Bitcoin rebounded this morning, analysts are optimistic about 4 coins breaking through
Bitcoin (BTC) accumulated about a 4% increase last week, showing strong buying at low levels, and this morning (1/6) even rebounded to break $99,000, currently retreating to around $98,800.
(Cointelegraph) Senior analyst Rakesh Upadhyay stated that according to data from Farside Investors, the U.S. Bitcoin spot ETF saw an outflow of $242.3 million on January 2, but rebounded strongly on January 3 with an inflow of $908.1 million, indicating that investors expect Bitcoin to resume its upward trend.
Another bullish factor for Bitcoin is that selling pressure may be easing. CryptoQuant data shows that the inflow of Bitcoin to exchanges in December last year (i.e., the total amount of Bitcoin transferred to exchanges) has decreased from the peak of 98,748 Bitcoins on November 25.
Meanwhile, since the peak of miners sending 25,367 Bitcoins to exchanges on November 11, the outflow from miners has also decreased.
However, Bitfinex analysts stated that Bitcoin may consolidate between $95,000 and $110,000 until the end of January, and do not believe that Trump’s inauguration on January 20 will be a significant market-moving event.
Upadhyay stated that if Bitcoin can reclaim $100,000, some altcoins may rise. He named the following four coins and provided short-term support and resistance analysis for reference only, not as investment advice.
Solana ($SOL) price trend prediction
Upadhyay pointed out that Solana ($SOL) is facing resistance at the 50-day moving average ($219), but a positive signal is that there has not yet been a significant pullback.
From the daily trend, the 20-day exponential moving average EMA ($204) has begun to reverse upwards, and the relative strength index (RSI) is also in the buying zone, indicating that bulls have the advantage.
Upadhyay predicts that if $SOL rises from the current level or rebounds from the 20-day EMA, it will attempt to challenge the 50-day moving average again. If successful, $SOL may rise to $234, and then challenge $247.
However, if $SOL falls below the 20-day EMA, the short-term bullish view will be invalidated, and $SOL may break below the ascending trend line marked in the chart, indicating that bears are selling at high levels.
Source: Cointelegraph Solana ($SOL) price trend prediction
Sui ($SUI) price trend prediction
Upadhyay pointed out that after the bulls pushed Sui ($SUI) above the strong resistance level of $4.96, the upward trend resumed.
The bears will attempt to pull the price back below the breakout level of $4.96 to trap aggressive bulls. If successful, $SUI may drop to the 20-day EMA ($4.49), and if it further drops below $3.94, it indicates that $SUI may have reached a short-term top.
However, if $SUI remains above $4.96 at the daily close, or shows a strong rebound, it indicates that bulls are trying to turn that level into support, with the potential to rise towards the $6.28 high.
Source: Cointelegraph Sui ($SUI) price trend prediction
Internet Computer ($ICP) price trend prediction
Upadhyay noted that Internet Computer ($ICP) surged above the moving average on January 3, indicating a possible change in short-term trend.
From the daily trend, $ICP is facing selling pressure around $13. If a pullback occurs, the lower moving average will provide strong support. If it strongly rebounds from the moving average, it indicates that market sentiment remains positive, and it may climb to $14, followed by rising to $15, where bears are expected to defend strongly.
However, if $ICP falls below the 20-day EMA ($11.23), the short-term bullish view will be invalidated, and it may subsequently drop to $9.60.
Source: Cointelegraph Internet Computer ($ICP) price trend prediction
Ethena ($ENA) price trend prediction
Upadhyay pointed out that Ethena ($ENA) has emerged from a cup and handle bullish pattern, which will complete once it breaks and closes above $1.30 for the day.
From the daily trend, the 20-day EMA of $ENA ($1.04) has started to rise, and the RSI is in the buying zone, indicating that bulls have the advantage. If it can break above $1.30, it may rebound to $1.52, followed by rising to $1.72, with the cup and handle pattern target price at $2.41.
However, if $ENA declines, the support level is at $1.10, followed by the 20-day EMA. If it breaks below and closes under the 20-day EMA, it indicates that bulls are losing control, and it may subsequently plummet to $0.88.
Source: Cointelegraph Ethena ($ENA) price trend prediction
'Bitcoin once surged to $99,000! Analyst: "These 4 coins" show signs of breakthrough, could surge this week?' This article was first published on 'Crypto City'
