Bitcoin (BTC) has been quiet over the weekend, indicating that the bulls and the bears are waiting for the next trigger to make their move. Although traders seem uncertain in the near term, analysts remain bullish over the long term.
Market analyst Gert van Lagen highlighted that Bitcoin has broken out of a megaphone pattern, which could start a parabolic rise toward the $270,000-$300,000 range by 2025. Separately, analyst apsk32 expects Bitcoin to follow gold’s rally and reach $400,000.
Crypto market data daily view. Source: Coin360
While analysts anticipate a large upward move in Bitcoin, they remain divided on the arrival of an altcoin season. One of the issues with altcoins is the rapid pace of new launches, which distributes traders’ liquidity thinly among tokens. CoinGecko co-founder and chief operating officer Bobby Ong said that 600,000 new tokens were created in January, a sharp rise from the roughly 50,000 new tokens minted every month in 2022-2023.
Could Bitcoin break above the tight range it has been stuck in for the past few days? Let’s look at the top cryptocurrencies that may move higher if that happens.
Bitcoin price analysis
Bitcoin is facing resistance at the moving averages, but a positive sign is that the bulls have not ceded much ground to the bears.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
That increases the likelihood of a break above the moving averages. The $100,000 level is likely to act as a hurdle, but it is expected to be crossed. The BTC/USDT pair could rise to $102,500 and subsequently to $106,500.
If bears want to prevent the upside, they will have to drag the price below the immediate support at $94,000. That could sink the pair to the solid support at $90,000. Buyers are expected to fiercely the $94,000 level because a break below it will complete a bearish double-top pattern. The next support on the downside is $85,000.
BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView
The pair has been trading inside a tight range between $98,500 and $94,800. The moving averages have flattened out, and the relative strength index (RSI) is just below the midpoint,…
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