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

James Check, a lead analyst at Glassnode, mentioned in a podcast on January 23 that Bitcoin’s current price action resembles what we saw back in the 2016-2017 cycle. He believes that Bitcoin could peak between $120,000 and $150,000. While he doesn’t completely rule out a rise above $150,000, he thinks it’s very unlikely to stay there for long.

On the other hand, Larry Fink, CEO of BlackRock, is very optimistic about Bitcoin. At a recent World Economic Forum event in Davos, he stated that if asset managers allocate just 2% to 5% to Bitcoin, it could skyrocket to $700,000.

Bitcoin Price Analysis

On January 23, Bitcoin bounced back from the 20-day exponential moving average of $100,831, signaling positive sentiment. Buyers are likely to make another attempt to push the price above the all-time high of $109,588. If they succeed, the BTC/USDT pair could move 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 zone vigorously. A break below this 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 indicates that bulls are trying to prevent a bearish setup. The ETH/USDT pair could rise to the 50-day SMA of $3,503, which is a key resistance level. If buyers push the price above this level, it could surge to $3,745.

If the price turns down from the 50-day SMA, it suggests that sellers are still active during rallies. This raises the risk of breaking below the neckline, which could result in a plunge to $2,850.

XRP Price Analysis

XRP has been holding above the breakout level of $2.91, showing that buyers have the advantage. There’s minor resistance at the downtrend line, but if bulls can overcome it, the XRP/USDT pair may kick off the next uptrend. It could gain momentum and rise to $4, eventually reaching $4.84.

This positive outlook could change if the price drops below the 20-day EMA of $2.87. Such a move might start a corrective phase down to the 50-day SMA of $2.51 and then to $2.20.

Solana Price Analysis

Solana (SOL) has broken through the $260 resistance, indicating that bulls are trying to take control. There’s minor resistance at $274, but it’s likely to be surpassed. If buyers push the price above $274, the SOL/USDT pair could rise to $295. This level may be challenging, but if overcome, the next target could be $375.

The 20-day EMA at $228 is crucial support on the downside. A break and close below this level would suggest that bulls are losing momentum. The price could then drop to the 50-day SMA at $211.

BNB Price Analysis

BNB is struggling to rise above the moving averages, showing that bears are trying to take charge. 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.

Alternatively, a break and close below the uptrend line would indicate that bulls are giving up. This could lead to a decline toward $635, which is expected to act as strong support.

Dogecoin Price Analysis

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

If the price turns down from the moving averages, the risk of breaking below the support line increases. This could lead to a drop to $0.30 and later to the 61.8% Fibonacci retracement level of $0.27.

Cardano Price Analysis

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

Bulls must push and maintain the price above the resistance line to signal the start of an upmove to $1.33. On the downside, a break and close 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 of $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 doors for a rally to $30.94.

This positive view will be invalidated if the price turns down sharply and breaks below the moving averages. That could sink the LINK/USDT pair to $22 and then to solid support at $20.

Avalanche Price Analysis

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

If the price turns down 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 in.

Stellar Price Analysis

Stellar (XLM) bulls have managed to defend the 50-day SMA of $0.42 for the past few days but have failed to initiate a strong recovery. If buyers push the price above $0.46, the XLM/USDT pair could rise to the neckline of the inverted H&S pattern. Bears are expected to defend this neckline fiercely, 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 subsequently to $0.31.