Key points:
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Buyers are attempting to maintain BTC above the $66,500 level, but several analysts believe that the $60,000 level may crack.
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Some major altcoins risk breaking below their immediate support levels, signaling that bears remain in control.
Buyers are attempting to push and maintain Bitcoin (BTC) above the $66,500 level, but are facing stiff resistance from the bears. Although recovery attempts are being sold into, the BTC supply in profit and loss metric suggests that BTC may be close to a bottom.
CryptoQuant analyst “Darkfost” said that there are currently about 8.2 million BTC in loss, compared to roughly 10.6 million BTC during the previous bear market. That suggests the market is at a comparable level of undervaluation seen during the previous bear phase.
However, not everyone believes that a bottom is in. Chartered Market Technician Aksel Kibar said in a post on X that BTC may sink to $52,500 if its developing bearish pattern breaks down.
During bear phases, select analysts turn overly negative and forecast gloom and doom for the markets.
One such projection is from Bloomberg Intelligence senior commodity strategist Mike McGlone, who said in a post on X that BTC may collapse to $10,000. Contrary to that opinion, ARK Invest CEO Cathie Wood said in an interview with CNBC that BTC will not see 85-95% collapses from its all-time high.
Could BTC and select major altcoins hold above their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC turned down from the moving averages on Thursday, and the bears are attempting to strengthen their position by pulling the price below the support line.
If they succeed, the bullish ascending triangle setup will be invalidated. That may force the aggressive bulls to close their positions. The BTC/USDT pair may then slump to the crucial $62,500 to $60,000 support zone.
The first sign of strength will be a close above the moving averages. That opens the doors 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 toward $84,000.
Ether price prediction
Ether (ETH) failed to rise above the $2,200 resistance on Wednesday, indicating that the bears are aggressively defending the level.
The flat moving averages and the relative strength index (RSI) just below the midpoint do not give a clear advantage either to the bulls or the bears. That suggests the ETH/USDT pair may swing between $2,200 and $1,916 for some time.
Buyers will have to push and maintain the ETH price above the $2,200 level to gain the upper hand. If they do that, the pair may climb to $2,400 and thereafter to $2,600. On the downside, a close below $1,916 might sink the pair to the critical $1,750 support.
BNB price prediction
BNB (BNB) turned down from the moving averages on Wednesday and dropped to the solid support at $570.
The downsloping 20-day exponential moving average ($620) and the RSI near the oversold territory signal that the path of least resistance is to the downside. If the $570 support breaks down, the BNB/USDT pair may resume the downtrend to $500.
This negative view will be invalidated in the near term if the BNB price turns up and breaks above the moving averages. That suggests the pair may continue to oscillate between $570 and $687 for a few more days.
XRP price prediction
XRP (XRP) turned down from the 20-day EMA ($1.36) on Thursday, and the bears are striving to pull the price below the $1.27 support.
If they manage to do that, the XRP/USDT pair may plummet to the Feb. 6 low of $1.11. This is a vital support for the bulls to defend, as a close below it may extend the decline to the support line of the descending channel pattern near $1.
Buyers are likely to have other plans. They will attempt to drive the XRP price above the moving averages, clearing the path for a recovery to the $1.61 level and then to the downtrend line.
Solana price prediction
Solana (SOL) has reached the support of the $76 to $95 range, indicating that the bears continue to exert pressure.
Buyers are expected to aggressively defend the $76 level, but the relief rally is likely to face selling at the moving averages. If the SOL price turns down from the current level or the moving averages and breaks below $76, it signals that the bears are back in the driver’s seat. There is support at $67, but if the level cracks, the next stop may be $50.
Contrarily, if the SOL/USDT pair turns up and breaks above the moving averages, it signals that the range-bound action may continue for a while longer.
Dogecoin price prediction
Dogecoin (DOGE) is getting squeezed between the moving averages and the $0.09 support, signaling a potential range expansion in the short term.
A close below the $0.09 support indicates that the bears are back in command. That may intensify selling and sink the DOGE/USDT pair to the Feb. 6 low of $0.08. Buyers will attempt to defend the $0.08 level, but if the bears prevail, the DOGE price may plunge to $0.06.
On the upside, a close above the moving averages suggests that the buyers have overpowered the bears. The pair may ascend to $0.10 and later to the stiff $0.12 resistance.
Hyperliquid price prediction
Hyperliquid (HYPE) is attempting to bounce off the 50-day simple moving average ($34.16), but the relief rally is expected to face selling at higher levels.
The 20-day EMA ($37.10) has started to turn down, and the RSI has slipped into the negative zone, signaling that the bulls are losing their grip. If the HYPE price turns down and breaks below the 50-day SMA, the pullback may reach the $29.42 level.
Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it suggests that the bulls remain in control. The HYPE/USDT pair may march to $41.59 and subsequently to $43.76.
Related: Here’s what happened in crypto today
Cardano price prediction
Sellers have maintained Cardano (ADA) below the $0.25 resistance but have failed to pull the price below the $0.23 level.
The 20-day EMA ($0.25) is sloping down gradually, and the RSI is in the negative territory, indicating a slight edge to the bears. If the ADA price turns down from the 20-day EMA and breaks below $0.23, it suggests that the bulls have given up. The ADA/USDT pair may drop to $0.22 and later to the support line near $0.18.
Conversely, if buyers propel the price above the moving averages, it suggests that the selling pressure is reducing. The pair may rally to the downtrend line, which is a vital resistance for the bears to defend.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has dropped to the $443 level, which is a critical support for the bulls to defend.
Any bounce off the $443 level is expected to face selling at the moving averages. If the BCH price turns down sharply from the moving averages, it increases the likelihood of a drop below the $443 level. If that happens, the BCH/USDT pair will complete a bearish head-and-shoulders pattern. The pair may then tumble to the $375 level.
On the contrary, a close above the $486 level suggests that the bulls are back in the game. The pair may then jump to the $520 to $540 zone.
Chainlink price prediction
Chainlink (LINK) has been trading between the $8 and $10 level, indicating a balance between supply and demand.
If buyers thrust the price above the moving averages, the LINK/USDT pair may rise to the $10 resistance. Sellers are expected to defend the $10 level, as a close above it may propel the LINK price to $10.94 and then to $11.61.
Alternatively, if the price turns down from the moving averages and breaks below the $8 level, it signals that the bears have seized control. The pair may collapse to $7.15 and then to the $6 level.
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