Will BTC See $60K Again?

Key Points:-

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

Several major altcoins have rejected above resistance levels, indicating that bears remain in control.

Bitcoin (BTC) support rally was rejected at the $74,000 level, and the bears pushed the price below $68,500. Select analysts believe that BTC should hold the $68,000 to $70,000 zone to continue its short-term bull trend.

The biggest question on traders' minds is whether BTC has bottomed or if it could fall further. Coinbureau CEO Nick said in a post on X that BTC's price relative to gold “took 14 months to go from high to low.” The bottom of the ratio was followed by a sharp rally of more than 300% in BTC on each occasion. The current 13-month decline from the previous peak suggests that BTC may be headed lower.

Not everyone believes that the BTC bear market may be ending. On-chain analytics company CryptoQuant said in a post on X that BTC is in a bear market as their bull point index, which has dipped into bearish territory. The forum noted that the data shows that the current rally is “not just a relief rally, but the beginning of a new bull phase.”

Can BTC and select major altcoins hold their support level? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC declined from the $74,508 breakout level on Thursday, indicating that the bears are protecting the level with all their might.

The 20-day exponential moving average ($69,003) is an important support to watch on the downside. If the price of Bitcoin changes from the 20-day EMA, the bulls will again try to clear the barrier at $74,508. If they can pull through, the BTC/USDT pair could rise to $84,000. Such a move suggests that the pair may be down $60,000.

Conversely, a close below the 20-day EMA can pull the price towards the support line. This is important to watch as a break below the support line will tilt the advantage to the bears. The pair could drop to $60,000.

Ether price prediction

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

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

On the contrary, if the price changes from the current level and breaks above the 50-day SMA ($2,328), it indicates that the selling pressure has weakened. The pair could start a move higher towards $2,600.

BNB price prediction

BNB (BNB) declined from the $670 level on Thursday, indicating that the bears will defend the level strongly.

The bears pushed the price below the 20-day EMA ($637), which discouraged the bulls. That suggests that the BNB/USDT pair may remain in the $570 to $670 range for some time.

The bulls will return to the driver's seat at a close above the $670 level. That opens the door to the 50-day SMA ($718) and a subsequent rally to $790. To initiate the next move towards $500, sellers need to reduce the price of BNB below the $570 level.

XRP price prediction

XRP (XRP) closed above the 20-day EMA ($1.41) on Wednesday, but the bulls failed to sustain higher levels.

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

Conversely, if the pair rises and breaks above the 20-day EMA, it suggests that the bulls are trying to make a comeback. The pair could rally towards $1.61, which could again serve as strong resistance.

Solana price forecast

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

The flat 20-day EMA and RSI below the midpoint indicate a balance between supply and demand. Solana prices may fluctuate between $76 and $95 for a few more days.

Buyers should close above the $95 level to signal that the bears are losing their grip. The SOL/USDT pair may rise to the $117 level. Sellers are back in the game at prices below $76.

Dogecoin price prediction

Dogecoin (DOGE) rose above the 20-day EMA ($0.10) on Wednesday, but the bulls failed to break the 50-day SMA ($0.11).

Dogecoin price has fallen and reached the critical support of $0.09. If the bears break below $0.09, the DOGE/USDT pair may retest the February 6 low of $0.08. Buyers are expected to aggressively defend the $0.08 level, as a close below it could sink the pair to $0.06.

The bulls need to push the price above the 50-day SMA to signal strength. The pair may rally towards the $0.12 breakout level where the bears are expected to enter.

Cardano price prediction

On Thursday, buyers tried to push Cardano (ADA) above the 20-day EMA ($0.27), but the bears held their position.

However, a small advantage in favor of the bulls is that the price of Cardano is not allowed to fall below $0.25. If the price changes from the current level or the $0.25 support, the bulls will again try to push the ADA/USDT pair to the descending line of the descending channel pattern.

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

Related: Was $74K a Bull Trap? Bitcoin traders diverge on 2022 crash repeat.

Bitcoin Cash price prediction

In Bitcoin Cash (BCH), which broke the $443 level on Wednesday, it was found at $476, indicating a negative sentiment.

Bears will try to strengthen their position by pulling the price of Bitcoin Cash below the $443 support. If you manage to do that, the BCH/USDT pair will complete a bearish head and shoulders pattern. The pair can drop to $375.

To signal strength, buyers should push the price above the 20-day EMA ($488). The pair may reach the 50-day SMA ($533) which could attract sellers. A close above the 50-day SMA indicates the start of a sustained recovery towards $600.

High Liquidity Price Prediction

Hyperliquid (HYPE) has returned to the moving averages, which is a critical support to watch out for.

If the price of Hypeliquid recovers strongly from the moving averages, the bulls will again try to drive the HYPE/USDT pair towards the potential resistance at $36.77. A close above the $36.77 level indicates the start of a new uptrend.

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

Monero price prediction

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

The 20-day EMA ($347) is an important support to watch on the downside. If the price of Monero rests above the 20-day EMA, the possibility of a break above the 50-day SMA ($396) increases. The XMR/USDT pair may rejoin the 61.8% Fibonacci retracement level towards $414.

Instead, if the price declines and breaks below the 20-day EMA, it indicates that the bears are highly active. That could keep the pair in the range between $384 and $302 for a while.