Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (2024)

The total market capitalization of the crypto space rallied from about $184 billion on Jan. 3 to a high of $250 billion on Jan. 19. That is a 35% gain within a short span of time. Usually, fast-paced rallies do not last long, hence, for the long-term health of the markets, it is better to have rallies with intermittent corrections.

Bitcoin has been following the Stock-to-Flow model fairly accurately. The model’s creator, an analyst known as PlanB, believes that the price of Bitcoin is likely to average around $8,200 until the halving event in May of this year. Thereafter, the model projects the price to shoot up to about $100,000 within two years. While the target is extremely bullish, only time will tell whether Bitcoin reaches there or not.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (1)

Daily cryptocurrency market performance. Source: Coin360

Australian micro-investment startup Raiz has received clearance from the Australian Securities and Investment Commission, the country’s financial watchdog agency, to offer Bitcoin fund services to its users. The proposed Bitcoin retail fund is likely to launch in the first half of this year and it will have 5% exposure to Bitcoin directly, with the rest being invested in exchange traded funds. Though the crypto portion is small, we like the way, the regulators are gradually opening up to Bitcoin.

The crypto markets have currently entered a corrective phase. Let’s look at the critical levels to watch on the downside that can provide support.

BTC/USD

The bulls scaled above the 200-day SMA at $9,036 on Jan. 19 but could not hold on to the gains. The price quickly turned down and Bitcoin (BTC) formed an outside day candlestick pattern, which suggests that bears are active at higher levels.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (2)

BTC USD daily chart. Source: Tradingview

The price can now dip to the 20-day EMA at $8,247, which is likely to act as a strong support. The upsloping 20-day EMA and the RSI in the positive territory suggest that bulls are in command.

If the price bounces off sharply from the 20-day EMA, the bulls will again attempt to carry the BTC/USD pair above the 200-day SMA. If successful, a rally to $10,360.89 will be on the cards.

Contrary to our assumption, if the bears sink the price below the 20-day EMA, a drop to $7,856.76 is possible. This is an important level to watch out for because if it breaks down, the next support is at $7,000. For now, the traders can retain the stop loss on their long positions at $7,600.

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Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (3)

ETH/USD

Ether (ETH) broke above the overhead resistance at $173.841 on Jan. 18 and 19 but could not scale above the 200-day SMA at $182. This shows that the bears are aggressively defending the 200-day SMA.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (4)

ETH USD daily chart. Source: Tradingview

The price turned down sharply on Jan. 19 but found support closer to $157.50. This shows that bulls are using the dips to accumulate.

With buyers emerging close to $157.50 and sellers near the 200-day SMA, the possibility of a range-bound action for the next few days increases. A break above the 200-day SMA can carry the ETH/USD pair to $197.75 while a break below $157.50 can sink the price to the 20-day EMA at $153.

The pair will turn negative on a break below $151.829. Therefore, traders can retain the stop loss on the remaining long positions at $150.

XRP/USD

XRP could not pick up momentum after breaking out of the neckline of the inverted head and shoulders (H&S) pattern. The altcoin turned down from $0.25401, which shows a lack of demand at higher levels.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (5)

XRP USD daily chart. Source: Tradingview

The XRP/USD pair has bounced off the neckline of the bullish setup, which suggests that bulls are using the dips to accumulate. The 20-day EMA is placed just below the neckline, hence, this level is likely to act as a strong support. If the bulls can carry the price above the 200-day SMA, a move to $0.31503 is possible.

Conversely, if the bears sink the price below the 20-day EMA, a drop to $0.20041 is possible. For now, the traders can keep the stop loss on the long positions at $0.1995.

BCH/USD

Bitcoin Cash (BCH) rallied above the overhead resistance at $360 on Jan. 17. The bulls again pushed the price higher on Jan. 18 but could not reach our target objective of $423.40. The price turned down from $403.88.

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Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (6)

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (7)

BCH USD daily chart. Source: Tradingview

The reversal on Jan. 18 dragged the price back below $360, which shows aggressive selling at higher levels. Currently, the price is stuck between $306.78 and $360.

If the bulls can push the price back above $360 a retest of $403.88 and above it $423.40 is possible. On the other hand, a break below $306.78 can drag the price to $270.15.

In our previous analysis, we had suggested traders trail the stops on the remaining long positions higher after the price broke above $360. We anticipate the trailing stops have been hit. The traders can wait for a new buy setup to form before initiating long positions again.

