Crypto Price Prediction: The Bitcoin price surge to the $42000 level recuperates recovery sentiment in the crypto market
Published 11 hours ago
Crypto Price Prediction: This week, the cryptocurrency market experienced a respite from recent selling pressures, initiating a relief rally as the BTC price rebounded above $41,000. On January 26th, Bitcoin witnessed a 5% increase in value, leading to a significant $40 million liquidation of short positions. This short squeeze played a pivotal role in providing support for several major cryptocurrencies, setting the stage for a potential bullish reversal.
Amid this upward movement, BlackRock’s Bitcoin exchange-traded fund (ETF) achieved a notable milestone, reaching $2 billion in assets under management (AUM). This achievement positions it just ahead of Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw an influx of $1.8 billion over the past 10 days. This development underlines the growing investor interest and confidence in cryptocurrency-related investment products.
Yes, the #Bitcoin price has pushed $IBIT‘s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close https://t.co/IgOmEYB3qw pic.twitter.com/qFDZsvylo9
— James Seyffart (@JSeyff) January 26, 2024
With an opportunity to trigger new recovery, the crypto holder can keep a close eye on Ethereum (ETH), Helium(HNT), and Manta Network(MANTA).
Fake Breakdown Sets Ethereum (ETH) Price Rally for $2700
During the January downturn in the cryptocurrency market, Ethereum, a major player in smart contracts, experienced a notable 20% decline. Its price plummeted from $2714 to $2166, breaking below the support of an ascending channel pattern.
This marked the end of an 11-week bullish rally, casting a bearish outlook for Ether’s future. However, in a turn of events, Ethereum Price mirrored Bitcoin’s resilience, bouncing back from the $2200 mark mid-week.
Currently trading at $2269, this recovery redefines the prior drop as a deceptive bear trap. If ETH maintains this momentum above key levels, it could signal a revival, potentially climbing back to the $2700 mark, thus indicating a strong comeback and renewing investor optimism.
Helium (HNT) Price Consolidation Prepares a 60% Upsurge
For the past month, Helium (HNT) has experienced a stagnant price movement, oscillating within a range defined by two converging trend lines. Analyzing the daily timeframe chart reveals this phase of consolidation as a bullish pennant pattern formation, a structure typically associated with regaining bullish momentum for new recoveries.
Amid a market-wide relief rally, the Helium price has risen from $5.5 to $7.69, marking a significant 38.7% increase in just four days. To rejoin the recovery trajectory, buyers need to break through the upper trendline of the pennant. Successfully doing so could potentially trigger a 60% rally, propelling the altcoin’s price towards $12.6.
Will Manta Network (MANTA) Price Continue its Recovery
In the recent crypto market upswing, Manta Network has distinguished itself as a top weekly gainer. It soared from a low of $2.2 to $3.68, marking a 67% rally within four days. This impressive ascent is neatly encapsulated within a wedge pattern on the daily timeframe chart, characterized by two converging trendlines.
Currently, MANTA price is witnessing a 5% intraday gain, signaling an imminent retest of the pattern’s upper trendline. While this key resistance might prompt a slight retracement, the prevailing recovery trend is expected to continue, as long as the integrity of the wedge pattern is maintained.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/crypto-price-prediction-today-january-27-eth-hnt-manta/