Bitcoin (BTC) has risen about 4% this week, indicating strong demand at lower price levels. According to data from Farside Investors, Bitcoin spot ETF funds in the US saw outflows totaling $242.3 million on January 2, but immediately after, inflows returned strongly on January 3 with inflows of $908.1 million. This indicates that investors expect Bitcoin to continue its upward trend.
Another positive signal is that selling pressure may be decreasing. According to data from CryptoQuant, Bitcoin inflows into exchanges – the total amount of Bitcoin transferred to exchanges – decreased in December, from a peak of 98,748 Bitcoin on November 25. Similarly, the amount of Bitcoin sold by miners also decreased from a peak of 25,367 Bitcoin on November 11.
However, in the short term, analysts at Bitfinex stated that Bitcoin may fluctuate in a range from $95,000 to $110,000 until the end of January. These experts do not expect the inauguration of US President-elect Donald Trump on January 20 to trigger a 'significant bullish trend.'
If Bitcoin surpasses $100,000, some altcoins may also rise in price. Let's look at the charts of 5 cryptocurrencies that have the potential for significant growth in the near future.
Technical analysis of BTC
Bitcoin closed above the moving averages on January 3, indicating that selling pressure is decreasing.
BTC/USDT daily chart | Source: TradingView
The bulls will attempt to consolidate their position by pushing the price above the strong resistance at $100,000. If successful, the BTC/USDT pair could rise to an all-time high of $108,353. The bears are expected to strongly defend this level, but if the bulls can push the price up, the pair could rise to $126,706.
Conversely, if the price drops sharply from $100,000 and breaks below the moving averages, it would indicate a short-term accumulation phase. This pair could fluctuate between $90,000 and $100,000 for a few days.
BTC/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, the 20-period exponential moving average (EMA) is sloping upwards, and the relative strength index (RSI) is near 62, indicating that the bulls are in control. The price has bounced from the 20 EMA, and the bulls will continue to attempt to break through the resistance at $100,000. If successful, the pair could rise to $102,800 and then $105,350.
Conversely, if the price drops below the 20 EMA, this will weaken the bulls. The pair could drop to the simple moving average (SMA) 50.
Technical analysis of SOL
Solana (SOL) is facing resistance at the 50-day SMA ($219), but the positive signal is that the bulls have not allowed the bears to gain too much control.
SOL/USDT daily chart | Source: TradingView
The 20-day EMA ($204) has begun to rise, and the RSI is in the positive zone, indicating that the bulls are returning. If the price rises from the current level or bounces from the 20-day EMA, the bulls will continue to attempt to push the SOL/USDT pair above the 50-day SMA. If successful, the pair could rise to $234 and then $247.
Conversely, if the price decreases and breaks below the 20-day EMA, this could pull the price down to the upward trend line, indicating that the bears are active at higher price levels.
SOL/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, this pair has formed a bullish triangle pattern, signaling that the correction may have ended. If the price drops below the 20 EMA, the likelihood of the price retesting the support level of $202 is high. The bears need to push the price below $202 to take control.
On the other hand, a strong bounce from the 20-day EMA or the support level of $202 would improve the chances of the price exceeding $220. If that happens, the pair may continue the upward trend with a target based on the pattern at $229.
Technical analysis of SUI
Sui (SUI) has continued its upward trend after the bulls pushed the price above the strong resistance at $4.96 on January 3.
SUI/USDT daily chart | Source: TradingView
The bears will attempt to trap optimistic investors by pulling the price below the breakout level of $4.96. If this happens, the SUI/USDT pair could drop to the 20-day EMA ($4.49). The bears need to push the price below $3.94 to signal that this pair may be topping in the short term.
Conversely, a strong bounce from $4.96 would indicate that the bulls are trying to turn this level into support, which could then initiate a bullish move to $6.28.
SUI/USDT 4-hour chart | Source: TradingView
The pair has corrected from $5.36, signaling the potential for a retest of the breakout level of $4.96. The 20-period EMA is sloping upwards, and the RSI is in the overbought zone, indicating that the bulls are in control. If the price rises from the current level or bounces from $4.96, this will confirm buying strength during dips, increasing the likelihood of continuing the upward trend.
Conversely, if the price breaks and closes below the 20-day EMA, this will indicate that the bulls are taking profits. At that point, the pair could drop to $4.60, followed by the 50-day SMA.
Technical analysis of ICP
Internet Computer (ICP) surged past the moving averages on January 3, indicating the potential for a short-term trend change.
ICP/USDT daily chart | Source: TradingView
The recovery is facing selling pressure around $13, but the moving averages are likely to provide strong support as the price drops. If the price strongly bounces from the moving averages, this will indicate that market sentiment remains positive. The ICP/USDT pair could rise to $14 and then $15, where the bears are expected to pose strong resistance.
This positive view will be invalidated in the short term if the price turns around and drops below the 20-day EMA ($11.23). At that point, this pair could drop to $9.60.
ICP/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, the pair has completed a bullish triangle pattern, indicating buying strength at lower price levels. Buyers are expected to actively defend the 20 EMA. If they succeed, the chances of the price rising above the resistance at $12.74 will increase, potentially starting a bullish trend towards a target of $13.96.
The area between the EMA 20 and $11.39 is expected to be a strong support zone. To regain control, the bears need to push the price below $11.39.
Technical analysis of ENA
Ethena (ENA) has formed a 'cup and handle' pattern, which will be completed if the price surpasses and closes above $1.30.
ENA/USDT daily chart | Source: TradingView
The 20-day EMA ($1.04) has started to slope upwards, and the RSI is in the positive zone, indicating an advantage for the bulls. If the bulls push the price above $1.30, the ENA/USDT pair could rise to $1.52 and then to $1.72. The target of this bullish pattern is higher, around $2.41.
Support below is at $1.10 and then at the 20-day EMA. If the price drops and closes below the 20-day EMA, this will indicate that the bulls are losing control. At that point, the pair could drop to $0.88.
ENA/USDT 4-hour chart | Source: TradingView
The bulls have attempted to push the price above $1.30, but the bears have successfully defended it. The price may drop to the 20 EMA, a crucial level to watch. If the price strongly bounces from the 20 EMA, this will indicate that the bulls still control the situation, increasing the chances of the price exceeding $1.30.
Conversely, if the price drops and closes below the 20-day EMA, this would imply that the bulls are taking profits. This could pull the price down to the 50-day SMA.
https://tapchibitcoin.io/4-altcoin-nay-cho-thay-suc-manh-khi-bitcoin-ap-sat-100-000.html