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. Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:18 p.m. EDT) Bitcoin (CRYPTO: BTC) -2.20% $84,260.46 Ethereum (CRYPTO: ETH) -2.60% $2,682.14 XRP (CRYPTO: XRP) -4.50% $1.50 Solana (CRYPTO: SOL) -2.90% $115.36 Dogecoin (CRYPTO: DOGE) -7.50% $0.09294 Crypto Market Reverses Bitcoin descended from $87,000, hitting an intraday low of $83,654.39. Ethereum also retreated to $2,600, while XRP and Dogecoin recorded sharper declines Cryptocurrency-related stocks also fell, with Strategy Inc.

(NASDAQ: MSTR ) and Bitmine Immersion Technologies Inc. (NYSE: BMNR ) 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) Cryptocurrency Gains +/- Price (Recorded at 9:18 p.m. EDT) Bitway (BTW) +18.70% $1.06 Stable (STABLE) +9.90% $0.02726 Lighter (LIT) +4.00% $5.33 The global cryptocurrency market capitalization stood at $2.96 trillion, down 2.60% in the last 24 hours. Read Also: Bitcoin Could Deliver '3-5x Rather Than Another 10x' This Cycle, Analyst Says Stocks Plunge As Rate Hike Bets Spike Stocks 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 surged to its highest level since 2007 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 $BTC double bottom suggests the $82,500 neckline will hold as support.

The target remains $100,000. pic.twitter.com/YwfQPJ8M56 — Ali Charts (@alicharts) September 23, 2026 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 $BTC 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… pic.twitter.com/tCntKfdPQg — Santiment Intelligence (@SantimentData) September 23, 2026 Read Also: Bitcoin Analyst Admits His Rate-Hike Thesis 'Was Not Rooted in the Data' Photo Courtesy: Sodel Vladyslav on Shutterstock.com