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

FXStreet Team FXStreet

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 whales begin accumulation as LINK enters opportunity zone

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.