Cryptocurrencies Price Prediction: Bitcoin, Pi Network & Dogecoin – European Wrap 26 January

Bitcoin Price Forecast: BTC faces rejection risk near $88,000 amid heavy ETF outflows

Bitcoin (BTC) price recovers slightly, trading near the previously broken midpoint of a horizontal parallel channel around $88,000 at the time of writing on Monday, after falling over 7% in the previous week. The bearish outlook strengthens as BTC spot Exchange Traded Funds (ETFs) recorded an outflow of over $1.3 billion, the second-highest weekly withdrawals since their launch. In addition, CryptoQuant report highlights that Crypto King’s profit dynamics have turned negative, suggesting weakness in the near term.

Institutional demand for BTC weakened last week. According to SoSoValue data, spot Bitcoin Exchange Traded Funds (ETFs) recorded a total outflow of $1.33 billion in the previous week, the second-highest weekly outflow since their launch. If these outflows continue and intensify, BTC could see further correction.

Pi Network Price Forecast: PI struggles as fear grips the crypto market

Pi Network (PI) hovers above $0.1700 at press time on Monday, stabilizing after the 5% decline on Sunday. The PI token remains under intense pressure amid risk-averse conditions in the broader cryptocurrency market and over 1.3 million tokens inflows on Centralized Exchanges (CEXs) in the last 24 hours.

CoinMarketCap’s fear and greed indicator at 29 suggests a risk-off sentiment among investors. A reading between 20 and 40 indicates fear, while a drop below 20 would flash extreme fear, signaling a massive selloff in the crypto market.

Meme Coins Price Prediction: Dogecoin, Shiba Inu, Pepe rise amid lingering downside risks

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), recovered roughly around 2% at press time on Monday after a pullback of 7%-13% last week. Dogecoin and Shiba Inu cling to crucial support while the downside risk persists for PEPE.

According to Artemis data, the meme coin category has recorded a roughly 6% loss over the last seven days, while privacy coins have led the decline with a roughly 6% loss over the last seven daysnearly 18% drop. This suggests a broader risk-off sentiment in the cryptocurrency market, reducing the chances of sustained recovery in meme coins, which are mainly driven by sentiment.