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Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Pepe — Asian Wrap 15 August

Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Pepe — Asian Wrap 15 August
FXStreet TeamFXStreet TeamFXStreet

Bitcoin drops below $59K following US government's $591 million Silk Road BTC transfer

Bitcoin briefly dropped below $59K on Wednesday following news that the US government had moved 10,000 BTC to Coinbase Prime. On-chain data also shows a trend change in Bitcoin's price correlation to the BTCE fund reserves.

Ethereum ETF inflows and low CPI could help ETH stage rally amid Jump Crypto headwind

Ethereum (ETH) is down 1.7% on Wednesday as low Consumer Price Index (CPI) inflation data and rising ETH ETF inflows hint that a rally may be imminent. However, a key trendline suggests ETH may repeat history by consolidating for a few weeks before beginning a fresh upward move.

PEPE could decline further as long-term holders continue to shed holdings

PEPE is down nearly 2% on Wednesday following key insights that long-term holders have been consistently booking profits since March. The move appears to be creating a head-and-shoulder pattern on the daily chart for PEPE, which can trigger a heavy correction.

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