| The strong year-to-date rally for Bitcoin has influenced several analysts to be bullish in the short term. They anticipate Bitcoin to extend its upward move and reach $25,000, possibly even $30,000.
However, for the slightly longer term, analysts seem to be divided. In comments to Cointelegraph, economist Lyn Alden said Bitcoin could face "considerable danger" in the second half of 2023 as liquidity risks rise.
On the other hand, ARK Invest CEO and chief investment officer Cathie Wood said in a company video blog on January 23 that crypto assets could witness a huge turnaround in 2023 as the Federal Reserve pivots due to falling inflation.
BTC/USDT:
The rising 20-day exponential moving average ($20,700) and the relative strength index (RSI) in the overbought zone suggest that bulls have the upper hand. Buyers will have to kick the price above $23,371 to start the next leg of the rally to $25,211.
If the price turns down from the current level and breaks below $22,292, it could trigger the stops of several short-term traders. That could intensify selling and the BTC/USDT pair could dive to $21,480.
ETH/USDT
The ETH/USDT pair corrected to the 20-day exponential moving average (EMA) of $1,496 on January 25, which is crucial support to keep an eye on. If the price bounces off this level, it will suggest that the sentiment remains positive and traders are buying near support.
This bullish view could be negated in the short term if the price plunges below the 20-day EMA, with the potential to fall to $1,352.
BNB/USDT
The bulls purchased the dip to the 20-day EMA ($290) on January 25 as evidenced by the long tail on the candlestick. This suggests that the BNB/USDT pair could swing between the 20-day EMA and $318 as the bulls and the bears try to assert their supremacy.
If the price rises above $318, it will indicate that the bulls have overpowered the bears and could catapult the pair to $360. Conversely, a collapse below the 20-day EMA could tilt the advantage in favor of the bears, possibly plunging the pair to the 50-day simple moving average (SMA) of $270.
XRP/USDT
The critical level to watch on the downside is the 20-day EMA ($0.38). If the price rebounds off this support, it will indicate that lower levels continue to attract buyers. The bulls will then try to drive the price above the $0.42 – $0.44 zone. If they succeed, the XRP/USDT pair could start an upward move to $0.51.
If bears want to strengthen their position, they will have to drag the price below the 20-day EMA, tempting short-term traders to book profits and plummeting the price to the 50-day SMA ($0.37).
ADA/USDT
The RSI is showing signs of negative divergence, signaling that the bullish momentum could be slowing down. Sellers could strengthen their position further if they pull and sustain the price below the 20-day EMA ($0.34). The ADA/USDT pair could slump to $0.32 and after that to the 50-day SMA ($0.30).
Alternatively, if the price turns and ascends above $0.38, it will negate the negative divergence, and the pair could rise to $0.44.
Note that there's always risk in trading no matter how sound the analysis is. Using institutional-grade tools like Markets Pro can help mitigate some of the risk while exposing traders to upside potential.
For price analyses like these on DOGE, MATIC, LTC, DOT and AVAX, head over to this post by Rakesh Upadhyay on Cointelegraph.
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Regards,
Russell DeCorte
Director
Markets Pro
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