Bitcoin hits $60,000 as Ethereum and Dogecoin finish weekend higher: 'The next few weeks may be the last chance to buy BTC cheap'

The cryptocurrency market is rallying on expectations that the Federal Reserve will cut interest rates by 50 basis points next Wednesday, higher than initially expected.

Notable statistics:

• According to data from IntoTheBlock, large trading volumes fell by 14.2% while daily active addresses increased by 16.7%. Exchange net flows fell by 124.5%.
• According to data from Coinglass, 32,341 traders liquidated $113.09 million in the past 24 hours.
• Crypto charts analyst Ali Martinez said that 112,000 ETH, worth roughly $257.6 million, was transferred to crypto exchanges in the past 24 hours.
• MicroStrategy announced that it acquired 18,300 bitcoins between Aug. 6 and Sept. 12 at an average price of $60,408 per bitcoin for approximately $1.11 billion in cash.

Notable developments:

Top gainers:

Trader Notes: Entrepreneur and bitcoin investor Lark Davis noted that ETF outflows have kept Bitcoin in the mid-$50,000 range for the past three weeks, and he predicts that the coming weeks “may be the last chance to get BTC on the cheap” due to interest rate cuts, FTX's $16 billion cash refund, the election, and increased global liquidity.

Up 12% over the past seven days, CryptoCon noted that Bitcoin recently retested the golden curve as support, similar to what it did in September 2020, causing a “surge.”

Traders added that this trend could lead to a cycle high of $186,000 in late 2025.

“It's like a game of chess where your opponent makes unexpected moves that force you to rethink your strategy, requiring patience and adaptability.”

What's next?: Bitcoin's impact as an institutional asset class will be explored in depth at Benzinga's “The Future of Digital Assets” event on November 19th.

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