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.
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.
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.
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