The crypto market returns to the green with Bitcoin (BTC) reclaiming support at $41,000, while Ethereum and Bonk lead altcoin rallies ahead of the weekend.
Published 2 hours ago
Investors are mulling their stance on the crypto market heading into the weekend after a bullish wave led to modest gains across the board on Friday. Bitcoin price settled above $41,000, rising 5.5% in 24 hours, while Ethereum rose 4% to $2,277. CoinGecko revealed. Solana-developed meme coin BONK exploded into double digits, trading at $0.00001236 during US business hours, suggesting that this could be the best time, top cryptocurrencies for both the short and long term to buy speculation.
Can Bitcoin End January Higher as Investors Buy the Drop?
Friday's brief burst suddenly came to a halt inside the yellow resistance band, as seen on the four-hour chart. While the uptrend is an optimistic gesture for investors who felt cheated by the launch of the BTC ETFs, not everyone seems convinced that the downtrend is over.
However, holding above the immediate support provided by the 50-day Exponential Moving Average (EMA) (in red) could give bulls ample time to execute their next strategy.
Bitcoin price chart | Trading view
A daily close above $41,000 would also serve as confirmation of the bullish comeback and encourage more investors to support the uptrend.
However, traders should treat the upswing with caution for now, at least until resistance at $42,000 is overcome, just below the 200-EMA (in purple).
The next few days could help resolve the existing uncertainties and pave the way for a recovery above $42,000, or lead to further pain below $40,000. The $36,000-$38,00 area remains of utmost importance. If Bitcoin falls into this range, it would mean a lifetime chance of accumulating ahead of the pre-halving rally.
Is this the start of Ethereum price rally above $3,000?
Recently, Ethereum price has fluctuated between $2,150 and $2,200, reflecting a constant battle between buyers and sellers. Over the past week, smart contract tokens have seen a decline of around 9%, indicating a largely sideways movement in the market.
Despite these fluctuations, Ethereum has shown significant growth over time, with an impressive increase of 40%. This growth highlights the ability to maintain an optimistic stance even during occasional market declines. However, the past month was not so favorable as ETH saw a 4% loss in value.
Ethereum price prediction | Trading view
If Ethereum price breaks out of its current price range, the next potential target could be the channel's upper resistance line at around $2,300. If the bullish momentum continues, Ethereum could climb to a high of $3,000 in the short term. However, if ETH breaks below the critical support at $2,200, it could trigger a decline and push the price towards the lower support line located near $2,120.
Is this the best time to buy Bonk?
Bonk price rose after falling continuously from its 2023 peak of $0.000035. However, after the token bounced off support in the green band on the four-hour chart earlier this month, traders were clearly convinced that a larger rally was on the horizon.
The meme coin, built on the Solana blockchain, is holding above two key levels, the 20 Exponential Moving Average (EMA) (in blue) at $0.000011199 and the 50 EMA (in red) at $0.0000115.
Multiple four-hour candlestick closes above the moving average could further stabilize the uptrend for the subsequent rise above the 200-EMA (in purple) at $0.00001266.
Bonk price chart | Trading view
Although Bonk's future is uncertain, last year's explosive rally cannot be ignored. As the Bitcoin halving approaches, many investors fear a possible bull market. If that happens, Bonk could actually skyrocket along with other altcoins and even aim for a lofty (but not impossible) target of $1.
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John is an experienced crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As CoinGape Media's Price Prediction Market Content Editor, he is dedicated to providing valuable insights into price trends and market forecasts. With extensive experience in the crypto space, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic Metaverse landscape. Through his tireless reporting, John keeps his audience informed and prepared to navigate the ever-changing crypto market.
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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