Crypto: Price Predictions 3/4: Btc, Eth, Bnb, Xrp, Sol, Doge, Ada, Bch,...
Bitcoin’s recovery picked up steam on Wednesday as the cryptocurrency rallied above $74,000 amid consistent inflows into the spot Bitcoin ETFs. Do technical charts support the move in BTC and altcoins?
Bitcoin’s strong recovery above $74,000, backed by solid inflows into the US spot Bitcoin ETFs, suggests the formation of a short-term bottom.
Several major altcoins are attempting to take part in the recovery by rising above their overhead resistance levels.
Bitcoin (BTC) bulls made a strong comeback on Wednesday by pushing the price to $73,800. A positive sign in favor of the bulls is that the recovery attempt is backed by buying in US spot BTC exchange-traded funds, which have seen $683.3 million in inflows this week per SoSoValue data.
Some analysts believe that BTC could be bottoming out. VanEck CEO Jan van Eck said on CNBC that BTC is in the fourth year of its four-year cycle, where it rises for three years and then plunges in the fourth year. He said that his firm believes BTC is close to a bottom and is expected to gradually start rising this year.
In a separate market update, 10x Research said that BTC did not plunge on risk-off headlines, indicating that the downside pressure might be reducing. However, the analysts said that BTC remains in a bear market, calling the bullish exposure “tactical rather than structural.”
Could BTC and select major altcoins build upon their recovery? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC’s symmetrical triangle pattern resolved to the upside with a break above the resistance line, indicating solid buying by the bulls.
The BTC/USDT pair may reach the $74,508 level, where the sellers are expected to pose a substantial challenge. If the Bitcoin price turns down from $74,508 but rebounds off the 20-day exponential moving average ($68,871), it signals a positive sentiment. That increases the possibility of a rally to $84,000.
On the contrary, if the price turns down sharply from $74,508, it suggests that the bears are attempting to flip the level into resistance. A close below the 20-day EMA will tilt the advantage back in favor of the bears.
Source: CoinTelegraph
