Cryptocurrencies Price Prediction: Avalanche, Bitcoin & Dogecoin – European Wrap 2 October

Avalanche Price Forecast: AVAX eyes further gains on $1 billion ecosystem treasury plan

The Avalanche (AVAX) price is up 1% at press time on Thursday, extending the 2% gains from the previous day, which were driven by a $1 billion ecosystem treasury plan. The technical outlook remains optimistic as both derivatives and on-chain data suggest an increase in traders’ and users’ interest. 

Avalanche Treasury Company (AVAT) announced a business combination valued at over $675 million with Nasdaq-listed Mountain Lake Acquisition Corporation (MLAC). The deal includes $460 million in treasury assets and establishes a public financial vehicle for AVAX. 

Bitcoin Price Forecast: BTC trades above $118,000 as Fed rate cut optimism fuels risk-on sentiment

Bitcoin (BTC) stabilizes above $118,000 at the time of writing on Thursday after rallying over 5% so far this week. The upward trend strengthens as market participants price in an over 99% chance that the US Federal Reserve (Fed) would lower borrowing costs on October 29. Moreover, the institutional demand also remains strong, with BTC spot Exchange Traded Funds (ETFs) recording their third consecutive day of inflows this week on Wednesday, while Metaplanet added 5,268 BTC to its reserve.

Bitcoin price rose nearly 4% on Wednesday, closing above the $118,500 mark. The rally came as the US government began a shutdown after Congress failed to pass a funding bill. The news pressured the US Dollar (USD), which slipped under modest selling pressure, and with BTC’s inverse correlation to the USD, the cryptocurrency surged sharply.

Dog-themed meme coins DOGE and SHIB extend gains as bearish pressure eases

Dogecoin (DOGE) and Shiba Inu (SHIB) prices extend their gains on Thursday, after rallying over 7% and 5% so far this week. Both dog-themed meme coins signal fading bearish pressure on the momentum indicators and open the door for a continued rally in both meme coins.

Santiment’s Supply Distribution data supports a bullish outlook for Dogecoin, as certain wallet holders accumulated DOGE during recent price dips. The metric indicates that whales holding between 100,000 and 1 million DOGE tokens (red line) and those with 10 to 100 million (blue line) have accumulated 450 million tokens from September 19 to Thursday. During the same period, wallets holding between 1 and 10 million DOGE tokens (yellow line) have shed 300 million tokens.