February Crypto Predictions: What to Expect?

The largest February crypto predictions for February take care of Bitcoin (BTC), Solana (SOL), and Bittensor (TAO).

January was a combined month for the cryptocurrency market, characterised by appreciable volatility. BeInCrypto appears on the high crypto predictions for February 2024.

Bitcoin (BTC) Will Fall Under $40,000

The BTC worth has fallen since reaching a excessive of $49,114 on January 11, 2024. The downward motion induced a breakdown from an ascending assist development line on January 18. After bouncing, BTC validated the development line as resistance on January 30 (pink icon). This began the present downward motion.

The day by day RSI legitimizes the rejection. Market merchants use the RSI as a momentum indicator to determine overbought or oversold situations and to resolve whether or not to build up or promote an asset.

Readings above 50 and an upward development point out that bulls nonetheless have a bonus, whereas readings beneath 50 counsel the alternative. The indicator was rejected by 50 (pink circle), whereas the development line rejected the worth.

If the lower continues, the BTC worth can fall 12% to the 0.5 Fib retracement assist stage at $37,000.

Regardless of this bearish BTC worth prediction, a day by day shut above $45,100 will invalidate the bearish situation and might result in new yearly highs. Bitcoin can improve 17% to $49,100, which is excessive on this case.

Cryptocurrency merchants XForceGlobal and TheTradingHubb each imagine that the Bitcoin price is not done correcting. Nonetheless, they predict another high of around $45,000-$46,000 earlier than the ultimate downward motion.

Solana (SOL) Will Enhance Above $100

The Solana worth has fallen since reaching a excessive of $126 on December 25, 2023. The lower culminated with a low of $79 on January 23.

The SOL worth has elevated since. It reclaimed the $88 horizontal space throughout the upward motion and broke out from a descending resistance development line. Furthermore, the day by day RSI elevated above 50.

Since the 0.5 Fib retracement assist stage rejected SOL on January 30 (pink icon), it returned to the resistance development line and the $88 horizontal space. If the realm holds, SOL can bounce and improve 30% to the $125 excessive.

Regardless of this bullish SOL worth prediction, a detailed beneath $88 can set off a 30% lower to the following closest assist at $68.

Cryptocurrency dealer Bluntz Capital makes use of Elliott Wave concept to come back to the identical conclusion. He tweeted:

5 up seen on day by day for $SOL and a bearish sfp, HTF construction nonetheless appears nice however dont be shocked if we pullback right here again into excessive 80s imo.

Bittensor (TAO) Concludes February Crypto Predictions

The technical evaluation of the 3-day timeframe reveals that TAO has elevated swiftly since Could 2023. The upward motion accelerated in November, changing into virtually solely parabolic.

Yesterday, the worth reached a brand new all-time excessive of $480. Nonetheless, Elliott Wave Concept and the RSI readings counsel that the highest is shut.

Elliott Wave concept includes the evaluation of recurring long-term worth patterns and investor psychology to find out the path of a development.

The more than likely depend means that the worth is within the fifth and closing wave of an upward motion that began in Could 2023 (white). That is additionally supported by the bearish divergence within the 3-day RSI (inexperienced).

So, if TAO reaches the highest, it might probably fall 55% to the closest assist at $220.

Regardless of the bearish TAO worth prediction, an extension of wave 5 can set off a 65% improve to the following resistance at $717.

For BeInCrypto’s newest crypto market evaluation, click on right here.