Bitcoin (BTC) Price Prediction as Macro Environment Improves and New Narratives Emerge

With last week's recovery in crypto asset prices, the narrative is changing. The macroeconomic environment continues to improve for risk assets, and Bitcoin's recovery is notable.

As last week’s recovery in crypto asset prices continues to be driven by the narrative of a favorable macroeconomic environment for risk assets and Bitcoin’s potential, traders will likely keep an eye on these developments in the coming week.

Several tokens will also see unlocks this week, notably Optimism (OP) and Axelar (AXL), which could put some selling pressure on the tokens.

Token Unlock Events This Week

On Monday, Biconomy (BICO) and Celestia (TIA) will be the first tokens this week to see unlock events. $972,311 in Biconomy tokens (formerly known as Hyphen) will be unlocked, which is equivalent to 0.81% of the float or the circulating supply. The effect on the price may be lower than typically expected, as all of the new tokens are going toward community incentives.

The same day, $3.46 million in Celestia tokens will hit the markets, which is equivalent to 0.18% of the float. Out of this sum, $2.7 million in tokens will go to insiders, which includes early backers and initial core contributors. A further $671k will go to research and development and its ecosystem.

Axelar (AXL) is next among major altcoins facing unlocks, with $6.62 million in tokens set to unlock on Friday. This sum represents 1.66% of the float, with about half of the sum going to the community. The rest of the tokens will go to the core team and node operators, while $510k will go to a company insurance fund.

Last in line is the Optimism (OP) token, powering a layer-2 chain for Ethereum. On Sunday, March 30, $28.95 million in Optimism tokens will vest, splitting between the optimal and early investors. This figure represents 2% of the float, and with so many tokens going to insiders, Optimism will likely face significant selling pressure.