Main points:
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Bitcoin’s strong recovery from $74,000, supported by strong inflows into US Bitcoin ETFs, suggests a short-term bottom is forming.
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Several major altcoins are trying to participate in the recovery by rising above their upper resistance levels.
Bitcoin (BTC) bulls made a strong comeback on Wednesday, pushing the price to $73,800. A positive sign in favor of the bulls is that the recovery effort is supported by the buying of BTC exchange funds in the US, which entered $683.3 million this week, per SoSoValue data.
Some analysts believe that BTC may go down. VanEck CEO Jan van Eck told CNBC that BTC is in the fourth year of its four-year cycle, where it rises for three years and then falls for the fourth year. He said that his company believes that BTC is near the bottom and expects it to begin a gradual rise this year.
In a separate market update, 10x Research said that BTC has not been exposed to risk headlines, indicating that the downside pressure may be easing. However, analysts said that BTC remains in a bear market, calling the bullish effect “structural rather than tactical”.
Can BTC and a selection of major altcoins build their recovery? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC’s symmetrical triangle pattern has resolved with a break above the resistance line to the upside, which indicates a strong buying by the bulls.
The BTC/USDT pair may reach the level of $74,508, where sellers are expecting a serious challenge. If the Bitcoin price breaks below $74,508 but bounces back from the 20-day exponential moving average ($68,871), this indicates positive sentiment. This increases the possibility of a rally to $84,000.
On the contrary, if the price suddenly falls below $74,508, it means that the bears are trying to turn the level into resistance. A close to the 20-day EMA will turn the tide in favor of the bears.
Ether price forecast
Ether (ETH) is trying to break above the strong resistance at $2,111, indicating aggressive buying by the bulls.
A close above the $2,111 level clears the way for a rally to the 50-day simple moving average ($2,381). Sellers will again try to stop the recovery at the 50-day SMA, as a break above indicates that the corrective phase may be over.
This bullish view will be invalidated in the short term if the price of Ether drops sharply from $2,111 and falls below the level of $1,907. This suggests that the ETH/USDT pair may extend its consolidation from $2,111 to $1,750 for a few more days.
BNB price forecast
BNB (BNB) broke above the 20-day EMA ($636) on Wednesday, indicating that the bulls have defeated the bears.
Buyers are trying to strengthen the momentum and overcome the barrier of $670. If they manage to pull it off, the BNB/USDT pair could rise to $730. Sellers are expected to protect the $730 level, as its approach indicates that the pair may be bottoming out in the near future. The price of BNB can reach 790 dollars.
On the contrary, if the price drops sharply below $670, it indicates that rallies are being sold. This could keep the pair in the range of $570 to $670 for the rest of the time.
XRP price prediction
XRP (XRP) has been trading near the 20-day EMA ($1.42) for several days, indicating that bulls have maintained pressure.
If the price closes above the 20-day EMA, the XRP/USDT pair may move up to a bearish line. Buyers should approach the bottom of the trend line to indicate a potential trend reversal.
Instead, if the price of XRP breaks below the 50-day SMA ($1.60) or the line, it means that bears remain sellers in rallies. This could keep the pair inside the channel for a few more days.
Solana price forecast
Solana (SOL) has rallied between $76 and $95 over the past few days, indicating demand at lower levels.
A flattening of the 20-day EMA ($86) and a slightly above-average RSI indicate that selling pressure is easing. Buyers will try to extend their positions by pushing the price of Solana above the $95 level. If they can do that, the SOL/USDT pair could rise to $117.
Sellers probably have other plans. They are trying to protect the $95 level and keep the price within the range for a long time.
Dogecoin price prediction
The failure of the bulls to lift Dogecoin (DOGE) above the 20-day EMA ($0.10) indicates that the bears will continue to press.
This increases the risk of a break below the $0.09 support. If this happens, the DOGE/USDT pair could fall to $0.08 by February 6. This is an important level to pay attention to, as a close from $0.08 can bring the pair down to $0.06.
The first sign of strength would be a close above the 20-day EMA. After that, Dogecoin price may move towards the 50-day SMA ($0.11) and later to the strong upper resistance at $0.12.
Cardano price prediction
Cardano (ADA) broke off the 20-day EMA ($0.27) on Tuesday, indicating that the bears are continuing to support the level.
One slight positive in favor of the bulls is that they haven’t given much ground to the bears. This indicates that buying any small tick increases the probability of a break above the 20-day EMA. After that, the ADA / USDT pair can move up to the descending line of the descending channel pattern.
Buyers are forced to push and hold the price of Cardano above the downtrend line to indicate a potential short-term trend reversal. After that, the pair can go up to $0.43.
related to: XRP price volatility on the back of the ETF’s five-day entry targets $1.95
Bitcoin Cash Price Prediction
Sellers failed to hold Bitcoin Cash (BCH) above the $443 level, indicating a lack of selling at lower levels.
The bulls are trying to start a support rally, which is likely to hit the 20-day EMA ($495). If the price of Bitcoin Cash breaks sharply below the 20-day EMA, it increases the risk of a break from the $443 support. If this happens, the BCH/USDT pair will complete a head and shoulders downward trend and start to go down to $375.
To get back into play, buyers need to close above the 50-day SMA ($539). After that, the pair can increase to $600.
Hyperliquid price prediction
Hyperliquid (HYPE) broke above the 20-day EMA ($30.16) on Wednesday, indicating bulls are buying at the lows.
The bulls will try to push the price of Hyperliquid to the $36.77 resistance, where the bears have strong protection. If the price breaks sharply above the overhead resistance, this indicates that the HYPE / USDT pair will range from $20.82 to $36.77 for a while.
Contrary to this assumption, if the bull breaks through the resistance of $36.77, it signals the beginning of a new move. After that, the pair could rise to $43.50 and then to $50.
Chainlink price prediction
Chainlink (LINK) has been clinging to the 20-day EMA ($8.96) for the past few days, indicating an intense battle between bulls and bears.
The 20-day EMA and RSI flattening near the midpoint indicate that selling pressure is easing. This improves the prospect of a rally to the 50-day SMA ($10.10) and then to the $10.94 breakout level. Buyers are expected to face significant selling pressure in the $10.94 to $11.61 zone.
This positive view will be negated in the near future if the price of Chainlink drops below the $8 level. The LINK/USDT pair may then retest the February 6 low of $7.15.
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