​​​​​​​Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Altcoins Tease Massive Upswing If Bitcoin Holds $30,000

The cryptocurrency market is relatively quiet, especially with most of the cryptocurrencies in consolidation. Bitcoin affirmed the support at $30,000 before bouncing upwards. Ethereum is on the verge of breakout back to the record highs after testing the support at $1,200.

Chainlink has been the darling of the cryptocurrency space in January, rising significantly above $20 and hitting a new all-time high at $25. Its rally seems unstoppable and could elevate LINK to $30, as predicted earlier.

Dogecoin is flying the bullish flag above the cryptocurrency horizon, following a whopping 40% upswing in 24 hours to exchange hands at $0.99. Elrond is also up 22%, adding credibility to the notion that altcoins will rally as long as Bitcoin does not go crazy on the downside.

Bitcoin bulls defend critical support, but for how long?

Bitcoin spiraled back to sub $30,000 after losing the support discussed on Wednesday at $31,000. A recovery ensued, with BTC stepping past $31,000. Action toward $32,000 (next critical target) appears to have lost steam. Thus, the pioneer cryptocurrency is struggling to stay above $31,000.

The 4-hour chart illustrates the formation of a descending triangle. This pattern is considered bearish and can culminate in an extended downswing.

The triangle is formed by a series of lower peaks connected using a trendline, while a horizontal line connects the troughs. Usually, a breakdown is expected as the price slices below the lateral line. Triangles have exact breakdown targets, measured from the highest to the lowest point of the pattern.

If Bitcoin loses the critical support at $30,000, we can expect a 24% spiral to lower levels around $23,000. BTC’s short-term outlook is bearish, as reinforced by the Relative Strength Index.

(Click on image to enlarge)

BTC/USD 4-hour chart

BTC/USD 4-hour chart

The massive downswing will be avoided altogether if Bitcoin settles above $32,000. Moreover, stepping above the 50 Simple Moving Average would confirm to the bulls and investors that recovery to $40,000 is in the cards.

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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