On the Radar – Coins to Watch: DOGE and PYTH

Bitcoin continues to press higher towards a new all-time high. It currently trades up 14% for the month of October.

Fear and greed currently reads 77 – Greed.

US ETF Demand Rising

Last week was a big one for US Bitcoin Exchange Traded Funds (ETFs) as demand resulted in $ 0.9 billion USD in net buying across all products, compared to a staggering $2.1 billion USD in net buying  the week prior. BlackRock’s spot Bitcoin ETF recorded $875 million of inflows on Oct. 30, surpassing its previous record by around 3%. 

The $42 billion Bitcoin Plan

MicroStrategy has announced a $42 billion USD capital plan for the next three years centred around its Bitcoin strategy. Dubbed the “21/21” plan, it seeks to raise $21 billion from equity raises and the remaining $21 billion from debt offerings.

Macroeconomic Data Ahead

Tonight, the Bank of Japan will announce their latest update to their interest rates, the forecast is for <0.25%.  Back in March, Japan increased their interest rates to 0.1% and again in July to 0.25%. This resulted in volatility across broader markets as it deviated from the -.1% policy rate, which had been steady for over a decade prior.

On Friday, we have Inflation and Employment data being released out of the US at 10:30 pm AEST.

Results outside of expectations could drive volatility as they may not be priced in or expected by the market.

Related: Fortune Report Alleges Widespread Wash Trading on Polymarket

Bitcoin – BTC

It’s getting closer to crunch time, as the market teases Bitcoin’s all-time high set at the start of 2024. Below are two possible outcomes from here.

Bullish Scenario

I’m waiting to see if the previous lows, in the grey box, hold out as support in the coming days; if so, we could see this as a foundation for the market to push towards a new all-time high figure. 

Bearish Scenario

If I see a deceleration from market buyers, we could start to see prices retest lower. 

Related: SNK Revives ‘Samurai Shodown R’ for New SuiPlay0x1 Handheld Launch

Dogecoin – DOGE

One of the hottest, if not the hottest memecoin of the previous market cycle, DOGE has seen an impressive 50% rally to date in October. Below are my thoughts on what could come next, when mapping out price using Fibonnaci analysis. 

Bullish Scenario 

If the market holds nicely across the board, I’m looking at the next key Fibonacci level of $0.19723.

Bearish Scenario

Sluggish action from the bulls could see prices slide, and retest support around the range midpoint of $0.15493

Pyth Network – PYTH

I’ve liked the market structure of PYTH since September. It’s showing me signs of dips being bought and new higher highs and lows forming.

This suggests to me the market is happy to start paying higher prices so far. Below are my two takeaways on what I’m waiting to see next. 

Bullish Scenario 

I am eyeing the price to continue moving towards the next Fib levels and continue to push higher towards the mid-range at $0.6899 and the ‘Golden Fibonacci’ level at $0.8009.

Bearish Scenario

Any signs of weakness or directional change in direction could result in new lows to still form. 

Keep up to date.

Stay informed and connected! Subscribe to Crypto with Pav on YouTube, where I dive into the latest trends in cryptocurrency, offering insights on what’s coming next and highlighting news and technical structure I believe is crucial. 

You can also follow me on X.

Cheers!