The Bitcoin (BTC) correction from its highest level in January has not shaken institutional investor confidence. According to analysts at Glassnode, the number of whales holding over 1,000 bitcoins has increased by 200 this year.
In addition to organizations, several well-known investors have also made a commitment to provide money to the crypto sector. Hedge fund manager Paul Tudor Jones, former PepsiCo CEO Indra Nooyi and American rapper LL Cool J have invested in a new venture capital fund set up by Silver Lake Partners co-founder Glenn Hutchins and his partners.
The steady flow of cryptocurrencies indicates that investors are optimistic in the long term. Yasin El Mangra, an analyst with ARK, believes that Bitcoin is still in the early stages of its bullish phase. According to Elmanjra, if Bitcoin mimics its previous bullish rally, it could rise to around $ 390,000 before the end of the current bull run.
While Bitcoin’s price action is of most interest, many altcoins have risen. Let’s analyze the charts of the top 10 cryptocurrencies and determine their growth targets.
Bitcoin / US dollar
Bitcoin has faced $ 38,000 resistance over the past two days, but a shallow correction on February 4 indicates traders are not closing their positions and registering small falls. This increases the likelihood of a breakout above $ 38,000.
Resistance at $ 40,000 is not great, but if the bulls can push the price above it, BTC / USD could test all-time highs of $ 41,959.63.
The bears are likely to aggressively defend this level, but if they do not give up the big position, the likelihood that the trend will resume will increase.
The next upside resistance is $ 50,000 followed by $ 60,000. The 20-day exponential moving average rallied ($ 34,625) and the Relative Strength Index (RSI) climbed above 61, signaling the return of the bulls.
However, if the price drops below today’s level, the pair could fall to the 20-day moving average. If the pair rebounds sharply from this level, the bulls will try to resume the bullish trend again.
On the other hand, if the price falls below the moving average, the pair could consolidate between $ 28,850 and $ 38,000 for several more days.
ETH / USD
Ether (ETH) gained momentum after a breakout on February 2 to a new full high. There were some fluctuations near the general resistance at $ 1,675, but the bears did not even manage to bring the price back to the breakout level of $ 1,473,096.
The shallow correction on February 4 shows traders are not in the mood to make a profit as they expect the trend to expand further. Both the moving average and the RSI tilt near the overbought zone, indicating that the bulls are in control. The next growth target is $ 2,000.
This positive rate will be canceled if the ETH / USD pair falls and falls below the 20-day moving average ($ 1385). This move suggests strong gains at higher levels and could lead to a deeper correction towards the 50-day single moving average ($ 1,087).
XRP / US dollar
On February 2, XRP jumped to the moving average, indicating easing selling pressure and bulls rising at lower levels. However, it may not be easy for the bears to rally as the bears try to stem the current $ 0.50 rally.
If the price drops from $ 0.50, the XRP / USD pair could drop to $ 0.3555 and combine the two levels within a few days.
However, the 20-day moving average ($ 0.35) started to rise and the RSI was in positive territory, indicating the bears’ advantage. If the bulls can push the price and hold it above $ 0.50, the pair could rally to $ 0.60 and then to $ 0.75.
DOT / USD
Polkadot (DOT) rallied and closed on Feb 3 above the resistance level of $ 19.40, indicating a renewed trend. On February 4, the bears tried to push the price below $ 19.40, but the bulls pushed the level aggressively.
The bears have turned $ 19.40 into a support level, and now this level can serve as a target for the next trend run. If the DOT / USD pair manages to rise to $ 21.7321, the next level will be $ 24.08 followed by $ 30.
This uptrend will be ignored if the bears fall and keep the price below $ 18.50. Such a move would indicate that the current break was a bull trap and the pair could then range from 14.725