Will BTC See $60K Again?

Key points:

Analysts believe that Bitcoin will have to stay above the $68,000 level to continue its recovery.

Several major altcoins have turned down from their overhead resistance levels, indicating that bears remain in control.

Bitcoin’s (BTC) relief rally was rejected at the $74,000 level, and the bears have pulled the price below $68,500. Select analysts believe that BTC will have to hold the $68,000 to $70,000 zone to continue its short-lived bull trend. 

The big question on traders’ minds is whether BTC has bottomed out or if it could fall further. Coinbureau CEO Nic said in a post on X that BTC’s price relative to gold has historically “taken about 14 months to go from peak to bottom.” The bottom of the ratio has been followed by a sharp rally of more than 300% in BTC on every occasion. The current 13-month decline from the previous ratio peak suggests that BTC may be close to bottoming out.

Not everyone believes that BTC’s bear market may be ending. On-chain analytics company CryptoQuant said in a post on X that BTC is in a bear market as per their Bull Score Index, which remains deep in bearish territory. The platform said data shows the current rally is “likely just a relief rally, not the start of a new bull phase.”

Could BTC and select major altcoins hold on to their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC turned down from the breakdown level of $74,508 on Thursday, indicating that the bears are defending the level with all their might.

The 20-day exponential moving average ($69,003) is the critical support to watch out for on the downside. If the Bitcoin price turns up from the 20-day EMA, the bulls will again attempt to clear the obstacle at $74,508. If they can pull it off, the BTC/USDT pair may soar to $84,000. Such a move suggests that the pair may have bottomed out at $60,000.

On the contrary, a close below the 20-day EMA may pull the price to the support line. This is a vital level to keep an eye on as a break below the support line tilts the advantage in favor of the bears. The pair may then collapse to $60,000.

Ether price prediction

Ether (ETH) cleared the $2,111 resistance on Wednesday, but the bears pulled the price back below the level on Thursday.

The Ether price continued lower and broke below the 20-day EMA ($2,032), suggesting that the market rejected the break above the $2,111 level. The ETH/USDT pair is likely to oscillate between $1,750 and $2,200 for some time.

Conversely, if the price turns up from the current level and breaks above the 50-day SMA ($2,328), it suggests that the selling pressure has weakened. The pair may then start an up move to $2,600. 

BNB price prediction

BNB (BNB) turned down from the $670 level on Thursday, indicating that the bears are vigorously defending the level.

The bears have pulled the price below the 20-day EMA ($637), indicating that the bulls have given up. That suggests the BNB/USDT pair may remain inside the $570 to $670 range for a while longer.

The bulls will be back in the driver’s seat on a close above the $670 level. That opens the doors for a rally to the 50-day SMA ($718) and later to $790. Sellers will have to yank the BNB price below the $570 level to start the next leg of the down move to $500.

XRP price prediction

XRP (XRP) closed above the 20-day EMA ($1.41) on Wednesday, but the bulls could not sustain the higher levels.

The bears are attempting to pull the XRP/USDT pair below the $1.27 support. If they manage to do that, the XRP price may slump to the support line of the descending channel pattern.

On the contrary, if the pair turns up and breaks above the 20-day EMA, it suggests that the bulls are attempting a comeback. The pair may then rally to $1.61, which could again act as stiff resistance.

Solana price prediction

Solana (SOL) turned down from the $95 level on Thursday and has slipped below the 20-day EMA ($86).

The flattish 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. The Solana price may oscillate between $76 and $95 for a few more days.

Buyers will have to secure a close above the $95 level to suggest that the bears are losing their grip. The SOL/USDT pair may then surge to the $117 level. Sellers will be back in the game on a close below $76.

Dogecoin price prediction

Dogecoin (DOGE) rose above the 20-day EMA ($0.10) on Wednesday, but the bulls could not pierce the 50-day SMA ($0.11).

The Dogecoin price turned down and reached the critical $0.09 support. If the bears pull the price below the $0.09 level, the DOGE/USDT pair may retest the Feb. 6 low of $0.08. Buyers are expected to fiercely defend the $0.08 level, as a close below it may sink the pair to $0.06.

The bulls will have to thrust the price above the 50-day SMA to signal strength. The pair may then rally to the breakdown level of $0.12, where the bears are expected to step in.

Cardano price prediction

Buyers attempted to push Cardano (ADA) above the 20-day EMA ($0.27) on Thursday, but the bears held their ground.

However, a minor advantage in favor of the bulls is that they have not allowed the Cardano price to dip below the $0.25 level. If the price turns up from the current level or the $0.25 support, the bulls will again attempt to push the ADA/USDT pair to the downtrend line of the descending channel pattern.

On the other hand, a close below the $0.25 level opens the doors for a retest of the support line. A close below the support line may sink the pair to the $0.15 level.

Related: Was $74K a bull trap? Bitcoin traders diverge on 2022 crash repeating

Bitcoin Cash price prediction

The bounce off the $443 level in Bitcoin Cash (BCH) fizzled out at $476 on Wednesday, indicating a negative sentiment. 

The bears will attempt to strengthen their position by pulling the Bitcoin Cash price below the $443 support. If they manage to do that, the BCH/USDT pair will complete a bearish head-and-shoulders pattern. The pair may then plummet to $375.

Buyers will have to propel the price above the 20-day EMA ($488) to signal strength. The pair may then reach the 50-day SMA ($533), which is likely to attract sellers. A close above the 50-day SMA indicates the start of a sustained recovery toward $600.

Hyperliquid price prediction

Hyperliquid (HYPE) has pulled back to the moving averages, which are a crucial support to watch out for.

If the Hyperliquid price rebounds off the moving averages with force, the bulls will again attempt to drive the HYPE/USDT pair to the $36.77 overhead resistance. A close above the $36.77 level signals the start of a new up move.

Contrary to this assumption, if the price continues lower and breaks below the moving averages, it suggests that the pair may remain inside the $20.82 to $36.77 range for a few more days.

Monero price prediction

Buyers are attempting to push Monero (XMR) above the $360 level, but are facing stiff resistance from the bears.

The 20-day EMA ($347) is the crucial support to watch out for on the downside. If the Monero price bounces off the 20-day EMA, the possibility of a break above the 50-day SMA ($396) increases. The XMR/USDT pair may then rally to the 61.8% Fibonacci retracement level of $414.

Instead, if the price turns down and breaks below the 20-day EMA, it signals that the bears are active at higher levels. That may keep the pair range-bound between $384 and $302 for some time.