Cryptocurrencies Price Prediction: Chainlink & Bitcoin – European Wrap 16 October

Chainlink attracts big investors interest while ambassador advocates for broader vision

Chainlink (LINK) has garnered investor interest during a lengthy accumulation phase but its revenue and fees have lately taken a hit. Crypto market educator Altcoin Sherpa suggests a Dollar-Cost Averaging strategy for investment, while ChainLinkGod advocates for a broader understanding of Chainlink's capabilities.

Chainlink, a smart contract system built on the Ethereum blockchain, has been amassing investor interest during a prolonged accumulation phase.  Analyst Altcoin Sherpa noted on X that the LINK accumulation has spanned more than 500 days and might soon give way to an upward surge in price.

Bitcoin whales signal accumulation trend while fear subsides

Over the past 20 months, the number of large Bitcoin wallet holders has increased by 8.1%, based on Santiment data. The surge comes after 2022’s bear market as large Bitcoin transactions and price stability now underline positive market sentiment.

Bitcoin has seen a remarkable surge in the number of addresses acquiring holdings of at least 10 BTC, marking an accumulation trend. According to data from Santiment, 11,806 more investor accounts have joined the ranks of large Bitcoin holders in the last 20 months. This signifies an 8.1% increase in large wallets since February 2022.

Week Ahead: Bitcoin could dip below $20,000 soon if spot ETF is not approved

The main macroeconomic event for this week is the Federal Reserve Chairman Jerome Powell’s speech on October 19. With higher-than-expected Nonfarm Payrolls and Inflation numbers, the chances that Jerome Powell hints at another interest rate hike are high. However, the CME FedWatch Tool shows a 90.3% probability of policy rates remaining at 525 to 550 basis points. While the speech will likely have a short-term impact on Bitcoin price, investors need to be careful trading BTC as things could get dicey going forward.