|

Cryptocurrencies Price Prediction: Bitcoin, AVAX & Chainlink – American Wrap 17 May

Ordinals and BRC-20 tokens might end up driving Bitcoin price to $20,000

Bitcoin Ordinals, which enabled the possibility of creating NFTs on the world’s biggest cryptocurrency network, is starting to weigh on the network. The increasing cost of transactions is a rising concern, which could inadvertently trigger a further decline in Bitcoin price.

BTC/USD 1-day chart

AVAX price should tank further as Avalanche price action heads toward $13

Avalanche (AVAX) price is continuing its decline at a slow grind as a bearish triangle has been formed on the charts – a recognizable pattern. Pressure is building again with investors on edge as plenty of tail risks exist. Expect to see a sharp leg lower once the floor in the triangle breaks at $14.56, and we could see AVAX trading near $13 very quickly.
AVAX/USD  4H-chart    

Chainlink, the token of the decentralized blockchain oracle network, has likely hit the bottom in the current market cycle. LINK’s average trading returns have consistently declined, with 63.26% of holders sitting on unrealized losses. 

Chainlink development activity

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP holds bearish bias despite spot ETF inflows
Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.
Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows
The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.
US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships
The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.
Bitcoin Weekly Forecast: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.
Bitcoin: Bulls hold the line
Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.