Top 3 Crypto Price Prediction Featuring BTC, LINK, SHIB

Crypto Price Prediction: For nearly two weeks, the cryptocurrency market cap has been teasing the $2 Trillion threshold, triggering a sideways sentiment among market participants. This lateral movement aligns with the Bitcoin price consolidation between $52885 and $50680 horizontal level to create a range pattern.

Currently, the traders are struggling to decide if the consolidation is a distribution for a correction or a pre-rally consolidation to regain strength.

However, the crypto financial services platform Matrixport released a new report bolstering a bullish outlook for BTC with a potential target of $63,000 in March 2024. The optimism is rooted in several significant events on the horizon. Among these, Bitcoin spot ETF approval stands out as a pivotal moment, alongside the eagerly anticipated Bitcoin halving. Additionally, there’s a buzz around potential interest rate cuts following the Federal Reserve’s FOMC meeting, and the influence of the upcoming U.S. presidential election.

Matrixport released a new report stating that BTC’s goal of reaching $63,000 in March 2024 is achievable. Catalysts include: the approval of a Bitcoin spot ETF, the Bitcoin halving, expectations of an interest rate cut after the Fed’s FOMC meeting, and the U.S. presidential…

— Wu Blockchain (@WuBlockchain) February 23, 2024

Bitcoin (BTC), Chainlink (LINK), and Shiba Inu (SHIB) offer a new entry opportunity to market recovery resumes.

Also Read: Reddit’s IPO Filing Reveals Investments in Bitcoin and Ethereum

Will Bitcoin Price Will Retest $50000?

The leading cryptocurrency Bitcoin is trading at $51228 and has been resonating within $52885 and $50680 levels. The coin price rebounded from both levels twice with a projection of short body candles reflecting an indecisive sentiment in the market.

Thus, a breakout beyond this range will be an early signal of the BTC trajectory for the near term. A bullish breakout from $52885 resistance will signal the continuation of a bullish recovery to $59810.

However, data from IntoTheBlock reveals that 1.38 million addresses purchased 1.33 million Bitcoins at an average price of $2,984, totaling an investment of $3.9 billion. These investors are currently facing losses and might trigger selling pressure upon reaching a break-even point. 

Data from @intotheblock shows that 1.38 addresses bought 1.33M $BTC($3.9B) at an average price of $2,984.

They are currently at a loss and may generate selling pressure when their positions reach breakeven.

4 whales sold 34,134 $ETH($100.8M) near the $3,000 price.

0x7102… pic.twitter.com/QUHnSikIyo

— Lookonchain (@lookonchain) February 23, 2024

Additionally, Lookonchain spotted that four Ethereum whales sold 34,134 ETH, worth about $100.8 million, near the $3,000 level. This highlights strategic moves within the volatile crypto market, underscoring the cautious approaches of large-scale investors.

Thus, a breakdown below the $50680 will trigger a correction to $49000.

Also Read: Valkyrie Expands with Launch of Bitcoin Futures ETF BTFX

Chainlink Price Downtrend to Hit $17 Soon, Buy This Dip?

The current consolidation in the crypto market took a significant toll on the Chainlink price as the asset has been falling for five consecutive days. Within a week, altcoin plunged 11.6% to currently trade at $17.9.

However, the falling price backed by decreasing volume reflects the weakening momentum in sellers and a potential for temporary pullback. The supply pressure may have plunged the coin price by 3.5% to potential support at $17.

An analysis of the higher time frame chart shows this reversal is a minor retest to the neckline of the cup and handle pattern. If the LINK price shows sustainability above this flipped support, the buyers may chase a potential target of $29.85. 

Also Read: Bitcoin Halving to Push BTC Price At $273K, Demand-Supply Ratio At 13x

Will Shiba Inu Price Rebound From $0.000009?

Following a recent downswing from $0.00001 psychologically, the popular memecoin SHIB plunged 4% within a week to reach $0.00000954. If the supply pressure persists, the price may tumble another 3% to hit combined support of $0.00000922 and support trendline.

This ascending trendline active for the past 4 months has offered buyers dynamic support during a major market correction. Thus, a potential rebound from this trendline offers another dip opportunity for buyers to recuperate strength.

Moreover, the layer 2 solution Shibarium has witnessed a remarkable surge of $3.8 Billion in daily transactions reflecting the increasing adoption and utilization of the network.

Thus, a reversal from a $0.00000922 may surge the Shiba Inu price by 14% to hit $0.0000105.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.