|

Cryptocurrencies Price Prediction: Bitcoin, ChainLink & Avalanche – European Wrap 8 December

Bitcoin analyst calls early bull market as BTC price targets $50,000 in December

El Salvador launched a Freedom Visa and citizenship program where users deposit $1 million in Bitcoin or USDTether (USDT). The country made Bitcoin legal tender in 2021 and since then has drawn the interest of crypto market participants through BTC adoption.

Catalysts driving Bitcoin price alongside the El Salvador citizenship program include the anticipation surrounding Spot Bitcoin ETF approvals, and the institutional adoption of Bitcoin. Bitcoin price is trading sideways close to the $43,500 level on Friday after BTC yielded 15.25% gains for holders this week

Chart

ChainLink price could succumb to profit taking by whales

LINK price is likely on the brink of a correction driven by increasing profit taking by large wallet addresses in its network. The launch of v0.2 of LINK staking acted as a catalyst for ChainLink, driving price gains in the altcoin, however, now that many large-wallet holders are sitting on unrealized profits there is a risk they may cash in, driving price back down.

According to a ChainLink tweet on X, posted on December 11, ChainLink’s v0.2 community staking pool has officially filled with over 40.87 million LINK tokens staked – both by users migrating from v0.1 and new participants.

Chart

Avalanche Price Prediction: AVAX could rally 40% if it overcomes this barrier

Avalanche (AVAX) price is trading with a bullish bias after activating a bullish technical formation, with prospects for more gains depending on how the bulls play their hand going forward.

Avalanche (AVAX) price is up 236% since the market turned bullish, but the uptrend could be running out of steam as the altcoin faces a supply barrier extending from $26.56 to $29.34. As of 3:30 a.m. GMT time, it is trading for $26.12 with prospects for more gains amid rising momentum.

Chart

Author

More from FXStreet Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.