Crypto: Price Predictions 2/4: Btc, Eth, Bnb, Xrp, Sol, Doge, Ada, Bch,...
Bitcoin price fell to a 15-month low of $72,169, leading one analyst to say a revisit of BTC’s realized price near $56,000 may occur in a few months. Do charts hint at a rebound rally before the weekend?
Bitcoin remains under pressure as the bears attempt to hold the price below the crucial $74,508 level.
Several major altcoins are struggling to bounce off their support levels, increasing the likelihood of the resumption of the downtrend.
Bitcoin (BTC) bulls attempted to start a recovery, but the bears sold at higher levels and pulled the price below $72,169. Galaxy Digital research lead Alex Thorn said in a note on Monday that BTC could plunge to its realized price of $56,000 over the coming weeks due to the lack of catalysts to reverse the trend.
Not everyone is bearish on BTC as select analysts anticipate a bottom soon. Bitwise chief investment officer Matt Hougan said in an article on X that the crypto markets are likely to “come roaring back sooner rather than later.”
However, according to one historical pattern, BTC’s recovery may take time. Crypto proponent Brett said in a post on X that BTC has closed below the 100-week simple moving average. During previous instances of a break below the 100-week SMA, BTC stayed below the level for 182 to 532 days. The only outlier was the 2020 COVID-19 flash crash when BTC rose back above the 100-week SMA in 35 days.
Could BTC and the major altcoins start a relief rally, or will the support levels give way? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Buyers are struggling to hold BTC above the critical $74,508 support, indicating aggressive selling by the bears.
If Bitcoin price continues lower and slips below $72,945, it signals the resumption of the downtrend. The BTC/USDT pair may then collapse to the strong support at $60,000.
The relative strength index (RSI) is in the oversold zone, suggesting that the selling may have been overdone in the near term. That increases the likelihood of a relief rally, which might pick up pace on a close above the $79,500 resistance. If that happens, the pair may rally toward the breakdown level of $84,000.
Source: CoinTelegraph
