Cryptocurrency could face obstacles within the range of $45,000 to $48,000, following a correction to approximately $36,000 before its upward trajectory, according to Singapore-based trading firm QCP Capital.
The launch of a Bitcoin exchange-traded fund (ETF) in January prompted QCP Capital’s market analysis, suggesting an initial subdued demand that leads to a “sell the news” scenario — a short-term volatility to the Bitcoin market that causes the traders to adjust their positions.
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Amid the anticipated Bitcoin ETF launch, the firm deems Ethereum (ETH) a potential beneficiary, indicating it is likely to become a second investment option. This will lead to increasing ETH prices even before the ETF’s official launch.
The crypto market is affected by regulatory considerations following the recent talks involving significant financial entities like BlackRock and Nasdaq, as well as the U.S. Securities and Exchange Commission (SEC). They discuss potential rule changes for the listing of the spot Bitcoin ETF, with BlackRock adapting its proposal to comply with SEC preferences, inserting an additional layer of complexity into the market dynamics.
Bitcoin bull market analysis in 2024
The SEC’s approval of a spot Bitcoin ETF in January triggers the crypto bull market in 2024, meaning the market participants will ignore any negative news while celebrating positive development by pushing the price higher. The bullish sentiment is likely to increase altcoin prices as well.
Bitcoin price has increased significantly from $15,460 in November 2022 to its peak of $32,000, indicating the relative strength index (RSI) is in the overbought zone. The zone tends to represent formidable resistance, where the buyers will try to push the price from $48,000 to $52,100. If the price does not decrease below the 20-week exponential moving average (EMA) of $34,000, the uptrend is likely to continue.
Similarly, Ether price has risen gradually from $880 in June 2022 to above the overhead resistance at $2,143, creating an ascending triangle pattern to set a target at $3,406. The sellers may frantically protect the zone between $3,406 and $3,582, but if the bulls dominated, the ETH/USD pair could go up to $4,000 until $4,868.
The potential trend change is also seen in Solana since the price has escalated from $8 in December 2022 to its current levels, with the 20-week EMA having started to increase. The SOL/USD pair has a minor resistance at $95, which, if the level is surpassed, will increase to $143. This level will intrigue strong selling by the bears as the bulls overcome the $143 resistance, potentially extending the rally to $200.
As for OKB, the bulls are driving the price above the resistance of $59 with a minimum of $38, causing the OKB/USDT pair to move upward to $80 and later to $100. The increasing moving averages and RSI close to the overbought zone suggest that the bulls remain dominant. The pair will continue the uptrend if the buyers surpass the resistance at $65.
The uptrend in Injective continues, as the price keeps increasing by $25.30 since April 2021. If the buyers turn this level into the support level, the next uptrend phase will begin, surging the INJ/USDT pair to $43 and then to $50. However, if the bears pullback the price below $25.30, the 20-day EMA will drop, indicating an initial decline to $14.
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