Sahil Mahadik
Crypto Price Predictions: The crypto market recovery is on aggressive momentum with the leading digital asset Bitcoin pushing through $50000 for the first time in 2 years. The altcoin market has not fallen behind as Ethereum, Solana, Cardano, and Avalanche have shown a +5% surge in the last 24 hours.
One of the key reasons for the recent surge in the increasing Inflow in 9 New BTC ETFs.
Anthony Pompliano, founder of Pomp Investments recently on SquawkCNBC said. “Wall Street LOVES Bitcoin. They are buying up 12.5x more bitcoin per day than the network can produce. The march to a new all-time high is underway if this continues.”
Thus, with the upcoming halving, the production of new Bitcoin will go from 900 to 450 BTC a day, pointing to a possible supply shortage in the market.
Wall Street LOVES bitcoin.
They are buying up 12.5x more bitcoin per day than the network can produce.
The march to a new all-time high is underway if this continues.
I explain this on my segment with @SquawkCNBC this morning. pic.twitter.com/0zRc3RQ4hY
— Pomp 🌪 (@APompliano) February 12, 2024
As market momentum points to a prolonged rally, interested traders can find new entry opportunities in Bitcoin (BTC), ORDI, and Helium (HNT).
Also Read: Breaking: Bitcoin Leads With $1.09 Bln Inflow Amid Bullish Outlook On ETH & ADA
Bitcoin (BTC) Price Breaks Free From 2 Years Accumulation
Bitcoin has reached a significant milestone, surpassing the $50,000 mark for the first time since December 27, 2021. This breakthrough is part of a broader trend in the digital asset market, with stablecoin market capitalizations experiencing substantial growth — an increase of $11.4 billion in just four months.
Furthermore, the crypto analytics firm Santiment notes that whale wallets, holding over $5 million, have accumulated an additional 2.32% of the six largest stablecoins’ supply within the last four weeks. The inflow of funds into stablecoins, alongside the Bitcoin price surge, paints a bullish picture for the cryptocurrency market.
🥳 #Bitcoin has officially climbed above $50K for the first time since December 27, 2021. #Stablecoin market caps have risen significantly, with $11.4B more added in just 4 months. $5M+ whale wallets have accumulated 2.32% of the top 6 stables in 4 weeks. pic.twitter.com/yFG3keICUG
— Santiment (@santimentfeed) February 12, 2024
A look at the daily time frame shows that the Bitcoin price surge gave a decisive breakout from the $49000 neckline resistance of the cup and handle pattern. With this breakout, the buyers escape a 2 years accumulation phase, indicating a significant change in market dynamic.
If the coin price shows sustainability above this breached resistance, the chart pattern projects a potential target of $82250.
Also Read: What’s Next For Bitcoin Price As 7 Days Winning Streak Hits $50k?
Bullish Pattern Sets Ordinals (ORDI) Price Rally Beyond $90
During the recent market downturn, Ordinals experienced a sharp 47% drop from $1.92 down to $48.83. Yet, this pullback took shape into a bullish FLAG pattern, suggesting a healthy retracment in action. The bullish continuation pattern often appears as an established uptrend as buyers take short breaks to revive exhausted momentum.
On February 7th, the Ordinals price decisively breached the pattern’s upper resistance, indicating a reversal of the downward trend. Following this breakout, the coin’s price rallied by 21% within just a week, now sitting at $70.4.
If the bullish momentum maintains its course, ORDI stands to gain another 30%, potentially reaching the previous swing high of $91.80, as it capitalizes on the optimistic market sentiment.
Also Read: Bitcoin Halving Phases : 5 Phases of Bitcoin Halving Explained
Helium (HNT) Price Eyes $13 Amidst Market Optimism
The native token of the Helium network, HNT, has shown a consistent upward trajectory over the past three months, bolstered by an ascending trendline. This trendline has served as dynamic support, with the coin bouncing back from it at least four times, highlighting strong buyer interest during price pullbacks.
Following a recent bounce from this support and spurred by renewed market interest, the Helium price has experienced a significant rise of 31% within a single week, reaching a current trading price of $8.95.
The increase in trading volume accompanying this surge suggests sustained buyer enthusiasm, hinting that the HNT price is poised to challenge the previous peak resistance at $9.61. A successful breach of this resistance could amplify the buying pressure, potentially elevating the price target to $13.
Related Article: Bitcoin Price is Halfway to $100k, What’s Next?
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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.
