Analyst Rakesh Upadhyay’s current forecasts for Bitcoin and popular altcoin projects XRP CRO, FTT and THETA are on Kriptokoin.com. BTC’s price action is frightening, but traders hope a bounce from the $42,000 support will complete the bullish technical analysis pattern and trigger a rally in Bitcoin and altcoins. Bitcoin (BTC) has given back some of its recent gains, but on-chain data source Ecoinometrics says whales are piling up because they believe the price is attractive from a long-term perspective.
Forecasts for Bitcoin and popular altcoin XRP
Analyst Willy Woo believes $33,000 is a strong bottom for Bitcoin. Popular trader Credible Crypto said that the chances of Bitcoin falling below $30,000 are slim. Analyst Chris Kuiper, on the other hand, believes that Bitcoin’s downside risk may be minimal compared to other digital assets. Can Bitcoin and altcoins provide a rebound after the recent pullback? For the answer, let’s look at analyst Rakesh Upadhyay’s predictions for 5 cryptocurrencies.
BTC/USDT. Bitcoin fell from the overhead resistance at $45,456, but on a minor positive side, the bulls did not allow the price to drop below the 20-day exponential moving average ($41,383). If the price bounces back from the current level, the bulls will try to push the BTC/USDT pair above $45,456. A close above this level will complete an inverted head and shoulders pattern. The pair could then rally to $52,088, which is likely to pose a strong challenge to the bears. If the bulls push the price above this level, the pair could start an upward walk towards the formation target at $56,904.
If the price breaks and stays below $39,600, such a move could open the doors for a possible drop to $36,250. The bulls are currently trying to defend the minor support at $41,688.88 but are facing stiff resistance on the moving averages. According to the analyst, the pair could drop to $39,600 if the price declines from the current level and drops below $41,688.88. If the price bounces back from this level, the pair could remain range-bound between $39,600 and $45,456 for a few days. On the upside, a break and close above the moving averages will be the first indication that the bulls have a slight edge.
XRP/USDT. Popular altcoin Ripple (XRP) broke and closed above the moving averages on February 7, suggesting that the downtrend may be coming to an end. The bears tried to push the price below the breakout level at $0.75 but the bulls blocked the attempt. The price recovered from $0.75 and the bulls are attempting to push the XRP/USDT pair towards the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41. The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive territory, suggesting that the buyers have prevailed.
Such a move would indicate that the bears continue to sell in the rallies. The 4-hour chart shows the bulls and bears struggling near $0.82. The bulls pushed the price above this level, but the bears stopped the rally at $0.85 and pulled the pair back below $0.82. A minor positive point is that the bulls are buying dips to the 50-SMA. If the price bounces back from this support, the bulls will attempt to push the pair above $0.85 and challenge the resistance at $0.91. Conversely, a break and close below the 50-SMA could take the pair to $0.75.
Estimates for CRO, FTT and THETA
CRO/USDT. Crypto.com’s local currency (CRO) broke above the 50-day SMA ($0.47) on Feb. 7, suggesting that the correction phase may be over. The price rallied to $0.54 on Feb. 10, when the bears formed a strong defense. The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, suggesting that buyers have a slight advantage. If the current recovery in the moving averages continues, it will show that the bulls are buying on the dips. The bulls will then try to push the price above $0.54 and continue the uptrend.
If they manage to do so, the CRO/USDT pair could rally to $0.60 and then to $0.68. Contrary to this assumption, if the price declines and breaks below the 20-day EMA, the pair could drop to $0.39. The 4-hour chart shows the pair rising within an ascending channel pattern. The bulls tried to push the price above the channel, but the bears had other plans. They trapped the aggressive bulls, pushing the price back into the channel. Buyers try to defend the 50-SMA. If the price continues above the 20-EMA, the bulls will try to push the pair back above the resistance line of the channel.
FTT/USDT. FTX Token (FTT) is in an expanding formation. The failure of buyers to push the price above the resistance line indicates that the bears are selling the rally to this level. A minor positive point, however, is that the bulls are buying the dips in the region between the 20-day EMA ($43.85) and the 50-day SMA ($41.50). If the price rises above the current level, buyers will make one more attempt to break through the general barrier. If they succeed, the popular altcoin FTT could start a new uptrend. The pair could then rise to $53.50, where the bears could pose a strong challenge again.
This bullish view will be invalidated if the price drops and breaks below the 50-day SMA. This will indicate that the pair may extend its stay within the broadening pattern for a few more days, according to the analyst. The failure of the bulls to push the price above the $48-$50 overhead resistance area may have pulled the profit reservation of short-term traders. The pair settled below both moving averages and it could decline to the 38.2% Fibonacci retracement levels at $41.99. If the price rises from the current level or $41.99, it indicates that buyers are piling up on the dips. The bulls will then try to push the price above the 50-SMA. If they succeed, the pair could challenge the overall resistance. On the downside, a break and close below $41.99 could mark the start of a deeper correction from the $39.95 high to 50% retracement level.
TETA/USDT. Theta Network (THETA) broke above the downtrend line on February 10 and closed. According to the analyst, this also indicates that the downtrend may be coming to an end. Generally, a rally above a stiff resistance tends to bounce back and retest the breakout level. The 20-day EMA ($3.49) has started to rise and the RSI is in the positive territory, giving buyers an advantage. If the price breaks out of the downtrend line, the bulls will try to start a new uptrend. A break and close above $4.39 could attract more buying and the THETA/USDT pair could rally to $6. This bullish view will be invalidated if the price drops from the current level and falls below the downtrend line.
The pair is up within an ascending channel pattern. The bulls tried to push the price above the resistance line of the channel but the bears did not give up. This may have led short-term bears to book profits and push the price to the support line. The altcoin price has bounced off the support line on the previous three occasions, so the bulls will try to defend it again. If the price breaks out of the level and rises above the downtrend line, it will signal a resumption of the uptrend. Alternatively, a break and close below the support line of the channel could signal a deeper correction towards $3.20.
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