Bitcoin (BTC) Price Analysis: Bulls and Bears Poised for Next Move, Altcoin Season Uncertain

Bitcoin (BTC) has remained relatively stable over the weekend, suggesting that both bulls and bears are poised for their next move.

Bitcoin price remained largely stable over the weekend, with both bulls and bears preparing for their next move. While short-term uncertainties persist, several analysts maintain a bullish outlook for the long term.

Market analyst Gert van Lagen highlighted that Bitcoin’s breakout from a megaphone pattern could lead to a parabolic climb towards the $270,000-$300,000 range by 2025. Additionally, analyst apsk32 forecasts that Bitcoin may mirror gold’s rally, potentially reaching $400,000.

However, opinions differ regarding the onset of an altcoin season. The rapid launch of new altcoins tends to dilute liquidity among various tokens. According to CoinGecko co-founder and COO Bobby Ong, 600,000 new tokens were created in January alone, a drastic increase from the approximately 50,000 monthly tokens introduced in 2022-2023.

If Bitcoin does manage to break free from the narrow trading range it has been entrapped in over the past few days, let’s examine the leading cryptocurrencies that might experience upward momentum.

Bitcoin price analysis

Bitcoin encounters resistance at the moving averages; however, a promising sign is that bulls haven’t yielded significant ground to bears.

This scenario increases the likelihood of a breakout above the moving averages. The $100,000 resistance is anticipated to be challenged, albeit it’s expected to be surpassed. The BTCUSDT pair could surge to $102,500 and subsequently to $106,500.

If the bears aim to curb the upward movement, they will need to push the price below the immediate support at $94,000. That could potentially lower the pair to solid support at $90,000. Buyers are anticipated to staunchly defend the $94,000 level, as a breach below it would complete a bearish double-top pattern. The next support on the downside lies at $85,000.

The pair has been oscillating within a narrow range between $98,500 and $94,800. The moving averages have leveled out, and the relative strength index (RSI) hovers just below the midpoint, signifying a balance in supply and demand. Buyers will need to push the price above $98,500 to unlock the potential for a rally toward $102,200.

Conversely, if the price continues to decline and breaks below the moving averages, it might imply that the pair could remain within this tight range longer. A breach below $94,000 will shift the short-term trend in favor of the bears.

XRP price analysis

XRP has developed a symmetrical triangle pattern, indicating caution among bulls and bears.

The 20-day exponential moving average ($2.64) has begun a gradual upward trend, and the RSI is positioned in the positive range, suggesting a minor advantage for the bulls. The XRPUSDT pair might rise to the downtrend line, anticipated to pose stiff resistance. Buyers must maintain the price above the triangle to seize control.

Should the price retreat and break below the moving averages, it will indicate that the pair may remain within the triangle for a prolonged period.

Both moving averages are trending upwards on the 4-hour chart, with the RSI in the positive zone, indicating support for the bulls. A break and close above $2.84 could pave the way for a rally towards the downtrend line.

On the other hand, a break and close below the 20-EMA might pull the pair down to the 50-simple moving average, suggesting that the pair could linger within the triangle for a longer stretch. Bears will regain control once it breaks below the support line.

Litecoin Token price analysis

Litecoin has been fluctuating within a symmetrical triangle pattern, showing buying activity near the support line and selling near the resistance line.

The upsloping 20-day EMA ($118) and the RSI above 57 suggest that buyers have a slight edge. If the price bounces back from the current level or the 20-day EMA, it will indicate buying on dips. The bulls will then attempt to drive the LTCUSDT pair above the triangle. Success in this effort could lead to a rise to $141 and then $147.

Conversely, if there’s a break and close below the 20-day EMA, it would indicate that the pair may fluctuate inside the triangle for a few more days. Should the closing occur beneath the support line, the trend will shift in favor of the bears.

The pair has recently retreated from the resistance line and dropped below the 20-EMA, signaling profit-taking by short-term traders. The bears will attempt to push the price down