As the crypto market continues to be unpredictable and has brought high volatility in the last few hours, investors and traders remain confused about whether a bull market is on the horizon or a bearish bloodbath is waiting for them in February.
Bitcoin Price Analysis
BTC has lost its crucial price level of $23K and made a minor downward retracement to its 23.6% Fib channel. As of writing, Bitcoin hovers around $22.6K, declining nearly 1% from yesterdays performance.
According to a prominent crypto analyst, Transparent-fx, the rejection at $23K may plunge Bitcoin to the bottom price range of $21.2K-$21.6K. However, BTC price may again aim for a breakout above $23K by the next week after a bearish consolidation near $21.5K.
Ethereum Price Analysis
The crypto market has undergone a downtrend as bears get a wake-up call to put selling pressure on the price chart. ETH price has been experiencing a severe bearish trend as it sparks a downside correction at $1,600.
TradingShot, a well-known crypto trader, predicts that the Ethereum price may shoot up in February. The analyst stated that ETH price has formed a cup-handle pattern and may take support at $1,440, from which it can rebound to its September high of $1,795.
XRP Price Analysis
XRP has become a favorite altcoin in the market with the anticipation of Ripples winning against the SEC and its total market cap surpasses $1 billion in the last 24 hours.
A well-known altcoin analyst, Murkser, predicts that XRP will moon soon if it breaks above $0.044. The analyst noticed a similar price trend in 2017, which may boost the token if it follows the historic breakout. It is predicted that the XRP price may retest its resistance near $0.4321 next week to confirm a bullish trend in February.
ADA Price Analysis
Due to the anticipation of the stablecoin launch DJED, Cardano has been performing relatively well among other altcoins as it has taken support near $0.3468. However, Cardano may remain bearish if the altcoin market does not recover from the current trend. A breakout above its 23.6% Fib level may push the ADA price to trade at $0.42.
SHIB Price Analysis
Shiba Inus price is predicted to rise as its volume does not seem to slow down. MadWhale, a famous altcoin analyst, predicts that SHIB price may surge to $0.00003 by the first week of February.