Bitcoin, Ethereum, Dogecoin Surge Post Jobless Claims Data: Analyst Sees King Crypto Touching $51K Pre-ETF

The crypto market saw a surge on Thursday evening thanks to economic factors indicating a cooling.

What Happened: According to the Bureau of Labor Statistics, the number of initial jobless claims rose slightly from the previous week’s revised level. In the week ending December 16, it hit 205,000, compared to the prior week’s 202,000.

Moving on to the economy, the U.S. GDP managed to grow in the third quarter at an annualized rate of 4.9%, slower than the Census Bureau’s previous estimate of 5.2%.

In other news, El Salvador’s Congress has backed a migration bill allowing instant citizenship to foreign individuals making “donations” in Bitcoin to government social and economic development programs. The unicameral legislature passed this reform with support from President Nayib Bukele’s New Ideas party, which controls Congress, in a surprise vote late Wednesday evening. The law is anticipated to be put into effect in the next few days, reported Reuters.

Top Gainer (24 Hour)

The global crypto market cap has reached $1.64 trillion, marking a 2.14%  increase in the last 24 hours.

Stocks rebounded on Thursday, following the S&P 500’s worst day since September. The year-end rally resumed as both the Nasdaq Composite and the S&P 500 ended the day with gains. The Nasdaq advanced 1.26%, closing at 14,963.87, while the S&P 500 added 1.03% to reach a value of 4,746.75. 

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe states that Bitcoin is fighting to continue its upward trend. 

"I’m expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards Altcoins."

#Bitcoin fighting to continue going upwards here. I'm expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards #Altcoins. pic.twitter.com/dnrluz5U9G

— Michaël van de Poppe (@CryptoMichNL) December 21, 2023

According to crypto analyst and trader Ali Martinez, Ethereum, is gearing up for an explosive rally.

"Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb. The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500."

Santiment, a top on-chain analytics firm, has issued a clear warning about Bitcoin’s current standing in the market. According to their latest report, BTC’s ratio of supply in profit is hovering dangerously at 89%, a level that should be approached with caution as we head into the new year. The report suggests that any further increase beyond this range is less likely to provide favorable returns for investors. On a more positive note, Santiment indicates that both $MATIC and $LTC are operating within a safer “opportunity zone,” presenting a potentially attractive opportunity for traders looking for less risky investments.

📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz

— Santiment (@santimentfeed) December 21, 2023

Photo by BBbirdZ on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Get insight into trading platforms. Compare the best online stock brokerages.