BSV/USD

Bitcoin SV (BSV) dipped below $255.62 on Jan. 18 but found support at $236, which is just above the 61.8% Fibonacci retracement level of the rally from $77.203 to $458.74. The bulls are currently attempting to resume the up move.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (8)

BSV USD daily chart. Source: Tradingview

We anticipate the BSV/USD pair to hit a roadblock close to $335. If the price turns down from this level, the pair is likely to consolidate for a few days before making its next directional move.

Our view will be invalidated if the price turns down from the current levels or the overhead resistance and dips below the 20-day EMA at $214. As we expect a range-bound action for the next few days, we suggest traders remain on the sidelines.

LTC/USD

Though Litecoin (LTC) rose above $60 on Jan. 17, 18 and 19, the bulls could not scale above the 200-day SMA and reach $66.2486. This shows that the bears are aggressively defending the 200-day SMA.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (9)

LTC USD daily chart. Source: Tradingview

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Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (10)

The price can now dip to the 20-day EMA, which is likely to act as a strong support. A strong bounce off the 20-day EMA can carry the price to the 200-day SMA once again. If the bulls can scale above the 200-day SMA and $66.1486, a move to $80.2731 will be on the cards.

Our view will be invalidated if the bears sink the LTC/USD pair below the 20-day EMA and the support at $50. A break below $50 will be a huge negative.

EOS/USD

EOS turned down from $4.0623 on Jan. 17 but found support at the 200-day SMA at $3.42 on Jan. 19. This is a positive sign as it shows that bulls are buying on dips. The bulls are currently attempting to resume the up move.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (11)

EOS USD daily chart. Source: Tradingview

If the bulls can build up on the current bounce, we expect another attempt to scale above $4.24. If successful, a move to $4.8710 will be on the cards.

On the other hand, if the rebound attempt fizzles out, the EOS/USD pair can dip to the 200-day SMA once again. Below this level, a drop to $3 is possible. Therefore, the traders can retain their stops on the remaining long positions at $3.4.

BNB/USD

Binance Coin (BNB) is currently range-bound between $16.50 and $18.50. The bears defended the $18.50 levels aggressively between Jan. 17 and 19. Subsequently, the bulls purchased the dip to the strong support at $16.50 on Jan. 19.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (12)

BNB USD daily chart. Source: Tradingview

This suggests that the price might consolidate between $16.50 and $18.50 for a few more days. A break above $18.50 can carry the price to the 200-day SMA and above it to $21.80.

On the other hand, a break below $16.50 and the 20-day EMA at $15.94 can sink the price to $14.5201. Therefore, traders can keep the stop loss on the long positions at $15.90.

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Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (13)

XLM/USD

Stellar Lumens (XLM) has again found a place in the top ten list. For the past two days, the bulls failed in their attempts to push the price above the 200-day SMA. However, the positive thing is that the altcoin has not given up much ground, which shows buying on dips.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (14)

XLM USD daily chart. Source: Tradingview

If the bulls can propel the price above the 200-day SMA, the XLM/USD pair is likely to extend its up move to $0.088708. The traders who had purchased on our earlier recommendation can keep the stops on their long positions at $0.056.

If the bulls fail to push the price above the 200-day SMA, the bears will attempt to sink the price to the 20-day EMA, which is likely to act as a strong support. The pair will turn negative on a break below $0.051014.

ADA/USD

Cardano (ADA) is the other new entrant in the list. The bears are aggressively defending the overhead resistance at $0.0461161. The 200-day SMA is also placed just below this level, hence, this is an important level to watch out for. If the bulls can scale the price above $0.0461161, the altcoin is likely to pick up momentum.

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (15)

ADA USD daily chart. Source: Tradingview

On a break above $0.0461161, the ADA/USD pair can rally to $0.0560221. With the 20-day EMA sloping up and the RSI in positive territory, the advantage is with the bulls. The traders can wait for the price to close (UTC time) above $0.0461161 before initiating long positions. The initial stop loss can be placed just below the 20-day EMA at $0.039.

Our bullish view will be invalidated if the price turns down from the current levels or the overhead resistance and breaks below the 20-day EMA.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (16)

Price Analysis Jan 20: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XLM, ADA (2024)

FAQs

Did Bitcoin hit 70k? ›

Bitcoin breaks $70,000 in volatile trading, hitting a new record to end the week. The price of bitcoin jumped to a new record on Friday. With the introduction of spot bitcoin exchange-traded funds in the U.S., big crypto moves now tend to take place during traditional stock trading hours.

