Bitcoin is holding steady above $100,000. This shows that every small dip is being bought up as people expect new all-time highs. Recently, Bitcoin (BTC) crossed the $106,000 mark, but bulls are having a tough time breaking past the all-time high of $109,588. The mood has shifted a bit, especially since there hasn’t been a strategic executive order from President Donald Trump regarding Bitcoin reserves.

James Check, a lead analyst at Glassnode, shared in a podcast on January 23 that Bitcoin’s current price action looks a lot like the cycle from 2016 to 2017. He believes that the “topping cloud” for Bitcoin lies between $120,000 and $150,000. While he doesn’t completely rule out Bitcoin going above $150,000, he thinks it has a “very, very low probability” of staying there.

On another note, Larry Fink, the CEO of BlackRock, is quite bullish on Bitcoin. During an interview at the World Economic Forum in Davos, he mentioned that if asset managers allocate just 2% to 5% to Bitcoin, it could skyrocket to $700,000.

The big question is: Can Bitcoin break through $109,588 and lift altcoins along with it? Let’s take a closer look at the charts for the top 10 cryptocurrencies.

Bitcoin Price Analysis

On January 23, Bitcoin bounced back from the 20-day exponential moving average at $100,831. This indicates positive sentiment. Buyers will likely make another attempt to push the price above the all-time high of $109,588. If they succeed, the BTC/USDT pair could accelerate toward the next target of $126,706.

The 50-day simple moving average at $98,839 is a critical support level to watch. If this level breaks, the price could drop to solid support at $90,000. Buyers are expected to defend the $90,000 to $85,000 support zone fiercely. A drop below this range could signal a deeper correction toward $73,777.

Ether Price Analysis

Ether (ETH) bounced off the neckline of the head-and-shoulders pattern on January 23. This shows that bulls are trying to prevent a bearish setup. The ETH/USDT pair could rise to the 50-day SMA at $3,503, which is a key near-term resistance level. If buyers push the price above this level, it could surge to $3,745.

However, if the price drops from the 50-day SMA, it indicates that bears are still selling on rallies. This increases the risk of a break below the neckline, which could lead to a plunge to $2,850.

XRP Price Analysis

XRP (XRP) is holding above the breakout level of $2.91, showing that buyers have the upper hand. There’s minor resistance at the downtrend line. If bulls overcome this, the XRP/USDT pair could start a new uptrend, potentially reaching $4 and eventually $4.84.

This optimistic outlook could change if the price drops below the 20-day EMA at $2.87. That would likely start a corrective phase down to the 50-day SMA at $2.51, and then to $2.20.

Solana Price Analysis

Solana (SOL) has broken through the $260 resistance, suggesting bullish momentum. There’s minor resistance at $274, which is likely to be surpassed. If buyers push the price above this level, the SOL/USDT pair could surge to $295. This level may present a challenge, but if overcome, the next target could be $375.

The 20-day EMA at $228 is critical support. A break below this EMA would indicate that bulls are losing momentum, which could lead to a drop to the 50-day SMA at $211.

BNB Price Analysis

BNB (BNB) is struggling to rise above the moving averages, indicating that bears are trying to take control. The uptrend line is likely to act as strong support. If the price rebounds off this line and rises above the moving averages, the BNB/USDT pair could rally to the overhead resistance at $745.

On the flip side, a break and close below the uptrend line would suggest that bulls have given up. This could lead to a decline toward $635, which is expected to act as strong support.

Dogecoin Price Analysis

Dogecoin (DOGE) remains within an ascending channel pattern. This indicates buying near the support line and selling near the resistance line. If buyers manage to push the price above the moving averages, the DOGE/USDT pair could climb to $0.40 and then challenge the resistance line. A break above the channel could start a rally toward $0.48.

If the price drops from the moving averages, the risk of breaking below the support line increases. The pair could slump to $0.30 and later to the 61.8% Fibonacci retracement level at $0.27.

Cardano Price Analysis

Cardano (ADA) continues to trade within a symmetrical triangle pattern. This indicates buying near the uptrend line and selling at the resistance line. If buyers push the price above the moving averages, the ADA/USDT pair could rise toward the resistance line. Sellers will likely try to defend this line, keeping the pair stuck inside the triangle for a while.

The bulls need to maintain the price above the resistance line to signal an upward move to $1.33. On the downside, a break below the uptrend line would indicate the start of a deeper correction toward $0.87 and then $0.76.

Chainlink Price Analysis

Chainlink (LINK) bounced off the 20-day EMA at $23.72 on January 23, indicating that bulls are buying on dips. The upward-sloping 20-day EMA and the relative strength index in positive territory suggest that the path of least resistance is upward. Buyers will try to push the price above $27.21, which could open the door for a rally to $30.94.

This positive outlook could change if the price drops sharply and breaks below the moving averages. This could sink the LINK/USDT pair to $22 and then to solid support at $20.

Avalanche Price Analysis

Avalanche (AVAX) is trading below the 20-day EMA at $37.82, but bears have failed to push the price below the $34.49 support. Bulls will attempt to push the price above the 20-day EMA. If they succeed, the AVAX/USDT pair could rise to the 50-day SMA at $41.13. This suggests that the pair may stay within the $45.05 to $32.31 range for a few more days.

If the price drops from the 20-day EMA, it will signal that bears are selling on every minor rally. The pair could retest the $32.31 support, where buyers are expected to step back in.

Stellar Price Analysis

Stellar (XLM) bulls have managed to defend the 50-day SMA at $0.42 for the past few days but have struggled to start a strong recovery. If buyers push the price above $0.46, the XLM/USDT pair could rise to the neckline of the inverted head-and-shoulders pattern. Bears are expected to defend the neckline, but if bulls prevail, the pair could surge to $0.64.

If the price turns down and breaks below the 50-day SMA, it will suggest that bears are trying to make a comeback. The pair could sink to the nearby support at $0.39 and then to $0.31.