Price analysis: People still really want Spot Bitcoin ETFs, but Bitcoin might have a hard time getting past $52,000. What will happen to other cryptocurrencies?
Bitcoin’s value went up above $52,000 this week and it keeps going strong, showing people still really want to buy it at these prices. A report from CryptoQuant, a company that analyzes data about Bitcoin, suggests that over 75% of new money put into Bitcoin is coming from specific types of funds that trade in Bitcoin directly.
Prices can’t keep rising forever. Many experts think the recent increase in prices is too much and won’t last. It’s hard to say when prices will stop going up because they’re rising quickly now. But usually, after a big increase, prices drop suddenly.
Economic factors might slow down the stock market’s growth soon. On January 16, a tool from CME Group showed a 63% chance that the Federal Reserve would lower interest rates by 0.25% in their March meeting. However, this likelihood has decreased to 10.5% because the January reports on consumer and producer prices were higher than expected.
Could Bitcoin’s value drop soon, and would that affect other digital currencies? Let’s look at the charts of the top 10 cryptocurrencies to see.
Bitcoin price analysis
Bitcoin has struggled to go above $52,000, but those supporting its rise haven’t given up to those expecting it to fall, showing they’re not rushing to sell for a profit.
The increasing 20-day average price of $46,947 shows that buyers are in control, but a high RSI above 81 warns that the price may have risen too quickly recently.
If the price drops from where it is now but then goes up again from $48,970, it means the buyers have made that price a strong point. This could lead to the price continuing to rise.
If the price stays above $52,000, the BTC/USDT pair might increase to $60,000, but reaching $60,000 could be difficult. If the price falls below the 20-day EMA, there might be a short-term drop.
Ether price analysis
On Feb. 14, Ether’s price went up past $2,717, showing signs of increasing again. The next goal is to reach $3,000.
The quick rise in the last few days has made the RSI too high, suggesting the price increase might be too much for now. This could lead to a small drop or stabilization soon.
If the price goes up from $2,717, it means investors are still optimistic and see any price drop as a chance to buy more. However, if the price falls below $2,717, it shows that investor confidence is weakening. In that case, the price might drop to the 20-day average price of $2,526.
Solana price analysis
Solana (SOL) decreased from $119 on February 14th to $110 and might drop further to $107.
If the price goes back up from the neckline, it means the buyers have made it a support level. This increases the chances of the price going above $126. Then, the SOL/USDT pair will try to reach the target price of $135.
If the price drops below the neckline, it means sellers are still dominating. Buyers will try to stop the drop at the moving averages, but if they can’t, the price might fall to $93.
BNB price analysis
When a bearish pattern didn’t happen with BNB, it was a good sign. On February 8, buyers increased the price beyond the expected drop, and on February 15, they pushed it over the top resistance level of $338.
The long line on the chart for Feb. 15 and Feb. 16 shows that people selling are trying to stop the price from going up near $366. To make the price drop more, sellers need to push it below $338. If they succeed, the price could fall to the 20-day average, which is $322.
If the price stays around the same level, it means investors expect it to keep going up. If it goes above $366, it could rise to $400.
XRP price analysis
XRP’s price went up from $0.53 on February 14 to above $0.55 on February 15, showing that more people were buying it at higher prices.
The price has hit a low point, and now there might be a strong fight between buyers and sellers. If the buyers win, the price of XRP/USDT could quickly go up to $0.67. There’s a small hurdle at $0.62, but it’s expected to be passed easily.
If the price suddenly drops from where it is now and falls below the 20-day EMA, it means that sellers are strongly resisting an uptrend. After that, the price could go down to $0.50.
Cardano price analysis
After facing difficulties for a few days, Cardano ADA’s price increased and surpassed $0.57 on February 14th.
The 20-day EMA trend and the positive RSI suggest that buyers have a small advantage. There’s a small obstacle at $0.62, but it’s expected to be overcome. After that, the ADA/USDT pair might increase to the strong resistance level at $0.68.
Keep an eye on the moving averages for key support. If it falls and stays below the 50-day average price of $0.53, it could mean the recent price increase was misleading. Then, the price might drop significantly to the strong support level at $0.46.
Avalanche price analysis
The price of Avalanche (AVAX) briefly went up $40.22, crossing the $42 resistance level, but then it dropped back down. This can be seen in the long tail of the candlestick chart for February 15th.
The price might drop to $37.87, which is an important support level. If it starts to go up from there, it’s more likely to go above $42. If that occurs, it will signal a positive trend that could push the price to $50.
If the price keeps dropping and falls below the moving average, it means the pair could move back and forth between $32 and $42 for a while.
Dogecoin price analysis
Dogecoin (DOGE) increased in value from $0.08 to $0.09 on February 14, showing that buyers are starting to dominate.
If the price stays above the declining trend line, the DOGE/USDT pair might start to rise quickly towards the $0.10 to $0.11 area. The sellers will strongly resist this increase.
If the price drops and falls below the 20-day EMA, it means people are selling at every high price. Then, the price might go down to the uptrend line and even drop to the strong support level of $0.07.
Chainlink price analysis
The price of Chainlink dropped to $19.51. It struggled to go above $20.85 because people were selling to make a profit. However, the good news is that those buying Chainlink are still strong compared to those selling it.
This means people still feel good about the market and think prices will go up again. The rising 20-day EMA ($18.41) and the RSI being high show that buyers have the upper hand. If the price goes above $20.85, it could rise to $21.79.
Keep an eye on the 20-day EMA as an important support level. If it breaks, the LINK/USDT price could drop to $17.32.
Polkadot price analysis
Polkadot (DOT) has stayed above its 50-day average price of $7.25 for the last two days, showing that buyers are interested.
The moving averages are about to cross in a way that suggests prices will rise, and the RSI shows positive momentum, meaning prices might start going up. The price might find support at $7.20, and the goal is to increase it to $8.58.
If the price suddenly drops and falls under the moving averages, the positive outlook will be canceled. Then, the pair might drop to $6, which could lead to a lot of buying by bullish investors.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
