Cryptocurrency Market Picks Up Bullish Momentum as Bitcoin Nears $50,000 Mark
Cryptocurrency Price Analysis: The cryptocurrency market picked up aggressive bullish momentum from the second week of February. The leading digital assets Bitcoin ($47,876) and Ethereum ($2,519) showcase a weekly growth of 13% and 11.5%, respectively.
As Bitcoin approaches a pivotal end-of-week push towards the $50,000 mark, the crypto community is buzzing with anticipation, especially with the Bitcoin halving event just 10 weeks away. According to recent insights from the crypto analytics firm Santiment, an impressive 90.5% of all Bitcoin (BTC) coins are currently profitable, reflecting the price at which they were first acquired. This level of profitability surpasses that of other major cryptocurrencies, with Ethereum (ETH) and Ripple (XRP) seeing 84.7% and 79.9% of their coins in profit, respectively.
With the majority of holders in profit, the crypto market is less likely to witness panic selling and more acquisition from buyers.
Potential Entry Opportunities: Ethereum (ETH), Chainlink (LINK), and BEAM
Amid the current recovery trend, potential traders can find new entry opportunities at Ethereum (ETH), Chainlink (LINK), and BEAM.
Will Ethereum (ETH) Price Surpass $2,700 In The Coming Week?
During the recent surge in the cryptocurrency market, Ethereum, ranking second in market capitalization, saw a significant uptick. Its price ascended from $2,270 to $2,525 over a week, marking an approximate 11% gain. This upward movement successfully breached the ascending triangle pattern’s neckline resistance, effectively recovering 50% of the losses from the prior correction phase.
If the current buying momentum continues, the Ethereum price is poised to increase by an additional 7.4%, potentially testing the $2,700 resistance level.
This week witnessed a substantial shift in the Ethereum market, with over $1 billion in ETH moving out of centralized exchanges. A significant share of this capital was redirected to EigenLayer, which recorded a remarkable $3 billion in deposits after temporarily lifting its deposit caps.
This trend emphasizes the growing preference for decentralized finance (DeFi) platforms and highlights EigenLayer’s increasing prominence within the crypto ecosystem. The movement reflects a strategic shift by investors towards platforms offering greater control and innovative investment opportunities.
Chainlink Price Poised for Higher Rally Amid Whale Accumulation and Technical Breakout
In February 2024, Chainlink, the twelfth largest cryptocurrency by market cap, showcased impressive performance, soaring 50.7% from $13.6 to a high of $20.5 in just three weeks. During this rally, LINK’s price formed a bullish pennant pattern, indicating a pause in the upward trend before potentially climbing higher.
On February 10th, LINK broke out from this pattern, signaling a continuation of its bullish momentum with a 7.7% increase on the day, setting the stage for further gains.
Adding to the positive outlook, Intotheblock reported significant activity from Chainlink whales, noting that a particular whale moved 4,556,684 LINK (worth roughly $83.6 million) from Binance to 55 newly created wallets over the past five days. This accumulation suggests strong confidence among major investors.
Given the bullish pennant breakout and whale accumulation, the Chainlink price could be aiming for the immediate target of $20.5, with sights set on reaching $23 next.
Is BEAM Price Ready to Hit $0.03?
For nearly two months, the Beam coin price witnessed a steady correction under the influence of a flag pattern in the daily chart. This downfall plunged the coin price from $0.027 to a temporary low of $0.154, registering a 43% loss.
However, with the renewed recovery in the market, the BEAM price witnessed a significant inflow and breached the pattern resistance trendline of February 9th.
The post-breakout rally has surged the prices by 23% within the last 48 hours. If the pattern holds true, the BEAM price should chase the potential target of $0.315.
Analyst comment
Positive news: The cryptocurrency market has picked up bullish momentum, with Bitcoin and Ethereum experiencing significant growth. The majority of holders are currently in profit, indicating less likelihood of panic selling. There are potential entry opportunities in Ethereum, Chainlink, and BEAM.
As an analyst, the market is expected to continue its upward trend with increased acquisition from buyers. Ethereum may surpass $2700, Chainlink is poised for a higher rally, and BEAM could reach $0.03.
