1) The price of Bitcoin (BTC) has surpassed $95,000, suggesting that buyers have kept up the demand. Grayscale’s research head Zach Pandl mentioned in an interview with CryptoMoon that Bitcoin is being restrained by a strong US dollar, but he predicts this hindrance to be temporary due to the upcoming U.S. presidential inauguration. Pandl anticipates a lasting optimistic outlook for crypto valuations.
As a researcher, I’m keeping a close eye on the potential development of a strategic Bitcoin reserve within the United States. A recent blog post from CoinShares suggests that if the Bitcoin Act is approved, this could have an even more significant long-term impact on Bitcoin than the launch of spot Bitcoin ETFs in 2024.
While some analysts are optimistic about the near future, Willy Woo cautions that Bitcoin’s current sentiment is extremely bullish. However, he advises taking a careful approach due to the increasing risk, as there may be further profit-taking before the market experiences a significant reset.
Is it possible for Bitcoin to reach $100,000, causing some altcoins to rise as well? Here’s a glance at the price charts of the leading five digital currencies that might perform exceptionally well in the short term.
Bitcoin price analysis
Bitcoin’s rebound is encountering obstacles near its 20-day exponentially weighted average ($96,190), yet traders who support a rise in price aren’t yielding to those predicting a decline.
In simpler terms, the bulls aim to drive prices beyond the moving averages. If they succeed, the BTC/USDT pair could touch the resistance at the downtrend line. Here, the sellers are likely to put up a firm fight. If the price drops sharply from this line, there’s a risk that a descending triangle pattern might form on the chart if the pair closes below $90,000.
Instead, if there’s a pause and a move beyond the falling trendline, it indicates that bulls have re-entered the market. The price could then potentially climb to reach $102,724 and even further up to $108,353.
The bulls are attempting to maintain the price above the 20-Exponential Moving Average (EMA). If they succeed, the pair might climb up towards the 50-Simple Moving Average and then potentially reach the downtrend line. If the price reverses at the downtrend line but rebound off the 20-EMA, it would indicate a shift in market sentiment from selling during uptrends to buying during downtrends. This change could increase the chances of breaking above the downtrend line.
If the price falls from its present position and drops significantly below $90,000, this positive outlook will no longer hold true.
XRP price analysis
On January 11th, XRP (XRP) surpassed and concluded its symmetrical triangle formation, suggesting that the ambiguity has been clarified to favor the bullish investors.
Over the past 20 days, the EMA (Exponential Moving Average) has started to rise at approximately $2.34, and the Relative Strength Index (RSI) is now showing positive values, indicating that the bulls might have the upper hand. If the price remains above the current triangle formation, the XRP/USDT pair may potentially climb to $2.73, followed by a potential rise to $2.91. However, sellers are expected to vigorously protect the $2.91 level. If the bulls manage to overcome this resistance, the pair might push toward the pattern’s projected target of $4.84.
To slow down the bullish trend, the bears need to drive the price under the 20-day Exponential Moving Average (EMA) level, which would suggest a more significant downturn when it breaks the supporting line.
It’s quite possible that the duo could revisit the breakout point from the triangle. If the cost bounces back at the breakout point, this would suggest that the buyers are attempting to transform the level into a support. This makes it more probable that we’ll see a breakthrough above $2.60. Subsequently, the pair might move up to approximately $2.73.
Instead, if there’s a break and fall below the triangle, it might trap the optimistic bulls, potentially causing the pair to drop to $2.20 and then move further towards the support line. Buyers are likely to put up a strong resistance in the area between $2.20 and the support line.
Hedera price analysis
Based on its current chart formation, it appears that Hedera (HBAR) is shaping up as a bearish descending triangle. This pattern could be considered complete if there’s a break and closure beneath the support level of approximately $0.24.
In a more straightforward manner: The bulls have managed to keep the price above their 50-day Simple Moving Average (SMA) at $0.27, which could indicate some support for the market. If the price starts to increase significantly from its current position or the 50-day SMA, it would suggest that there is demand for the asset at lower prices. This might push the HBAR/USDT pair towards the downward trendline. Breaking and closing above this trendline could shift the advantage towards buyers, potentially causing the price to reach $0.38.
Instead, when the price falls below the 50-day Simple Moving Average (SMA), it indicates that selling pressure might be intensifying. This could potentially drive the price down towards the $0.24 support level.
The averages are intersecting repeatedly, suggesting unpredictable and erratic price fluctuations. If the price remains under the 20-Exponential Moving Average (EMA), the bears might attempt to drive the pair down to $0.26. This level is crucial for the bulls to protect since a breach below it could potentially cause the pair to drop to $0.24.
To build momentum, purchasers should aim to keep prices over the 50-Simple Moving Average (SMA) and sustain it. This could potentially trigger another attempt at breaking the downward trend line. If this resistance is breached, the value might climb towards $0.34.
Bitget Token price analysis
The Bitget Token (BGB) is currently experiencing a robust upward movement. Investors have seized opportunities during the drop close to the 20-day Exponential Moving Average ($6.10), suggesting that optimism persists in the market.
In simpler terms, the bulls aim to drive up the price towards $8.50, but the bears are predicted to put up a tough fight at that level. If the buyers manage to break through $8.50, it’s possible that the BGB/USDT pair could rise as high as $10.
Should the price start to slide from its present position or encounter significant resistance above, it’s a sign that the bulls are taking profits. The bears, sensing this opportunity, might make one final push to drive the price below the 20-day Exponential Moving Average (EMA). If they manage to do so, the price could potentially fall to $5.50.
The cost has dropped down to the 20-Exponential Moving Average (EMA), which might entice buyers due to its potential appeal. A robust bounce back from the 20-EMA raises the chances for a surge beyond $7.50. If this occurs, the pair could potentially ascend to $7.86 and eventually reach $8.50.
Instead, if the price trend persists downward and falls beneath the 20-Exponential Moving Average (EMA), it may indicate that the bulls are beginning to lose control. This could potentially cause the pair to descend to the 50-Simple Moving Average (SMA) and then possibly even reach $6. Such a development might postpone the commencement of the next phase of the uptrend.
Monero price analysis
Monero (XMR) has been trading between the 50-day SMA ($191) and the $207 resistance for a few days.
The XMR/USDT combination is shaping up as an ascending triangle structure, which would be completed upon a break and subsequent closing above the resistance level at $207. If this occurs, the pair might surge towards the projected target of approximately $225.
If the price decreases and falls below its upward trendline in the short term, this optimistic outlook could be proven wrong. This would undo the bullish configuration, causing the price to move towards the robust support at $180. Buyers are anticipated to put up a strong fight to protect the $180 level.
The duo has surpassed the $203 resistance level previously established, suggesting that the buyers are attempting to assert control. Although there’s a slight barrier at $207, it seems probable that this will be overcome. If so, the pair might advance towards $220 and potentially even reach $225.
If the lower support at $193 gives way, the price might drop to around $188. This indicates that the pair could remain within the $180 to $207 range for another few days before potentially making a move.
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2025-01-12 22:13