Inexperienced traders usually chase prices higher during the end of the bull phase as they fear missing out on the rally. However, institutional investors tend to wait for the froth to settle before entering. Bitcoin’s (BTC) bear market in 2022 ended the hype that was seen in 2021.
Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone” institutional investors and portfolio managers have started to take a look at it as “a serious venue.”
While analysts are bullish for the long term, the short-term picture looks uncertain as the price is stuck inside a range for the past several days. Analysts expect a trending move to start either next week or the week after.
If Bitcoin breaks out to the upside, what are the altcoins that may follow it higher? Let’s analyze the charts of the top five cryptocurrencies that may rally in the short term.
Bitcoin price analysis
Bitcoin has been trading near the support line of the symmetrical triangle but the bulls have failed to push the price above it. This indicates that the bears are active at higher levels.
The downsloping 20-day exponential moving average ($27,481) and the relative strength index below 42, indicate that bears are at an advantage.
If the sellers sink the price below the immediate support at $26,361, the BTC/USDT pair may tumble to the crucial support zone between $25,800 and $25,250. Buyers are expected to protect this zone with all their might because if they fail, the pair could nosedive to $20,000.
Conversely, if bulls kick the price above the 20-day EMA, it may attract further buying. The pair could then rise toward the resistance line of the triangle. If this barrier is overcome, the pair may start its journey to $32,400.
The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating uncertainty among the bulls and the bears. The flattening moving averages also point to a balance between supply and demand.
If the price collapses below the triangle, the short-term trend will turn negative and the pair could drop to $25,800. The pattern target of the triangle is $24,773.
This bearish view will be negated if the price surges above the triangle. The pair could then climb to $28,400 and thereafter to the pattern target of $29,165.
XRP price analysis
XRP (XRP) is trying to…
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