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Can Bitcoin Recovery Hit $80000 This Month? – Crypto News

Published

1 year ago

March 11, 2024

Dripp

Crypto Price Prediction: On Monday, the leading digital asset Bitcoin breached the $70000 psychological mark and reached a new all-time high of $71766. The recovery keeps the broader market trend intact, further boosting the growth of the altcoin sector.

According to data from the on-chain analytics firm SpotOnChain, a significant move by a notable Bitcoin whale, identified as “3Khjn,” has caught the attention of market watchers. Over the past 1.5 days, this whale has withdrawn a total of 4,192 BTC from Binance, with the transactions valued at approximately $68,937 per Bitcoin, equating to a staggering $289 million. This strategic move has resulted in a profit exceeding $10 million for the whale. The accumulation occurring near the all-time high suggests that smart investors are not anticipating an imminent peak in Bitcoin’s price and steady rise to $80000.

The $BTC price broke $71,000, recording a new ATH!

Fresh whale 3Khjn withdrew a total of 4,192 $BTC from #Binance at ~$68,937 (cost: $289M) in the past 1.5 days, now making $10M+!

Follow @spotonchain and turn your 🔔 at https://t.co/xdn6HytMMe pic.twitter.com/EURNsQqG0x

— Spot On Chain (@spotonchain) March 11, 2024

Amid the ongoing recovery, the Ethereum, FLOKI, and Chainlink coins showed aggressive momentum and high conviction from market bulls.

Also Read: Optimism Around Spot Ethereum ETF Approval Waning Down, Can ETH Price Rally Continue?

1)Ethereum(ETH)

Ethereum (ETH) stands as a pivotal blockchain platform in the cryptocurrency ecosystem, primarily known for its smart contract functionality, which has paved the way for decentralized applications (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs).

As the second-largest cryptocurrency by market capitalization, Ethereum’s transition to a proof-of-stake mechanism through its Ethereum 2.0 upgrade aims to address scalability and energy consumption concerns, further solidifying its position as a cornerstone of blockchain innovation.

BINANCE:ETHUSD Chart — Ethereum(ETH)} Tradingview

As of the most recent data, Ethereum (ETH) price is trading at $4031, with a gain of 3.88% over the last 24 hours. The market capitalization stands at around $484.2 billion, with a trading volume of $23.4 billion in the same period.

The recent upsurge breaks another key resistance of $3942, paving the way for further growth. The post-breakout rally may witness potential resistance at $4235, followed by $4550.

Conversely, a possible correction may find suitable support at $3500, and $3031.

Also Read: Hong Kong to Launch Spot Ethereum ETF Before US, 10 Firms Unveils Bitcoin ETF Plan

2)Chainlink (LINK)

Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts with data from the real world. It stands out as a key player in the blockchain ecosystem by providing reliable, tamper-proof data feeds for complex smart contracts on any blockchain.

Chainlink’s technology is crucial for the functionality of decentralized finance (DeFi) applications, insurance contracts, and various other use cases where accurate external data is essential.

BINANCE:LINKUSDT Chart — Chainlink (LINK)| Tradingview

As of the most recent data, the market capitalization stands at around $12.5 billion, with a trading volume of $1.3 Billion since yesterday. Currently trading at $21.4, the chainlink price shows a failed breakout from $21.7 resistance, projecting an intraday loss of 1.07%.

The Chainlink price chart exhibits a pattern that suggests cautious optimism, with the price navigating between established support and resistance levels. A reversal from $21.7 may lead the coin to potential support of $19 and $17.5.

Also Read: Chainlink Price Prediction: Whale Accumulation Fuels Potential Breakout Rally to $30

3)Floki

Floki(FLOKI) is a cryptocurrency project inspired by the Shiba Inu meme and named after Elon Musk’s own Shiba Inu. It aims to be a community-powered social media project, leveraging its mascot to build a strong online presence. Floki Inu distinguishes itself with its involvement in charitable activities and its efforts to enter the NFT and education spaces through Floki University.

BINANCE:FLOKIUSDT Chart — Floki| Tradingview

The Floki coin emerged as the higher gainer in the recent memecoin rally, showcasing a price jump from $0.000035 to $0.00027, registering 740% growth. As of the latest data, Floki Inu’s price action shows volatility typical of meme coins, below the newfound supply zone of $0.0003.

The current market cap of this memecoin is wavering at $2.68 Billion, with an intraday gain of 15.42%. The increased profit booking from Floki price may trigger a minor correction, which allows buyers to hunt potential support at $0.000212, followed by $0.000173.

Takeaway

As Bitcoin ventures into price discovery territory, altcoins have experienced an accelerated recovery, extending their bullish momentum. In the past 24 hours, Ethereum, FLOKI, and Chainlink have stood out as among the top gainers within the top 100 cryptocurrencies by market capitalization. This sustained recovery trend could present fresh opportunities for long positions to traders who have been waiting on the sidelines.