Bitcoin, Ethereum, XRP, Dogecoin Slide as Rate Hike Odds Jump: Analyst Says BTC Target Remains At $100,000 Despite the Dip

Leading cryptocurrencies corrected on Wednesday as hot macro data signaled the chance of another rate hike.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:18 p.m. EDT)Bitcoin -2.20%$84,260.46Ethereum -2.60%$2,682.14XRP -4.50%$1.50Solana -2.90%$115.36Dogecoin -7.50%$0.09294Crypto Market ReversesBitcoin descended from $87,000, hitting an intraday low of $83,654.39. Ethereum also retreated to $2,600, while XRP and Dogecoin recorded sharper declinesCryptocurrency-related stocks also fell, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down 3.07% and 4.52%, respectively.Over $540 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions taking the heaviest losses, according to Coinglass data.Bitcoin’s open interest plummeted 6.63% over the last 24 hours. BTC’s Long/Short ratio dipped below 1, meaning a large number of traders are actively taking short positions.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:18 p.m. EDT)Bitway (BTW) +18.70% $1.06Stable (STABLE) +9.90% $0.02726Lighter (LIT) +4.00% $5.33The global cryptocurrency market capitalization stood at $2.96 trillion, down 2.60% in the last 24 hours. Read Also: Stocks Plunge As Rate Hike Bets SpikeStocks faced heavy sell-offs on Wednesday. The Dow Jones Industrial Average fell 352.10 points, or 0.68%, to end at 51,511.59. The S&P 500 slid 0.75% to end at 7,706.03, while the tech-heavy Nasdaq Composite dropped 1.13% to settle at 26,936.04.The yield on the 10-year Treasury note after the latest Purchasing Managers’ Index readings came in higher than expected.Traders are now pricing in a nearly 70% chance of another 25-basis-point rate hike next month, according to the CME FedWatch tool.A Dip Before Rip?Ali Martinez, a widely followed cryptocurrency analyst and trader, flagged a “double bottom” pattern on Bitcoin’s daily chart, suggesting the $82,500 horizontal neckline will remain as a key support.“The target remains $100,000,” Martinez added.Bitcoin double bottom suggests the $82,500 neckline will hold as support.The target remains $100,000. On-chain analytics firm Santiment noted that Bitcoin wallets holding 100-1,000 BTC have boosted their holdings by 2.22% over the last two months.“Santiment’s five-year analysis found 100-1,000 BTC wallets particularly have correlated quite closely with crypto market direction, with accumulation often appearing before or during stronger price periods,” the firm stated.🐳 Bitcoin’s 100-1,000 wallets are accumulating fast. Since July 15, they’ve added 113,950 BTC, growing their collective holdings by 2.22% to roughly 5.24M BTC.🧠 This wallet tier has historically been one of Bitcoin’s most useful smart money groups to watch. Santiment’s… Read Also: Photo Courtesy: Sodel Vladyslav on Shutterstock.com