Key points:
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Buyers are trying to keep BTC above the $66,500 level, but several analysts believe that the $60,000 level could crack.
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Some major altcoins are at risk of falling below their immediate support levels, signaling that the bears remain in control.
Buyers are attempting to push and hold Bitcoin (BTC) above the $66,500 level but are facing strong resistance from the bears. Although recovery attempts are sold off, BTC’s P&L supply suggests that BTC may be near a bottom.
CryptoQuant analyst “Darkfost” said there are currently around 8.2 million BTC in losses, compared to around 10.6 million BTC during the previous bear market. This suggests that the market is at a level of undervaluation comparable to that observed during the previous bear phase.
However, not everyone believes a bottom has been reached. Accredited market technician Aksel Kibar said in an article on X that BTC could fall to $52,500 if its developing downtrend collapses.
During bearish phases, some analysts become too negative and predict a gloomy situation for the markets.
One such projection is from Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who said in an article on X that BTC could collapse to $10,000. Contrary to this opinion, Cathie Wood, CEO of ARK Invest, said in an interview with CNBC that BTC will not see an 85-95% collapse from its all-time high.
Could BTC and some major altcoins stay above their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC declined from the moving averages on Thursday and the bears are trying to strengthen their position by pulling the price below the support line.
If they succeed, the bullish ascending triangle pattern will be invalidated. This could force aggressive bulls to close their positions. The BTC/USDT pair could then fall to the crucial support zone of $62,500 to $60,000.
The first sign of strength will be a close above the moving averages. This opens the door for a rally to $72,000 and then to $76,000. A close above $76,000 will complete the ascending triangle pattern, propelling the pair towards $84,000.
Ether Price Prediction
Ether (ETH) failed to move above the $2,200 resistance on Wednesday, indicating that bears are aggressively defending the level.
Flat moving averages and the Relative Strength Index (RSI) just below the midpoint give neither bulls nor bears a clear advantage. This suggests that the ETH/USDT pair could hover between $2,200 and $1,916 for some time.
Buyers will need to push and sustain ETH price above the $2,200 level to gain the upper hand. If they do, the pair could rise to $2,400 and then to $2,600. On the downside, a close below $1,916 could send the pair down to the critical support at $1,750.
BNB Price Prediction
BNB (BNB) declined from the moving averages on Wednesday and fell to strong support at $570.
The falling 20-day exponential moving average ($620) and RSI near oversold territory signal that the path of least resistance is to the downside. If the $570 support breaks down, the BNB/USDT pair could resume its downtrend to $500.
This negative opinion will be invalidated in the short term if the price of BNB increases and exceeds the moving averages. This suggests that the pair could continue to oscillate between $570 and $687 for a few more days.
XRP Price Prediction
XRP (XRP) declined from the 20-day EMA ($1.36) on Thursday, and the bears are working to push the price below the $1.27 support.
If they succeed, the XRP/USDT pair could fall to the February 6 low of $1.11. This is vital support for bulls to defend, as a close below could extend the decline to the support line of the descending channel pattern near $1.
Buyers will likely have other plans. They will attempt to push the price of XRP above the moving averages, paving the way for a recovery to the $1.61 level and then to the downtrend line.
Solana Price Prediction
Solana (SOL) reached support at the $76-$95 range, indicating that the bears continue to apply pressure.
Buyers are expected to aggressively defend the $76 level, but the relief rally is likely to be met with selling at the moving averages. If SOL price declines from the current level or moving averages and breaks below $76, it indicates that the bears are back in control. There is support at $67, but if the level breaks through, the next stop could be $50.
Conversely, if the SOL/USDT pair appears and breaks above the moving averages, it signals that range-bound action may continue for some time to come.
Dogecoin Price Prediction
Dogecoin (DOGE) is stuck between the moving averages and $0.09 support, signaling a potential range expansion in the near term.
A close below the $0.09 support indicates that the bears have regained control. This could intensify the selling and send the DOGE/USDT pair down to the February 6 low of $0.08. Buyers will attempt to defend the $0.08 level, but if the bears prevail, DOGE price could plunge to $0.06.
On the upside, a close above the moving averages suggests that the buyers have dominated the bears. The pair could rise to $0.10 and later to the strong resistance of $0.12.
Hyperliquid price prediction
Hyperliquid (HYPE) is attempting to bounce off the 50-day simple moving average ($34.16), but the relief rally is likely to face selling at higher levels.
The 20-day EMA ($37.10) has started to decline and the RSI has slipped into the negative zone, signaling that the bulls are losing their grip. If HYPE price declines and crosses below the 50-day SMA, the pullback could reach the $29.42 level.
Contrary to this assumption, if the price rises above the 20-day EMA, it suggests that the bulls remain in control. The HYPE/USDT pair could reach $41.59 then $43.76.
Related: Here’s what happened in crypto today
Cardano Price Prediction
Sellers held Cardano (ADA) below the $0.25 resistance but failed to push the price below the $0.23 level.
The 20-day EMA ($0.25) is gradually decreasing and the RSI is in negative territory, indicating a slight advantage for the bears. If ADA price declines from the 20-day EMA and breaks below $0.23, it suggests that the bulls have given up. The ADA/USDT pair could fall to $0.22 and later to the support line near $0.18.
Conversely, if buyers push the price above the moving averages, it suggests that selling pressure is decreasing. The pair could bounce towards the downtrend line, which provides vital resistance for the bears to defend.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) fell to the $443 level, providing critical support for bulls to defend.
Any bounce above the $443 level should result in a sell-off to the moving averages. If BCH price declines sharply from the moving averages, this increases the likelihood of a fall below the $443 level. If this happens, the BCH/USDT pair will complete a bearish head and shoulders pattern. The pair could then fall to the $375 level.
On the contrary, a close above the $486 level suggests that the bulls are back in the game. The pair could then jump into the $520 to $540 zone.
Chainlink Price Prediction
Chainlink (LINK) trades between $8 and $10, indicating a balance between supply and demand.
If buyers push the price above the moving averages, the LINK/USDT pair could reach the $10 resistance. Sellers should defend the $10 level, as a close above could propel LINK price to $10.94 and then to $11.61.
Alternatively, if the price declines from the moving averages and breaks below the $8 level, it indicates that the bears have taken control. The pair could collapse to $7.15 and then to the $6 level.
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