January came and went like the wind, marking unforgettable days in crypto history due to ETF approvals. The price of Bitcoin climbed to $49,000 before dropping over $11,000 for various reasons, but it recovered to above $40,000 before the month ended. So, what’s next? What are the expectations for February?
Bitcoin (BTC)
According to data from Arkham, outflows from GBTC have begun to increase again. Outflows, which had been decreasing for days, recently climbed to $340 million, significantly higher than the $270 million on January 30th. However, this is still an improvement from the $641 million on January 22nd. Investors’ interest is slowly shifting towards the halving event as there is less and less time until April.
Rekt Capital warned in its market assessment on January 29th that a potential drop in the coming weeks could offer the last buying opportunity before the halving. As for the price, Bitcoin managed to reach the 50-day simple moving average ($42,893) on January 29th, but momentum weakened, and it failed to surpass the expected $44,700. Now, BTC has fallen back to $42,500, pricing in the latest Fed announcements.
If BTC can surpass $44,700, the target is $49,000; however, in the opposite scenario, $38,500 could be retested.
SOL Coin Price Prediction
We had mentioned the importance of the $107 level for SOL Coin, and buyers struggled to overcome it but were unsuccessful. If they can try again and surpass this region, the rise could continue towards $117 and $126.
XRP Coin Price Prediction
This year does not seem to be going too well for XRP Coin. We had already discussed at least four reasons for the mid-term bearish outlook this week. Bulls are trying to maintain the $0.5 support, but with the hacking of a Ripple co-founder’s wallet and the movement of assets worth over a hundred million dollars, we saw a temporary drop to $0.485.
Maintaining the $0.50 support and overcoming the $0.54 barrier is crucial. Otherwise, a drop to $0.41 could occur.
AVAX Coin Price Prediction
The negativity in the BTC price has affected AVAX, like other altcoins. Avalanche has been fluctuating within a descending channel formation for a few days. If the $34.29 level can be maintained, hopes for a rise may continue.
In an optimistic scenario, resistance levels at $44 and $50 could be targeted.