What is the highest price of Bitcoin ever recorded? ›

Bitcoin's all-time high was earlier today, trading at $73,835.57 per bitcoin. The lowest intraday price that the crypto traded in the past year was $24,228.77 on March 16, 2023. The original crypto is up by 193.34% year over year. BTC had very humble beginnings when it was launched in January 2009.

How long did it take Bitcoin to reach $1? ›

Prices and value history
DateUSD : 1 BTC
Jan 2009 – Mar 2010basically nothing
May 2010less than $0.01
Feb 2011 – April 2011$1.00
Nov 2013$350–$1,242
23 more rows

How much is $1 Bitcoin in US dollars? ›

Current BTC to USD exchange rate

1 BTC equals 63,641.00 USD. The current value of 1 Bitcoin is +0.74% against the exchange rate to USD in the last 24 hours. ​ The current Bitcoin market cap is $1.25T. ​Create a free Kraken account to instantly convert BTC to USD today.

When could Bitcoin hit $1 million? ›

As early as 2022, she made headlines for claiming that Bitcoin had what it takes to reach more than $1 million by 2030. However, now she is reconsidering her timeline and believes that the cryptocurrency will hit the seven-figure mark before 2030.

Is crypto going up in 2024? ›

A recent report predicts that Bitcoin will reach a new all-time high in 2024. Bitcoin (BTC) is expected to reach a new record of $88,000 (€82,000) throughout the year, before it settles around $77,000 at the end of 2024, according to a new report. The cryptocurrency's current price sits at around $43,000.

How high will bitcoin go in 2024? ›

The 2024 Bitcoin halving is expected to happen on April 17, 2024, and is being highly anticipated. Experts, including Robert Kiyosaki, have predicted that Bitcoin could reach $100,000 by June 2024, while Standard Chartered suggests that Bitcoin could soar to $200,000 by the end of the year.

Which coin will reach $1 in 2024? ›

Synopsis. Exploring the potential cryptocurrencies like Pikamoon, Dogecoin, Book of Meme, Rosewifhat, and Zilliqa as contenders to hit the $1 milestone. Key factors like utility, viral potential, and clear roadmaps suggest their potential amidst market sentiment and unique tokenomics.

What will bitcoin be worth in 2030? ›

Bitcoin Overview
YearMinimum PriceAverage Price
2028$369,174.08$379,521.04
2029$525,671.43$540,852.91
2030$764,391.55$786,025.39
2031$1,077,841.21$1,109,283.06
8 more rows

What if you invested $1000 in Bitcoin 10 years ago? ›

If you had invested $1,000 into bitcoin five years ago, the investment would have grown by 1,352% and be worth around $14,524 as of Feb. 14. If you had bought $1,000 worth of bitcoin 10 years ago, it would have grown by 7,644% and be worth around $77,443 as of Feb.

What will $1 000 of Bitcoin be worth in 2030? ›

If Bitcoin continues this pattern into 2030, the price could peak around 2029 or 2030. If Wood is correct and Bitcoin reaches $3.8 million, if you invested $1,000 in Bitcoin now, it would be worth $54,280 in 2030. This would result in a compounded annual growth rate (CAGR) of nearly 95%.

Is it worth putting 1000 in Bitcoin? ›

If we go by Wood's predictions of Bitcoin hitting $1 million in 2030, that would represent a 1,288% price increase from today's price. In turn, $1,000 in Bitcoin bought today would produce a return of $12,880 return in six years.

When did bitcoin reach 65k? ›

Bitcoin (BTC) crossed the $65,000 mark in European morning hours on Monday, inching closer to its lifetime peak of $69,000 set in November 2021 as the value of bullish bets rose to a record. Now at around €61,000, bitcoin has added the euro to the many local currencies in which it's already moved to a record high.

When did bitcoin hit $68,000? ›

Bitcoin's all-time high, reached in November 2021, is $68,990.90, according to Dow Jones Market Data. Shares of some crypto stocks, including MicroStrategy and crypto exchange Coinbase Global, climbed. Bitcoin's climb has been aided by the early success of exchange-traded funds that hold the cryptocurrency.

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