Key points:
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Bitcoin’s strong rally above $74,000, supported by strong inflows into US spot Bitcoin ETFs, suggests the formation of a near-term bottom.
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Several major altcoins are attempting to participate in the recovery by surpassing their 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 attempted recovery is supported by the buying of US BTC spot exchange-traded funds, which saw $683.3 million in inflows this week according to SoSoValue data.
Some analysts believe that BTC could bottom out. VanEck CEO Jan van Eck said on CNBC that BTC is in the fourth year of its four-year cycle, where it rises for three years and then dips in the fourth year. He said his firm believes BTC is near a bottom and should gradually start rising this year.
In a separate market update, 10x Research said BTC did not dip into risk aversion headlines, indicating that downward pressure may be easing. However, analysts said BTC remained in a bear market, calling the bullish exposure “tactical rather than structural.”
Could BTC and some major altcoins build on their recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC’s symmetrical triangle pattern resolved higher with a break above the resistance line, indicating strong buying from the bulls.
The BTC/USDT pair could reach the $74,508 level, where sellers are expected to pose a significant challenge. If Bitcoin price declines from $74,508 but rebounds from the 20-day exponential moving average ($68,871), this signals positive sentiment. This increases the possibility of a rally to $84,000.
On the contrary, if the price declines sharply from $74,508, it suggests that the bears are trying to tip the level towards resistance. A close below the 20-day EMA will tip the scales in favor of the bears.
Ether Price Prediction
Ether (ETH) is attempting to break out above the strong overhead resistance of $2,111, indicating aggressive buying from the bulls.
A close above the $2,111 level sets the stage for a rally towards the 50-day simple moving average ($2,381). Sellers will again strive to halt the recovery at the 50-day SMA, as a break above suggests that the corrective phase may be over.
This bullish view will be invalidated in the short term if Ether price declines sharply from $2,111 and falls below the $1,907 level. This indicates that the ETH/USDT pair could extend its consolidation between $2,111 and $1,750 for a few more days.
BNB Price Prediction
BNB (BNB) surged above the 20-day EMA ($636) on Wednesday, indicating that the bulls have dominated the bears.
Buyers will try to take advantage of this momentum and clear the $670 hurdle. If they succeed, the BNB/USDT pair could rally back to $730. Sellers should defend the $730 level, as a close above suggests the pair may have reached its near-term low. The price of BNB could then rise towards $790.
Conversely, if the price declines sharply from $670, it indicates that the rallies are being sold off. This could keep the pair in the $570-$670 range for some time to come.
XRP Price Prediction
XRP (XRP) has been trading near the 20-day EMA ($1.42) for several days, indicating that the bulls have kept up the pressure.
If the price closes above the 20-day EMA, the XRP/USDT pair could move higher towards the downtrend line. Buyers will need to close above the downtrend line to signal a potential trend change.
Instead, if XRP price declines from the 50-day SMA ($1.60) or downtrend line, this suggests that bears remain short during rallies. This could keep the pair in the channel for a few more days.
Solana Price Prediction
Solana (SOL) has consolidated between $76 and $95 over the past few days, indicating demand at lower levels.
The flattening of the 20-day EMA ($86) and the RSI just above the midpoint suggest that selling pressure is easing. Buyers will attempt to strengthen their position by pushing Solana price above the $95 level. If they succeed, the SOL/USDT pair could climb as high as $117.
The sellers will likely have other plans. They will attempt to defend the $95 level and keep the price range-bound for some time to come.
Dogecoin Price Prediction
The bulls’ failure to push Dogecoin (DOGE) above the 20-day EMA ($0.10) suggests that the bears are continuing to apply pressure.
This increases the risk of a fall below the $0.09 support. If this happens, the DOGE/USDT pair could plunge to the February 6 low of $0.08. This is a crucial level to watch as a close below $0.08 could send the pair down to $0.06.
The first sign of strength will be a close above the 20-day EMA. Dogecoin price could then reach the 50-day SMA ($0.11) and later up to the strong overhead resistance at $0.12.
Cardano Price Prediction
Cardano (ADA) denied the 20-day EMA ($0.27) on Tuesday, indicating that bears continue to defend the level.
A minor positive in favor of the bulls is that they have not given up much ground to the bears. This signals a buy on every minor dip, increasing the likelihood of a breakout above the 20-day EMA. The ADA/USDT pair can then rise to the downtrend line of the descending channel pattern.
Buyers will need to push and hold Cardano price above the downtrend line to signal a potential near-term trend change. The pair could then rise to $0.43.
Related: XRP Price Breakout Targets $1.95 Amid Five-Day ETF Inflow Streak
Bitcoin Cash Price Prediction
Sellers failed to hold Bitcoin Cash (BCH) below the $443 level, indicating a lack of selling at lower levels.
The bulls are attempting to initiate a relief rally, which is likely to be sold off at the 20-day EMA ($495). If Bitcoin Cash price declines sharply from the 20-day EMA, it increases the risk of a breakout below the $443 support. If this happens, the BCH/USDT pair will complete a bearish head and shoulders pattern, beginning a downward move towards $375.
Buyers will need to close above the 50-day SMA ($539) to get back in the game. The pair could then rise as high as $600.
Hyperliquid price prediction
Hyperliquid (HYPE) bounced off the 20-day EMA ($30.16) on Wednesday, indicating that bulls are buying on dips.
The bulls will attempt to push the hyperliquid price up to the resistance at $36.77, where the bears are expected to mount a strong defense. If the price declines sharply from overhead resistance, this suggests that the HYPE/USDT pair could range between $20.82 and $36.77 for some time.
Contrary to this assumption, if the bulls break through the resistance at $36.77, it signals the start of a new upward move. The pair could then rise to $43.50, then to $50.
Chainlink Price Prediction
Chainlink (LINK) has been holding on to the 20-day EMA ($8.96) in recent days, indicating an uphill battle between the bulls and bears.
The flattening of the 20-day EMA and the RSI near the midpoint suggest that selling pressure is easing. This improves the outlook for a rally towards the 50-day SMA ($10.10) and then towards the breakout level of $10.94. Buyers are expected to face significant selling pressure in the $10.94 to $11.61 area.
This positive opinion will be negated in the short term if the price of Chainlink declines and goes below the $8 level. The LINK/USDT pair could then retest the February 6 low at $7.15.
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