Main points:
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Analysts believe that Bitcoin needs to stay above the $68,000 level to continue the recovery.
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Several major altcoins have broken above their upper resistance levels, indicating that the bears remain in control.
Bitcoin (BTC)’s light rally at the $74,000 level was rejected and the bears pushed the price below $68,500. Selected analysts believe that BTC needs to maintain the $68,000 to $70,000 zone to continue the short-term bull trend.
The big question on traders’ minds is whether BTC has bottomed or whether it could go lower. Coinbureau CEO Nick said in a post on X that the price of BTC relative to gold has historically “taken about 14 months to go from peak to trough.” After the bottom of the ratio in all cases there is a sharp rally of more than 300% in BTC. The current 13-month decline from the previous peak of the ratio suggests that BTC may be nearing the bottom.
Not everyone believes that the BTC bear market may be over. On-chain analytics firm CryptoQuant said in a post on X that BTC is in a bear market according to the Bull Score Index, which remains in bear territory. The platform said the data indicated that the current rally “is likely to be just a supporting rally rather than the start of a new bull phase.”
Can BTC and a selection of major altcoins hold their support levels? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC broke below the $74,508 breakout on Thursday, indicating that the bears are protecting the level with all their might.
The 20-day exponential moving average ($69,003) is an important support to watch out for. If the price of Bitcoin breaks above the 20-day EMA, the bulls will again try to overcome the barrier at $74,508. If they can pull it off, the BTC/USDT pair could rise to $84,000. Such a move suggests that the pair could reach $60,000.
Conversely, a close above the 20-day EMA can pull the price to the support line. This is an important level to watch out for, as a break below the support line will swing the advantage back in favor of the bears. The pair could then fall to $60,000.
Ether price forecast
Ether (ETH) cleared the $2,111 resistance on Wednesday, but the bears pulled the price back from the level on Thursday.
The price of Ether turned lower and broke below the 20-day EMA ($2,032), indicating that the market rejected a break from the $2,111 level. The ETH/USDT pair is likely to fluctuate between $1,750 and $2,200 for a while.
Conversely, if the price breaks above the current level and breaks above the 50-day SMA ($2,328), it indicates that the selling pressure has eased. The pair could then move to $2,600.
BNB price forecast
BNB (BNB) broke below the $670 level on Thursday, indicating that the bears are aggressively defending this level.
Bears have pushed the price below the 20-day EMA ($637), indicating that the bulls have surrendered. This suggests that the BNB/USDT pair may stay in the range of $570 to $670 for a long time.
The bulls are back in the driver’s seat after closing in on the $670 level. This opens the door for a rally to the 50-day SMA ($718) and later to $790. The sellers need to push the BNB price below the $570 level to initiate the next move down to $500.
XRP price prediction
XRP (XRP) closed above the 20-day EMA ($1.41) on Wednesday, but the bulls failed to hold the higher level.
Bears are trying to push the XRP/USDT pair below the $1.27 support. If they can do this, the price of XRP may fall to the support line of the descending channel pattern.
On the contrary, if the pair turns back and breaks above the 20-day EMA, it means that the bulls are trying to make a comeback. The pair could then rise to $1.61, which could again act as a strong resistance.
Solana price forecast
Solana (SOL) broke below the $95 level on Thursday and broke below the 20-day EMA ($86).
The 20-day EMA is flat and the RSI is just below average, indicating a balance between supply and demand. The price of Solana may change from 76 to 95 dollars for the next few days.
Buyers need to close above the $95 level to signal that the bears are losing their grip. After that, the SOL/USDT pair may rise to the $117 level. Sellers return to play after closing in on $76.
Dogecoin price prediction
On Wednesday, Dogecoin (DOGE) broke above the 20-day EMA ($0.10), but the bulls failed to pierce the 50-day SMA ($0.11).
Dogecoin price dropped and reached the important support of $0.09. If the bears pull the price below the $0.09 level, the DOGE/USDT pair may retest the February 6 low of $0.08. Buyers are expected to fiercely defend the $0.08 level, as a break below it could push the pair down to $0.06.
The bulls will have to push the price above the 50-day SMA to signal strength. The pair could then rise to the $0.12 breakout level, where the bears would enter.
Cardano price prediction
On Thursday, buyers tried to lift Cardano (ADA) above the 20-day EMA ($0.27), but the bears held their position.
However, a slight advantage in favor of the bulls is that they did not allow the price of Cardano to fall below the $0.25 level. If the price breaks above the current level or the $0.25 support, the bulls will again try to push the ADA/USDT pair to the descending line of the descending channel pattern.
On the other hand, a close above the $0.25 level opens the door for a retest of the support line. A close break from the support line could push the pair to the $0.15 level.
related to: Was 74 thousand dollars a bull trap? Bitcoin traders are conflicted with a repeat of the crash in 2022
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) bounced back from $443 to $476 on Wednesday, indicating negative sentiment.
Bears will try to reduce their position by reducing the price of Bitcoin Cash below the $443 support. If they can do that, the BCH/USDT pair will complete a head and shoulders downward pattern. After that, the pair could drop to $375.
Buyers should push the price above the 20-day EMA ($488) to signal strength. The pair can then reach the 50-day SMA ($533), which is likely to attract sellers. A close above the 50-day SMA indicates the start of a sustained recovery towards $600.
Hyperliquid price prediction
Hyperliquid (HYPE) has returned to its moving averages, which is an important support to watch out for.
If the Hyperliquid price bounces back from the moving averages, the bulls will again try to push the HYPE/USDT pair to the upper resistance of $36.77. Close to the $36.77 level indicates the start of a new move.
Contrary to this hypothesis, if the price continues lower and breaks below the moving average, this indicates that the pair may remain in the range of $20.82 to $36.77 for the next few days.
Monero price prediction
Buyers are trying to push Monero (XMR) above the $360 level, but are facing strong bear resistance.
The 20-day EMA ($347) is an important support to watch out for. If the price of Monero rises above the 20-day EMA, the probability of a break above the 50-day SMA ($396) increases. The XMR/USDT pair could then rise to the 61.8% Fibonacci level of $414.
Instead, if the price breaks down and breaks below the 20-day EMA, it indicates that the bears are active at higher levels. This can keep the pair between $384 and $302 for some time.
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