February witnessed a rollercoaster ride for the cryptocurrency market, with Bitcoin (BTC) being the center of attention. The experts at BeInCrypto have analyzed the market and provided their forecasts for the month.
Bitcoin (BTC) predicted to dip below $40,000
After reaching a peak of $49,114 on January 11, 2024, Bitcoin has been on a downward trajectory. The bearish breakdown of the ascending support line on January 18 signaled the start of a decline. Despite a bounce, BTC confirmed the trendline as resistance on January 30th, leading to its current decline.
The daily RSI supports the pullback, as it rebounded from the neutral level of 50 around the same time as the price retreated from the trend line.
If the downward movement continues, BTC could fall by 12% to the 0.5 Fibonacci retracement level at $37,000.
Source: TradingView
However, a daily close above $45,100 would invalidate the bearish scenario and open up the potential for Bitcoin to reach new yearly highs. In this case, Bitcoin’s growth could surge by 17% to $49,100.
Crypto traders XForceGlobal and TheTradingHubb also believe that BTC has yet to complete its correction. They forecast another high in the range of $45,000-$46,000 before a final bearish move.
February 2024 Bitcoin Forecast by Experts
Solana (SOL) projected to surpass $100
Solana experienced a decline after hitting $126 on December 25, 2023. However, the price has been steadily rising since then. During this growth, SOL broke through the descending resistance line after reaching the horizontal area of $88. Additionally, the daily RSI surpassed the neutral level of 50.
After the bulls were rejected at the 0.5 Fibonacci retracement level on January 30, the price returned to the resistance trend line and the $88 horizontal area. If this area holds, SOL could witness a 30% bounce and reach a high of $125.
Source: TradingView
Conversely, a close below $88 could trigger a 30% decline in SOL, bringing it to the next support level at $68.
Crypto trader Bluntz Capital arrived at a similar conclusion using Elliott wave theory. They warned traders not to be surprised by a price pullback to the upper part of the 80-90 range.
Solana’s Transaction Volume Almost Reached $1 Trillion in January
Bittensor (TAO) completes the list of February forecasts
Technical analysis on the 3-day time frame indicates that the AI token, TAO, has been rapidly growing since May 2023. The upward movement accelerated in November and became nearly parabolic.
This week, TAO reached a new all-time high of $480. However, Elliott wave analysis and RSI signals suggest that the top is approaching.
The most probable wave scenario indicates that the price is in the fifth and final wave of the upward movement that began in May 2023. This is supported by the bearish divergence on the 3-day RSI.
If TAO indeed reaches its peak, it could plummet by 55% to the nearest support level at $220.
Source: TradingView
However, if the fifth wave extends, it could trigger a 65% surge towards the next resistance at $717.
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