Bitcoin and Ethereum Recovery Odds Rise as Traders Turn Bullish
Bitcoin's odds of reclaiming $100,000 before dropping to $69,000 have risen to 75%, up 27 percentage points since Monday. Ethereum's chances to hit $4,000 before falling to $2,500 have nearly doubled to 50.8% from 26.7%.
Bitcoin is currently priced around $92,522, reflecting a 1.1% gain over the past week and 6.9% over two weeks. It remains approximately 8% below its month-high. Analysts cite the upcoming December rate cut as a near-term catalyst that could push Bitcoin to $100,000.
Ethereum trades around $3,140, marking a 3.6% increase over the week. The recent Fusaka upgrade has been completed, enhancing Ethereum's layer-1 and layer-2 scalability and speed, thereby strengthening its economy. Notably, Ethereum whales purchased about $55 million, and BitMine Immersion Technologies acquired $265 million of ETH last week.
The market is showing approximately a 69% chance of avoiding a $2 billion liquidation day, which would be among the 15 largest crypto liquidations; October 10 saw about $19 billion in liquidations. Of today's $346 million in liquidations, roughly 53% occurred on long positions.
Upcoming catalysts include the Federal Open Market Committee's meeting on December 9-10, where rate cuts could potentially boost risk assets. However, end-of-year market dynamics remain uncertain.
