Crypto Price Predictions: In tandem with increasing inflow in Spot Bitcoin ETFs, the underlying asset BTC is riding an aggressive bullish momentum in February. On Thursday, this leading digital asset hit a 2-year high of $25868 and recently reclaimed the $1 Trillion market cap.
On February 15th, the eight ETFs significantly expanded their Bitcoin holdings, with a total daily Net Inflow of $432 million. Notably, iShares (Blackrock) led the additions with $331 million, followed by Fidelity Investments, which increased its BTC holding worth of $97.4 million, marking a notable day of acquisitions and adjustments among prominent investment funds. In contrast, Grayscale saw the largest outflow of $175 million in the last 16 days.
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Thus, the majority of major altcoins were quick to follow up, projecting a sustainable accumulation phase in the market. By the press time, the global crypto market cap was at $1.95 Trillion and had temporarily teased the $2 Trillion milestone on February 14th.
The total crypto market cap just broke $2 Trillion! pic.twitter.com/0coupwVFCs
— IntoTheBlock (@intotheblock) February 14, 2024
Amid the ongoing momentum, assets like Bitcoin (BTC), Cardano (ADA), and Chainlink (LINK) can provide a suitable entry opportunity for potential traders.
Also Read: Bitcoin Tops $52,000 – But Why Are These 5 Altcoins To Buy Soaring Even Higher?
Bitcoin Price Gains Momentum Amid Whale Accumulation
The largest cryptocurrency by market cap Bitcoin entered the current recovery in late January when the price rebounded from $38640. Within a month, the BTC value soared 36% to currently trade at $52352.
A look at the daily chart indicates the BTC price gave a massive breakout from the $49000 neckline resistance of the cup and handle pattern, ending a 2 years accumulation for a new rally.
Adding to the bullish note, the renowned @alicharts highlighted in a tweet, “Bitcoin whales have purchased over 100,000 $BTC in the last ten days, worth around $5 billion. The smart accumulation adds more conviction for the future growth potential of BTC.
#Bitcoin whales have purchased over 100,000 $BTC in the last ten days, worth around $5 billion! pic.twitter.com/JNWvSRll80
— Ali (@ali_charts) February 15, 2024
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The Bitcoin price experienced an intraday increase of 0.78%, successfully surpassing the $52,230 threshold. This move provides buyers with the next stepping stone(support) to prolong the recovery trend.
Under the influence of the cup and handle pattern, the ongoing rally is aimed at hitting the $82640 potential target.
Also Read: Bitcoin Ask-to-Bid Ratio At Year High, What’s Next?
Bull Flag Pattern in Cardano Price Signals End-of-Correction
ADA, the native token of the Cardano ecosystem, has witnessed an aggressive upswing in the last few weeks aligned with the broader market recovery. From the last swing low support of $0.485, the coin price surged over 30% to reach the current trading price of $0.6.
Amid this rally, the Cardano price provided a bullish breakout from a traditional continuation pattern called Flag. If the pattern holds true, the buyers are likely to drive the current recovery to $0.675, followed by an extended rally to $0.95.
Moreover, Messari’s Q4 2023 report highlights significant growth in the Cardano ecosystem, spotlighting the contributions of protocols like MinswapDEX and Indigo Protocol. Key metrics reveal a 166% increase in Total Value Locked (TVL), a 37% rise in stablecoin value, and a 127% surge in ADA’s value, underscoring Cardano’s expanding influence and robust investor confidence in its development and future potential.
State of @Cardano Q4
Key Update: Ecosystem growth came from both more established protocols like @MinswapDEX and newer ones like @Indigo_protocol.
QoQ Metrics 📊
– TVL ⬆️ 166%
– Stablecoin value ⬆️ 37%
– ADA ⬆️ 127%Read the report for free 👇https://t.co/TVAdEwlY5p pic.twitter.com/rGZlYnWiyp
— Messari (@MessariCrypto) February 14, 2024
Also Read: Cardano (ADA) Price Breakout Above $0.60 Opens Gates for Mega Bullrun to $8
Chainlink Price Escapes a 2-year Long Accumulation
In a significant development for blockchain and telecommunications, multinational telecommunications giant Telefonica has partnered with Chainlink to leverage its Chainlink Functions on the Polygon mainnet. This integration aims to bolster security by enabling smart contracts to detect unauthorized SIM card changes, a critical advancement in preventing fraud and ensuring user security.
Multinational telco @Telefonica has integrated #Chainlink Functions on @0xPolygon mainnet to help smart contracts detect unauthorized SIM card changes.
Understand how Functions can provide an additional layer of security to blockchain transactions ⬇️https://t.co/jIpKbrOZff pic.twitter.com/Dsbv8JflNs
— Chainlink (@chainlink) February 15, 2024
This strategic move underscores the potential of blockchain technology in addressing real-world challenges and marks a significant step in Telefonica’s blockchain adoption journey.
The 11th-ranked cryptocurrency Chainlink has showcased a remarkable 46% growth in the last three weeks as its price jumped from $13.6 to $20. Amid this rally, the LINK buyers provided a decisive breakout from the neckline resistance of the Cup-and-handle pattern at $17.2.
This chart setup projects a major signal of trend reversal as buyers uplift the price from a long accumulation period. The Chainlink price currently witnessing overhead supply at $20.8 may trigger a minor pullback to $17.2 to validate its sustainability for a higher price.
However, under the influence of the chart pattern, the LINK price is set for a potential target of $30.
Related Articles: 5 Crypto To Buy Before The Next Bitcoin Halving In 2024
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- About author
- Disclaimer
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.
