Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Cardano – European Wrap 10 June

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin (BTC) extends its decline on Wednesday, trading below $61,500 at the time of writing as renewed US-Iran tensions keep the risk sentiment capped. In addition, persistent capital outflows from US-listed spot Exchange Traded Funds (ETFs) continue to fuel selling pressure on BTC. Market participants are also closely watching the release of the US Consumer Price Index (CPI) data for May later on Wednesday. Sticky inflation figures could reinforce expectations of a more hawkish monetary policy stance from the Federal Reserve (Fed), potentially triggering another wave of selling pressure in the Crypto King.

The US launched self-defense strikes against Iran on Tuesday in retaliation for the downing of a US Apache helicopter in the Strait of Hormuz. In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) said it has targeted an airbase in Jordan hosting US forces, as well as Kuwait and Bahrain, and warned of “a more severe response” if the US aggression continues. 

Pi Network Price Forecast: PI extends decline as CEX outflows fail to offset bearish pressure

Pi Network (PI) price edges lower on Wednesday, extending its decline for the third consecutive day this week. Mild outflows from Centralized Exchanges (CEXs) over the last 24 hours have failed to offset broader selling pressure, suggesting further downside risk below the newfound all-time low of $0.1184.

The declining demand for Pi Network is consistent with broader downside pressure in the cryptocurrency market, which limits demand for speculative, community-driven projects. That said, Pi Network continues to decline despite a mild outflow of roughly 260,000 PI tokens over the last 24 hours, which typically indicates a drop in available supply pressure on exchanges. This diverging trend suggests that broader selling pressure outweighs the mild buying activity, deepening the downside risk in PI. 

Cardano Price Forecast: ADA downtrend deepens despite on-chain bottoming signals

Cardano (ADA) edges lower to $0.1600 at press time on Wednesday, signaling a potential extension of the 30% loss from last week. The altcoin remains under intense selling pressure, weighing on its retail support. Still, a spike in dormant supply re-entering circulation signals that the selling pressure has run its course, a pattern that often precedes a rebound.

Spikes in spent dormant supply often signal long-term investors finally dumping their coins under pressure. In the case of Cardano, Santiment data shows multiple spikes in dormant supply spent in early June, crossing the 20 billion ADA mark, followed by the largest spike on June 9, at 40.6 billion ADA. This sudden supply dump of long-held ADA tokens forced a pause in the average age of ADA wallets, reaffirming the exit of multiple dormant wallets.