Cryptocurrencies Price Prediction: Bitcoin, Cardano & Hyperliquid – European Wrap 3 March
|Bitcoin could risk $50,000 amid the US-Iran war, mirroring the Russia-Ukraine war losses
Bitcoin (BTC) remains at downside risk amid escalation in the Middle East war, as Iran retaliates against the US, Israel, and its neighbouring countries. Drawing parallels to the early days of the Russia-Ukraine war, Bitcoin could extend losses below $60,000. Geopolitical tensions in the Middle East, the Strait of Hormuz blockage weighing on global Oil supply, and falling Asian markets could act as bearish catalysts, similar to the 2022-2023 banking crisis, due to the US Federal Reserve's (Fed) quickly hiked interest rates to fight inflation, and the collapse of Terra Luna.
21Shares' insights focus on institutional demand to avoid a similar correction and cap the downside around $56,000. Bitcoin drops to $67,000 at press time on Tuesday, retracing lower within a sideways consolidation zone defined by the February 5 price action, with alowof $62,909 and a high of $73,165. The US-Israel war on Iran is adding geopolitical pressure on Bitcoin’s price, resulting in a 3% loss so far today.
Cardano Price Forecast: ADA slides below $0.28 as whale selling, trendline resistance weigh
Cardano (ADA) price slips below $0.28 at the time of writing on Tuesday after a slight recovery the previous day. Weakening on-chain and derivatives data support a bearish outlook, as whale wallets are reducing exposure alongside negative funding rates. On the technical side, price action holds below the long-standing descending trend line, keeping the downside bias intact.
Santiment’s Supply Distribution data supports a bearish outlook for Cardano, as large-wallet holders (whales) are offloading tokens. The metric indicates that whales holding between 100,000 and 1 million ADA tokens (red line), 1 million and 10 million ADA tokens (yellow line), and those holding between 10 million and 100 million ADA tokens (blue line) have shed a total of 260 million tokens since February 24 to Tuesday, thereby increasing selling pressure.
Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war
Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran. Risk-off sentiment drives the nudge investors to high-demand commodities such as oil, Gold (XAU), silver (XAG), and their tokenized versions on Hyperliquid. The HYPE Open Interest holds steady amid increased short liquidations, suggesting persistent demand for the exchange token.
The US-Israel joint operation against Iran started on Saturday, triggering a sharp surge in demand for commodities such as Crude Oil and safe havens like Gold and Silver. However, the global market closed for the weekend, directing the capital toward Hyperliquid, a Decentralized Exchange (DEX) that operates 24/7.
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