Bitcoin’s (BTC) price recently experienced a 7.8% decline, dropping to $60,000. However, as the king of cryptocurrencies recovers from this drawdown, support from a significant group of investors could push the price higher. 

Institutional investors, in particular, are playing a key role in driving Bitcoin’s upward momentum, and their influence might propel BTC toward the $70,000 mark.

Bitcoin Notes Solid Demand

Institutional investors are crucial to Bitcoin’s potential recovery and future growth. According to data from Glassnode, Bitcoin exchange-traded funds (ETFs) now hold over $58 billion worth of BTC. This volume accounts for approximately 4.6% of Bitcoin’s circulating supply, indicating strong demand for regulated exposure to the cryptocurrency. 

The institutional demand suggests that large-scale investors view Bitcoin as a viable and valuable asset. As these investors continue to accumulate BTC through ETFs and other regulated means, they contribute to the coin’s long-term growth and stability. Their influence could be key in pushing Bitcoin’s price toward $70,000, especially if demand remains consistent.

Read more: What Happened at the Last Bitcoin Halving? Predictions for 2024

Bitcoin’s overall macro momentum also appears favorable for a potential price rise. The net realized profit/loss indicator, which tracks investor sentiment and behavior, recently noted a downtick, signaling that profit booking is slowing down. This shift suggests that selling pressure is decreasing, giving Bitcoin the necessary breathing room for a comeback.

As selling sentiment wanes, Bitcoin’s price could benefit from a more balanced market. This reduction in profit-taking allows for a more stable price environment, increasing the chances of a sustained recovery. With institutional demand remaining strong and selling pressure subsiding, Bitcoin could be on track for a price surge.

BTC Price Prediction: Rallying Hopes

Bitcoin is currently trading at $62,353, just above the crucial support level of $61,868. While this is a positive sign, BTC still faces a significant barrier at $65,292 before it can aim for $70,000. Breaking this resistance is essential for the next leg up in Bitcoin’s price movement.

The factors mentioned above suggest that a price rise is possible, but it will require steady growth supported by continued institutional demand. If institutional investors maintain their interest in BTC, Bitcoin could breach the $65,292 barrier and move closer to $70,000.

Read more: Bitcoin Halving History: Everything You Need To Know

However, if institutional demand weakens or large investors pull back, Bitcoin may struggle to break past $65,292. In such a scenario, BTC could test its support level at $61,868, potentially invalidating the bullish outlook and delaying further gains.

XRP price has seen a significant downturn in its price recently, dropping from $0.64 to $0.52, marking an 18% crash. However, the altcoin is now focusing on recovering this loss, with a key group of long-term investors potentially playing a vital role in driving this recovery. 

XRP’s future movement will depend heavily on its ability to leverage these supportive forces and breakthrough crucial resistance levels.

XRP Investors Have a Huge Responsibility

The Market Value to Realized Value (MVRV) Long/Short Difference indicator currently offers insight into XRP’s investor sentiment. Typically, negative values suggest short-term investors are making profits, which is often a bearish signal.

However, XRP’s situation appears more favorable, as the indicator remains positive. This positivity suggests that long-term holders are in profit, reinforcing the asset’s stability.

These long-term investors, often considered the backbone of any cryptocurrency, are critical to XRP’s recovery. Their confidence and continued support will be essential in helping the altcoin regain lost ground. This stable base of holders suggests that XRP could have the backing needed to reverse its recent crash.

Read more: XRP ETF Explained: What It Is and How It Works

In addition to market sentiment, technical indicators are also showing signs of a potential increase. XRP’s Relative Strength Index (RSI) has shown a slight uptick over the last 48 hours, signaling that bearish momentum is weakening. This is a crucial development, as diminishing bearish pressure may pave the way for bullish momentum to build.

The RSI’s movement is particularly important for XRP because it indicates the market is gradually shifting from a bearish stance. If this momentum sustains, it could help trigger a price rebound, allowing XRP to begin recovering from its recent losses.

XRP Price Prediction: Resistances in Sight

XRP is currently trading at $0.53, following its 18% decline. The altcoin has bounced off the support at the 38.2% Fibonacci Retracement line, which coincides with the $0.52 level. This support level is crucial for maintaining upward momentum, and XRP could continue its increase from here.

The next key target for XRP is the $0.55 mark, which aligns with the 50% Fibonacci Retracement line. Breaching this level would open the door for a rise toward $0.59.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

However, if XRP fails to break past $0.55, the bullish outlook will be invalidated. This could lead to a period of consolidation between $0.55 and $0.52, delaying any significant recovery in the near term.

POPCAT, a Solana meme coin, has reached a new all-time high (ATH) following a significant rally. The coin surged by 109% over the past month, crossing the crucial $1.00 resistance barrier and reaching $1.29. 

This marked a pivotal moment for POPCAT, driven by strong market sentiment and unique factors that set it apart from other altcoins.

POPCAT Is a Unique Case

One of the key factors behind POPCAT’s recent rally is its lack of correlation with Bitcoin (BTC). Unlike many other altcoins that tend to move in sync with BTC’s price fluctuations, POPCAT has historically performed better when its correlation with Bitcoin drops. Currently, the correlation between POPCAT and BTC has fallen to 0.33, indicating a weaker relationship.

This lower correlation has proven beneficial for POPCAT, as the broader cryptocurrency market has been facing challenges. The meme coin’s ability to move independently of Bitcoin has allowed it to capitalize on favorable market conditions, leading to the recent price surge.

Read More: How to Buy Solana Meme Coins: A Step-By-Step Guide

From a technical perspective, POPCAT’s macro momentum remains strong. The Relative Strength Index (RSI), a key indicator for assessing overbought or oversold conditions, is currently in the former zone. Despite this, the RSI is still rising, signaling that buying pressure remains strong for POPCAT. 

However, it’s worth noting that meme coins like POPCAT often experience sudden price corrections, especially when investors decide to take profits. Although POPCAT holders have not yet shown signs of selling, the risk of a potential pullback looms, given the RSI’s position in the overbought zone.

POPCAT Price Prediction: Beating the Odds

POPCAT’s price saw a 31% rise over the past 24 hours, propelling the Solana-based meme coin to $1.29, its new ATH. This impressive increase is part of a larger 109% rally over the past month, driven by strong market sentiment and favorable technical indicators.

Breaking through the $1.00 barrier was a significant milestone for POPCAT, as this level had previously served as a tough resistance. The broader market conditions supported this breach, enabling the meme coin to soar to new heights.

Read More: 11 Top Solana Meme Coins to Watch in October 2024

However, a sharp price correction could occur if investors move to take profits. A drop to the $1.00 support level is possible, and losing this key level could push POPCAT down to $0.75, invalidating the potential for further upward momentum. Investors should remain cautious as the coin continues to navigate its volatile price action.