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Bitcoin price is again below $43,000, unable to surpass the $43,600 hurdle. What is the expected scenario now? Volatility continues to increase, particularly targeting liquidity regions in futures trading. However, for the time being, we have not seen a breakout in either direction. Let’s examine the current market forecasts, specifically for BTC and RON Coin.
Will Cryptocurrencies Rise?
Cryptocurrencies began to increase in cumulative value along the rising parallel channel on December 9, reaching a peak of $1.81 trillion on January 11. Seven days after this peak, BTC lost the support line of the channel and fell below the support area of $1.61 trillion. We had warned investors of an early breakout before a significant decline started during those days.
The bearish expectation proved correct, and the $1.61 trillion cumulative value area is turning into resistance. If this negativity continues, TOTALCAP could drop another 12%, reaching the $1.4 trillion support level, potentially causing price drops exceeding 20% in a significant portion of altcoins.
Despite the bearish forecast, if the $1.61 trillion level turns back into support and a rebound occurs, the price could rise to $1.8 trillion.
Analysis of Bitcoin and RON Coin
On January 12, the price of BTC had already indicated a breakout in the cumulative value chart. Although the price returned to the support line of the channel on January 30, it could not permanently surpass the $43,500 barrier. This area has the potential to initiate a new downward movement. If this happens, the price could fall by 16% to as low as $35,700.
In the opposite scenario, if the trend line is permanently reclaimed at $43,500, a target of $50,000 could be set. Looking at the RON Coin chart, a parabolic increase had already been discussed since October 2023. Days ago, when the price was still below $3, we wrote that it could move to reach new highs and that the $3.5 barrier was being targeted.
Although RON Coin reached the target, it turned back from $3.5, confirming this area as resistance. Binance announcements also played a role in this. If sellers continue to remain strong, the main support is at $1.75, and a drop of around 32% can be expected. On the upside, a strong rebound from the current level could once again test the $3.5 resistance.
