By Sahil Mahadik, Feb 27, 2024
Crypto Price Prediction: A massive demand from the traditional market through spot ETF has propelled the Bitcoin price to a 2-year high of $57000, consecutively uplifting the broader crypto market.
Crypto Price Prediction: On February 26th, the cryptocurrency market witnessed a significant inflow in US trading hours, as the Bitcoin price nearly grazed $55000 for the first time in 2 years.
In a notable trading session on Monday, Bitcoin ETFs witnessed substantial volumes, underlining the growing investor interest in cryptocurrency markets. Leading the pack was $IBIT, amassing an impressive $1,289 million in trades, followed by $GBTC with $817 million, and $FBTC capturing $576 million in volume.
$ARKB also made its mark with $261 million in trades. Altogether, the top nine Bitcoin ETFs collectively generated approximately $2.35 billion in volume, showcasing significant market activity and investor confidence.
Amid this bustling trading environment, the Bitcoin spot ETFs experienced a substantial net inflow of $519 million, While the Grayscale’s GBTC ETF saw a net outflow of $22.37 million, recording a new historical low.
An Analysis of the daily chart shows the Ethereum price breached the resistance trendline of an expanding channel pattern. Under favorable bullish conditions, the ETH price should prolong its recovery to $3600, followed by $3942.
ADA, the native cryptocurrency of the Cardano ecosystem, has witnessed a steady recovery since last month with its jump from $0.46 to $0.618. This positive upswing has been recorded by 35% and recovered nearly the entire losses from the last correction.
With this sustained rally backed by increasing volume and occasional pullback, the Cardano price will likely surge 10% to hit $0.677 resistance. This horizontal level is the key neckline of a bullish reversal pattern pattern cup and handle, developing for the past 21 months.
Thus, a successful breakout beyond this barrier will signal a change in market dynamics and offer traders a new long-entry opportunity. Under the influence of this pattern, the post-breakout rally is set to chase a potential target of $1.14.
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