, the market seems to be on track for a continued rally, with many investors standing by to see if Bitcoin will indeed hit that monumental $100,000 mark.