Crypto Price Prediction: Bitcoin Takes Down $70,000, Floki and Kaspa Explode

Crypto Price Prediction: The crypto market has been fluctuating with uncertainty following the Bitcoin price consolidation over the past two weeks. The daily chart displaying neutral candles highlights a lack of momentum from both bulls and bears.

However, the leading digital asset saw a notable uptick on Monday, likely driven by positive market sentiment towards the spot Bitcoin ETF, which is set to start trading in Australia tomorrow. Today, Bitcoin’s price is up 2%, sparking a relief rally among major altcoins.

Among the recent jumps, the Canine-Memecoin Floki and Kaspa emerged among the higher gainers attracting momentum buyers of the market.

Also Read: 5 Top Catalysts That Could Propel Bitcoin Price Rally To $150,000

1. Bitcoin (BTC)

Bitcoin (BTC) is the pioneering cryptocurrency that operates on a decentralized network using blockchain technology to enable peer-to-peer transactions without intermediaries.

For the past two weeks, Bitcoin remained steady around $69,000, thanks to a strong demand zone between $66,900 and $68,900, according to crypto analytics firm IntoTheBlock. Over two million addresses have accumulated a total of 1.1 million BTC in this range, highlighting significant interest and activity among traders.

Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k.

In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders. pic.twitter.com/FVUGfFY5IF

— IntoTheBlock (@intotheblock) June 3, 2024

An analysis of the daily chart shows the BTC price is developing a bullish pennant pattern. The coin price resonating within two converging trendlines should recuperate buying momentum and release it with the breakout for the overhead trendline.

By the press time, the Bitcoin price traded at $68949, while the market cap boasted $1.358 Trillion. 

The potential breakout will provide buyers with suitable support to drive recovery to $75000, followed by an extended rally of $88000.

Also Read: Bitcoin News: Developers Debate Major BTC Network Upgrade For New Use Cases

2) Floki

Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog named Floki. It aims to create a vibrant ecosystem combining meme culture with real utility. With today’s market recovery, the FLOKI price jumped 15% to currently trade at $0.000267.

As per the data from CoinMarketCap, the FLOKI coin holds a market cap of $2.7 Billion, while the training volume jumped 127% to $689.2 Million since yesterday. This upswing managed to reclaim a notable price level of $0.000267, providing buyers with suitable support to rechallenge the $0.000313 high.

A potential breakout will accelerate the buying momentum and push the FLOKI price beyond the all-time high of $0.0003437. With this asset poised to enter a price discovery mode, the traditional pivot level indicates the overhead supply at $0.00041, followed by $0.0005.

Also read: FLOKI Price Soars 5% As 7 Bln Coins Accumulated, Price To Uphold Momentum?

3) Kaspa (KAS)

Kaspa (KAS) is a cryptocurrency project focused on delivering a high-performance, scalable, and secure blockchain platform. Kaspa’s standout feature is its use of the GhostDAG protocol, which allows for faster block times and higher transaction throughput compared to traditional blockchains.

Since the beginning of May, the KAS coin has experienced a significant recovery, with its price rising from $0.10 to $0.149, marking a 48% increase. Additionally, its market cap has surged to $3.552 billion.

An analysis of the daily chart shows the formation of inverted head and shoulder with the altcoin currently challenging its neckline at $0.15.  A potential breakout from this barrier will signal a major change in trend reversal bolstering buyers to chase potential targets at $0.19, followed by $0.22.

Takeaway

The ongoing consolidation in the crypto market is expected to conclude as Bitcoin nears a decisive breakout. Under the influence of a bullish continuation pattern— pennant, the BTC price could recuperate its exhausted bullish momentum and resume the prevailing uptrend.