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?

Bitcoin Price| Tradingview

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?

Shiba Inu Price| Tradingview

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.

Shibarium| Daily transactions

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

The post Top 3 Crypto Price Prediction Featuring BTC, LINK, SHIB appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am