Bitcoin (BTC) remained relatively calm over the weekend, suggesting that both bulls and bears are waiting for a market catalyst to make their next move. While traders exhibit short-term uncertainty, analysts maintain a bullish outlook for the long run.
Market analyst Gert van Lagen pointed out that Bitcoin has broken free from a megaphone pattern, potentially setting the stage for a parabolic increase towards the $270,000-$300,000 range by 2025. In a separate observation, analyst apsk32 forecasts that Bitcoin might mirror gold’s price surge, reaching up to $400,000.
Crypto market data daily view. Source: Coin360
Although analysts expect a significant upward movement in Bitcoin, opinions are divided on the onset of an altcoin season. One factor complicating the altcoin landscape is the rapid influx of new tokens, which spreads traders’ liquidity thinly. Bobby Ong, co-founder and COO of CoinGecko, reported that January saw the launch of 600,000 new tokens, a stark rise from the approximately 50,000 newly minted tokens each month during 2022-2023.
Can Bitcoin break free from the tight range it has been confined to in recent days? Let’s explore the leading cryptocurrencies that might rise if that occurs.
Bitcoin Price Analysis
Bitcoin faces resistance at the moving averages, yet a positive indicator is that the bulls haven’t surrendered much ground to the bears.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
This enhances the possibility of a breakout above the moving averages. The $100,000 mark is anticipated to be a significant challenge, but it is likely to be surpassed. The BTC/USDT pairing could advance to $102,500 and later to $106,500.
If bears aim to thwart the upside, they must pull the price below the immediate support of $94,000, which could lead the pair down to the strong support level at $90,000. Buyers are expected to defend the $94,000 level aggressively, as a breach below it could finalize a bearish double-top pattern. The next support downwards is $85,000.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has been trading within a narrow range between $98,500 and $94,800. With flattened moving averages, and the relative strength index (RSI) just below the midpoint, there’s a sign of equilibrium between supply and demand. Buyers need to propel the price above $98,500 to pave the way for a rally to $102,200.
On the contrary, if the price declines further and breaches the moving averages, it may suggest that the pair could continue to hover within the narrow range for a while longer. A break below $94,000 would shift the short-term trend in favor of the bears.
XRP Price Analysis
XRP (XRP) has established a symmetrical triangle formation, reflecting a stalemate between bulls and bears.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day exponential moving average ($2.64) has begun to slightly rise, and the RSI is positioned in the positive zone, suggesting a slight edge for the bulls. The XRP/USDT pair could ascend to the downtrend line, which is anticipated to pose significant resistance. Buyers must drive and uphold the price above the triangle to gain control.
On the flip side, if the price declines and breaches the moving averages, it would indicate that the pair might remain inside the triangle for an extended period.
XRP/USDT 4-hour chart. Source: Cointelegraph/TradingView
Both moving averages are inclined upwards on the 4-hour chart, and the RSI remains in the positive zone, indicating an advantage for the bulls. A break and close above $2.84 could clear the way for a rally to the downtrend line.
Alternatively, a break and close below the 20-EMA could drag the pair to the 50-simple moving average, suggesting that the pair may remain within the triangle for a longer duration. The bears will take charge if the price breaks beneath the support line.
Litecoin Price Analysis
Litecoin (LTC) has been oscillating within a symmetrical triangle pattern for several days, showcasing buying pressure at the support line and selling pressure at the resistance line.
LTC/USDT daily chart. Source: Cointelegraph/TradingView
The upwardly sloping 20-day EMA ($118) and the RSI above 57 indicate that buyers hold a slight advantage. If the price rebounds from the current level or the 20-day EMA, it will signal buying on dips. The bulls will then attempt to drive the LTC/USDT pair above the triangle. Success may lead the pair to rise to $141 and eventually $147.
Conversely, a break and close below the 20-day EMA would indicate that the pair might oscillate inside the triangle for a few more days. The trend would favor the bears if the price closes below the support line.
LTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has retraced from the resistance line and breached the 20-EMA, indicating profit-taking by short-term traders. The bears will aim to pull the price down to the 50-SMA, a critical level for bulls to defend. If the 50-SMA fails to hold, the pair might plunge to $112.
This negative perspective would be refuted if the price rebounds from the current levels or the 50-SMA and breaks above the resistance line, potentially driving the pair to $147, where bears are likely to present significant resistance.
Related: Here’s what happened in crypto today
MANTRA Price Analysis
MANTRA (OM) has experienced a strong uptrend, although the extended wick on the February 15 candlestick indicates profit taking above $8.
OM/USDT daily chart. Source: Cointelegraph/TradingView
The OM/USDT pair is likely to find a support level at the 38.2% Fibonacci retracement level of $7.08, followed by the 50% retracement at $6.73. A slight pullback would increase the chances of an uptrend resuming. Should the price break above $8.20, the pair could surge to $10.
In contrast, a deeper pullback may imply that traders are panicking. The pair could drop to the 20-day EMA ($5.92), a critical support level to monitor, as a break below this could lead to a decline to $5.27.
OM/USDT 4-hour chart. Source: Cointelegraph/TradingView
The 4-hour chart illustrates that the pair has been trading within a narrow range between $7.35 and $7.82. If the price increases from the current level and surpasses $7.82, the pair could rally to $8.20.
Contrarily, if the price breaks below $7.35, the pair could fall to $7.08 and subsequently to the 20-EMA. A rebound from the 20-EMA could signal a resumption of the uptrend. However, if sellers successfully drive the price below the 20-EMA, it will initiate a deeper correction.
Gate Token Price Analysis
Gate Token (GT) managed to close above the downtrend line on February 14, signaling that the bulls are making their presence felt.
GT/USDT daily chart. Source: Cointelegraph/TradingView
However, sellers are determined to resist. They will try to pull the price back below the downtrend line. If the price bounces off the 20-day EMA ($22.22), it will indicate that bulls are capitalizing on minor dips, enhancing the chances of a rally to $26.
If the 20-day EMA is breached, the GT/USDT pair could decline to the 50-day SMA ($20.67). This support level is crucial as a breach could lead to further declines towards $17.43.
GT/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair is attempting to find support at the 20-EMA on the 4-hour chart. A bounce from this level and a breakthrough of the $24 resistance could see the pair rise to $25 and afterwards to $26.
Conversely, a break and close below the 20-EMA would indicate the onset of a deeper correction towards the 50-SMA. Buyers need to firmly defend the 50-SMA to avoid a potential drop to $21 and subsequently to $20.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
