Crypto Price Prediction For February 3: BTC, XRP, ROSE
Release: 2024/02/03 19:39 Reading: 269
Crypto Price Prediction: The cryptocurrency market is experiencing a tranquil weekend, with the total market capitalization holding steady at $1.65 trillion, reflecting a nominal increase of 0.07% from the previous day. Leading the market, Bitcoin and Ethereum have been trading within a narrow range, with Bitcoin at $43,102 and Ethereum at $2,315.
Despite the lack of significant price movements, market optimism remains buoyant. This follows a slowdown in the post-ETF sell-off momentum, with Grayscale’s GBTC ETF observing a tapering of outflows. Concurrently, other prominent ETFs like BlackRock’s (IBIT) and Fidelity’s (FBTC) are recording a consistent inflow, indicating a positive investor sentiment toward the market.
Moreover, Bitcoin’s mining difficulty soared to a new all-time high of 75.50T at block 828,576 on February 2. This development underscores the increasing hurdles and computational requirements confronting miners within the Bitcoin network.
As the crypto market seems well-positioned to prolong its recovery, the bullish trader can keep a close eye on Bitcoin (BTC), XRP, and Oasis Network (ROSE).
Bitcoin (BTC) Whale Accumulation Amid Stagnant Price Hints Upcoming Surge
The largest cryptocurrency by market cap Bitcoin witnessed a renewed buying interest in late January. Over a week, the coin value witnessed a 13.85% jump from $38520 to $43900.
However, the Bitcoin price currently trades at $43060 and is wobbling in a narrow range between $44000 and $41000. Based on the analysis from Santiment, there’s a noteworthy shift in Bitcoin holdings among different-sized wallets.
As of February 1st, 2024, the quantity of Bitcoin wallets containing between 1k and 10k BTC has reached a peak not seen since November 2022, totaling 1,958. This indicates a 2.5% increase within just six days.
Conversely, wallets holding between 100 and 1,000 BTC have declined to 13,735 – the lowest since November 2022, marking a 1.1% decrease in the same timeframe. Despite the divergence, the growing accumulation from larger holders reflects a better conviction of a long-term rally.
? #Bitcoin is ranging between $41K and $44K, but whale wallets are moving big this week:
? Number of 1K-10K $BTC Wallets: 1,958 on Feb. 1st (Most since November, 2022)
? Number of 100-1K $BTC Wallets: 13,735 on Feb. 1st (Least since November, 2022)https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2— Santiment (@santimentfeed) February 3, 2024
Bear Trap to Propel XRP Price Recovery to $0.6
In a week rattled by cybersecurity concerns, XRP, the sixth-largest cryptocurrency, faced a sell-off following the breach of a Ripple executive’s wallet, resulting in the theft of 213 million XRP tokens.
Despite the potential for panic, the XRP price demonstrated resilience, holding above the $0.5 mark, buoyed by reassurances from Ripple that the network was secure and individual wallets were not at risk.
The swift recovery in investor sentiment saw XRP’s value inch up by 2% today, stabilizing around $0.52. This rebound allowed XRP to recapture its previously lost annual support trendline(marked by green), suggesting a possible invalidation of the bearish trend.
Should the XRP price sustain its foothold, we could see a squeeze on short positions, enhancing buying momentum to soar the XPR price to $0.6 to $0.68 region.
Oasis Network (ROSE) Price See 25% Surge Amid Bullish Pattern Formation
Amid the recent rebound in the crypto market, the Oasis Network (ROSE) token managed to hold its position above the combined support of $0.0937 and the 50% Fibonacci retracement level. A position turn from this support has surged the coin value 35% to currently trade at $0.119.
The Analysis of the daily time frame chart showcased this reversal and also breached the resistance trendline of a bullish continuation pattern called Flag. A healthy retracement amid the formation of a bullish pattern set ROSE for a high potential of recovery.
The post-breakout rally could surge the coin price by 25% to hit $0.15.
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