Bitcoin wallet profitability is at a three-year high, yet bears struggle to keep the price below $68,000. At the time of writing, the price had recovered from $67,300 back to $70,000, after dropping to $65,600 within 24 hours. Meanwhile, some altcoins have been drawing attention with gains nearing 30 percent. So, what are the current price predictions for BTC, SEI, and JUP?
Bitcoin (BTC)
On March 14, the entry of only $132 million into spot Bitcoin ETFs, rumors of a split at Binance Labs, and the macroeconomic outlook triggering fear ahead of the Fed meeting all contributed to pulling the price down. The high profitability of wallets at a three-year peak also facilitated quicker profit-taking amid these negative developments.
A popular analyst known as Bags suggested that Bitcoin could fall to $45,500 in a potential price correction, a prediction fueled by losses of up to 40% seen in previous halving cycles.
Following the March 14 peak, BTC saw profit-taking and the support line of the rising parallel channel was tested. If the price closes below the channel and the 20-day exponential moving average ($65,195), it could validate the theory of the analyst named Bags. Initially, BTC could face a drop to $59,000 and then to $54,291.
However, a bounce from the channel’s support line could see the BTC price surpass the previous peak of $73,777, focusing on the long-awaited targets of $76,000 and $80,000.
SEI Coin Commentary
In 118 days, the price of SEI Coin increased by 717% and rose by 38% in the last 24 hours. At the time of writing, the price at $1.18 is actually searching for a new ATH region. This means the price could continue moving towards targets like $1.25 and $1.5. If BTC does not suffer significant losses in the coming hours, the peak for SEI Coin remains open-ended.
However, the $1.03 and $0.97 regions are key supports for the continuation of the rise. High-profit investors not moving towards volume sales in this area, and maintaining the region as support, will determine the price’s future.
JUP Coin Commentary
Like SEI, JUP Coin has not been around for very long. It is also rising to establish a new ATH region, similar to SEI Coin, with gains over 25% in the last 24 hours. The excitement in the Solana ecosystem and the volume brought by new meme coins in the Jupiter protocol support the price increase.
If the price continues to close above the $1.09 and $1.06 support areas (and if the meme coin frenzy in DEX volume continues), JUP Coin price could move towards targets of $1.5 or even $2. In the opposite scenario, $0.8 is a short-term strong support region.
