The recovery of Bitcoin (BTC) has been strong, but the relief rally on Jan. 2 was greeted by profit booking from United States spot Bitcoin exchange-traded fund investors. The ETFs witnessed $242.3 million in outflows, per Farside Investors data.
Long-term View Unchanged
Bitcoin’s hesitation to cross above $100,000 has not altered its long-term view. According to experts, the bulls are still in control, and a break above $100,000 could lead to further gains.
Overhead Resistance at $100,000
The overhead resistance at $100,000 is a significant hurdle for Bitcoin. If the price fails to break above this level, it could indicate that the bears are gaining strength.
Alts Also in Focus
Other altcoins such as Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) are also in focus as they are expected to follow the trend of Bitcoin.
Bitcoin Price Analysis
- Short-term: The short-term outlook for Bitcoin is bullish, with a potential target of $120,000.
- Medium-term: The medium-term outlook for Bitcoin is also bullish, with a potential target of $150,000.
- Long-term: The long-term outlook for Bitcoin is bearish, with a potential target of $50,000.
Altcoin Price Analysis
Ethereum (ETH)
- Short-term: The short-term outlook for Ethereum is neutral, with a potential target of $1,500.
- Medium-term: The medium-term outlook for Ethereum is bullish, with a potential target of $2,000.
- Long-term: The long-term outlook for Ethereum is bearish, with a potential target of $500.
Ripple (XRP)
- Short-term: The short-term outlook for Ripple is neutral, with a potential target of $0.50.
- Medium-term: The medium-term outlook for Ripple is bullish, with a potential target of $1.00.
- Long-term: The long-term outlook for Ripple is bearish, with a potential target of $0.10.
Litecoin (LTC)
- Short-term: The short-term outlook for Litecoin is neutral, with a potential target of $100.
- Medium-term: The medium-term outlook for Litecoin is bullish, with a potential target of $200.
- Long-term: The long-term outlook for Litecoin is bearish, with a potential target of $20.
Conclusion
In conclusion, the recovery of Bitcoin has been strong, but the relief rally on Jan. 2 was greeted by profit booking from United States spot Bitcoin exchange-traded fund investors. The overhead resistance at $100,000 is a significant hurdle for Bitcoin, and if the price fails to break above this level, it could indicate that the bears are gaining strength.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitcoin (BTC)
- Price: $95,000
- Market Cap: $1.8 trillion
- Circulating Supply: 18 million
Ethereum (ETH)
- Price: $1,200
- Market Cap: $150 billion
- Circulating Supply: 100 million
Ripple (XRP)
- Price: $0.40
- Market Cap: $20 billion
- Circulating Supply: 50 billion
Litecoin (LTC)
- Price: $80
- Market Cap: $5 billion
- Circulating Supply: 65 million