Price Predictions 12/22: Spx, Dxy, Btc, Eth, Bnb, Xrp, Sol, Doge,...

Bitcoin and select altcoins are attempting to start a recovery, but higher levels are expected to attract strong selling by the bears.

Bitcoin is attempting to start a recovery, but higher levels are likely to attract sellers.

The weak bounce in several altcoins shows that the bears continue to exert pressure.

Bitcoin (BTC) rallied above $90,000 at the start of the new week, indicating that the bulls are attempting a comeback. Analysts are divided in their opinion about BTC’s next major move. While some anticipate a rally to a new all-time high, others expect a drop to as low as $70,000.

Santiment founder Maksim Balashevich is also not convinced that a bottom is in. Balashevich said in a YouTube video that BTC could fall to $74,000 as there is still a lot of optimism online. He added that a drop toward the said level could provide “a very good setup” for traders.

Although the near-term looks uncertain, $25 billion in year-to-date inflows to BlackRock’s spot Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), show potential for the long term.

Bloomberg ETF analyst Eric Balchunas wrote in a post on X that IBIT, at sixth place, was the only fund in the top cohort with negative returns for the year. If a negative year could attract $25 billion, “imagine the flow potential in a good year,” Balchunas wrote.

Could BTC and the major altcoins start a relief rally, or will the bears pull the price lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

The S&P 500 Index (SPX) has been range-bound between 6,550 and 6,920 for several days.

A positive sign is that the bulls are attempting to maintain the price above the moving averages. That improves the possibility of a break above the 6,920 resistance. If that happens, the index could rally toward the 7,290 level.

Source: CoinTelegraph