Crypto Market Overview
Bitcoin BTC/USD has shown signs of consolidation after hitting a high of $52,890, marking its highest level since Nov. 10, 2021.
Ethereum ETH/USD has been consolidating near its 19-month high print of $2,868.68 while Dogecoin DOGE/USD has been trading in a sideways pattern after reaching a high of $0.088.
Morgan Creek CEO Mark Yusko predicted that Bitcoin could reach approximately $150,000 after the next Bitcoin halving in April, suggesting that the current bull run is “just getting started.”
The Grayscale Bitcoin Trust ETF GBTC, the first spot Bitcoin ETF to be approved last month, is up about 33% since Jan. 23, potentially aligning with Bitcoin’s movement.
Technical Analysis
The Bitcoin and Ethereum Charts: Both cryptocurrencies seem to be forming bull flag patterns, with potential for a 24% rise if they break out from their current patterns on higher-than-average volume.
Consolidation within flag formations over the weekend could help Bitcoin and Ethereum lower their relative strength index levels, providing them with more room to ascend.
Bearish traders are looking for Bitcoin and Ethereum to drop under their eight-day exponential moving averages (EMAs), risking the negation of the bull flags and a potential downside acceleration.
Bitcoin has resistance above at $52,100 and at $55,000, with support below at $48,475 and at $45,814. Ethereum has resistance above at $2,868 and at $2,950, with support below at $2,1717 and at $2,609.
Grayscale Bitcoin Trust ETF (GBTC) has been mirroring Bitcoin and Ethereum from a technical analysis perspective and is working to print a possible bull flag pattern above the Jan. 11 high of $43.50.
GBTC, with an average 30-day trading volume of over 17,000 shares, offers traders and investors flexibility in managing their trades.
Focus on Dogecoin
The Dogecoin Chart: Dogecoin has been trading in an uptrend since early February, showing resilience above support levels and attempting to print two back-to-back doji candlesticks.
The crypto has resistance above at 9 cents and at $0.099, and support below at $0.083 and at $0.077.
The battle between bulls and bears suggests a potential shift in momentum for Dogecoin.
Ultimately, the weekend could provide direction for Bitcoin, Ethereum, and Dogecoin as they navigate key technical levels and attempt to establish momentum for their respective uptrends or downtrends.
