Crypto Price Prediction: $70,000 Target In Sight For BTC This Weekend?

Crypto Price Prediction: The leading cryptocurrency Bitcoin has witnessed a surge in volatility following its rise to a new All time high of $69000. While a shift to sideways action sparks the threat of new correction, the tokens related to AI technology and the meme sector continue to bolster the bullish momentum.

Moreover, the BTC price consolidation could allow buyers to regain strength and replenish the exhausted buying momentum to trigger a higher rally. Furthermore, the Santiment’s latest data reveals a bullish trend in Bitcoin’s ecosystem, showing that the number of ‘shark’ and ‘whale’ wallets (those holding between 100-100,000 BTC) has increased, while smaller wallets have decreased, indicating small trader capitulation post all-time high volatility. 

Specifically, wallets holding 10,000 to 100,000 BTC saw a 3.9% increase, wallets with 100 to 1,000 BTC increased by 0.8%, and wallets with 1,000 to 10,000 BTC decreased by 2.4% within nine days. This suggests larger investors are holding firm, potentially signaling market confidence. While the broader market is bullish, the Bitcoin price is likely to surpass $70000 in the near future.

🐳🐠 #Bitcoin's sharks and whales aren't going anywhere after the post-#AllTimeHigh volatility rocked markets. At the same time, overall non-0 $BTC wallets are declining, mainly due to small traders capitulating. Generally, this is a #bullish combination. https://t.co/Da85LqFPAY pic.twitter.com/bq4rOC3t4o

— Santiment (@santimentfeed) March 7, 2024

Also Read: Ethereum Price Prediction: Why ETH Q1 Hype Cycle Could Peak Above $5,000?

1)Ethereum (ETH)

Ethereum is a decentralized, open-source blockchain system that features smart contract functionality. As the second-largest cryptocurrency platform by market capitalization, Ethereum stands out due to its pioneering role in facilitating decentralized applications (dApps) and decentralized finance (DeFi) ecosystems.

The recent uptrend in the cryptocurrency market has propelled significant gains for Ethereum’s native token, ETH, elevating its price from $2,171 to $3,923 in just five weeks. This impressive 81% increase has narrowed the Ethereum price to within 25% of its all-time peak of $4,891

This altcoin’s current market cap stands at $473.9 Billion with an intraday gain of 4%.  A steady growth with increasing volume reflects that buyers are dominating this asset and may push the ETH price to an overhead resistance of $3942, followed by $4235.

Also Read: What Should the Crypto Market Expect From Ethereum Dencun Upgrade?

2)THORChain (RUNE)

THORChain is a decentralized liquidity protocol that facilitates secure and private cross-chain token swaps. Powered by its native token, RUNE, the platform allows for seamless exchange between different cryptocurrencies without relying on centralized parties. THORChain stands out for its innovative approach to interoperability, enabling liquidity pools for assets across multiple blockchains.

Despite the recent sell-off in the crypto market, the THORChain coin price showed strong sustainability above 5 psychological levels, evidenced by the long-tail rejection candle. The positive turnaround propelled the coin price 52% within three days to currently trade at $7.8. As of press time, the THORChain market cap stands at $2.65 Billion with an intraday gain of 29%.

The trading volume recorded $1.2 Billion since yesterday reflecting a sustainable bullish momentum among traders. With steady buying, the RUNE price may face potential supply pressure at $9.93, followed by $13.3.

Conversely, the RUNE may enter a minor pullback to seek support at $6.1 and $5.

Also Read: Ethereum Price Chasing $5,000 Target As Staked ETH Crosses 31M Mark

3)FLOKI

Floki Inu (FLOKI) is a community-driven cryptocurrency project inspired by the Shiba Inu meme and named after Elon Musk’s dog, Floki. It stands out in the crowded meme coin space by attempting to combine meme appeal with actual utility. Floki Inu aims to create an ecosystem that includes a marketplace for NFTs (non-fungible tokens), merchandise, and educational platforms focused on blockchain and crypto education, 

Amid the recent memecoin Mania in the market, the Floki coin price emerged as one of the higher gainers in this sector. From a swing low of $0.00003247, the coin price surged 486% to current trade at $0.000019.

The recovery has uplifted this memecoin market cap to $1.83 Billion, showcasing an intraday gain of 40%.  Under the influence of a bullish rounding bottom pattern, the FLOKI price may extend its rally to $0.00022, followed by $0.00029.

On the downslide, the FLOKI price may witness demand pressure at $0.000163 and $0.000092

Key Takeaway

The recent surge in Bitcoin’s volatility and its achievement of a new all-time high is accompanied by a significant increase in ‘shark’ and ‘whale’ wallets, signaling strong market confidence among large investors. Moreover, the current consolidation may assists the digital currency to regain bullish momentum and consecutively uplift the broader market.