After struggling to stay above the $50,000 resistance over the past few days, Bitcoin has now hit $51,283 thanks to significant inflows into Bitcoin ETFs (Exchange-Traded Funds). Famous crypto trader Daan Trades wrote on X at the start of the week that spot Bitcoin ETFs approved by the US Securities and Exchange Commission on January 10th have recorded net inflows for 12 consecutive days.
Numerous crypto analysts expect Bitcoin to continue rallying. However, CryptoSlate’s head of research, James Straten, has cautioned investors about a possible price correction. He says BTC’s total supply in profit is almost hitting 95%, which “typically marks tops.”
Although Straten anticipates a pullback in the short term, the future of Bitcoin looks encouraging per data from Glassnode. The crypto analysis firm said on Monday that several on-chain indicators show that Bitcoin is in the early stages of a bull run.
That said, will Bitcoin continue trending upwards along with top altcoins in the coming days, or should we expect a correction? We study the price charts to find out.
Bitcoin Price Analysis
BTC bulls defeated the bears at $48,958 on January 11th, signaling the start of another leg of the upward trend. With the coin now trading at $51,388, there is a massive chance that the resistance at $52,000 will be overcome. If that happens, Bitcoin may grow to $60,028, where the bulls and bears are expected to engage in a tough battle. On the other hand, BTC may plummet to $44,697 if $48,958 collapses.
Ethereum Price Analysis
Bears’ attempts to stall Ethereum’s rally at the $2,503.97 resistance level on February 12th were unsuccessful. The bulls have now managed to push the token to $2,747.23. The growing 20-day Exponential Moving Average ($2,417.30) and the Relative Strength Index (65.29) at a positive zone suggest buyers control the market. They are now targeting to push ETH to $3,001.87.
Meanwhile, if Ethereum reverses and crosses below $2,417.30, the move will signal the start of a downtrend, and the token might collapse to the $2,098.89 strong support level.
BNB Price Analysis
When BNB went above $310.38 on February 8th, it meant that the token no longer traded below the downtrend line. Since then, the bulls have managed to propel BNB to $331.39. Their next target is to push the cryptocurrency above $338.67. If they succeed, BNB could rally to $350.38. Contrary to this positive assumption, the Binance Coin may touch the $288.35 support if $310.38 crumbles.
XRP Price Analysis
The bears have been selling off rallies at the 20-day Exponential Moving Average of $0.5204866 since the start of the week. The bulls have, however, driven XRP to $0.5304249 as of this writing. If they maintain the token above $0.5204866 over the coming days, XRP may grow above the 50-day Simple Moving Average of $0.5579303 to rally to $0.6705002. On the contrary, the digital currency is likely to hit $0.4611972 if the bulls do not defend the $0.5093722 support.
Solana Price Analysis
SOL buyers have been defending the $107.43 resistance from cracking since thrusting the token above that level on February 10th. Solana is now changing hands for $115.90, just near the $117 resistance. If the bulls overcome the bears’ selling pressure at this level, it will enhance the chances of SOL hitting $126.4 and even growing further to $134.83.
On the other hand, if the token’s price reverses and falls below $107.43, the current rally would be deemed a bull trap, and SOL might plummet to $94.03 and then to $83.50.
Cardano Price Analysis
With ADA now trading at $0.574003, it means that the bulls have won the battle at the downtrend line near $0.5395036. They are looking to drive Cardano towards $0.6299461, where they will battle with the bears again. If the bulls emerge victors for the second time, ADA might rise to $0.6803309.
Conversely, if Cardano bulls fail to guard the digital currency from collapsing below $0.5395036, a move to $0.500493 and even $0.4809625 will be possible.
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