Crypto Price Prediction: This week, the cryptocurrency market experienced a respite from recent selling pressures, initiating a relief rally as the BTC price rebounded above $41,000. On January 26th, Bitcoin witnessed a 5% increase in value, leading to a significant $40 million liquidation of short positions. This short squeeze played a pivotal role in providing support for several major cryptocurrencies, setting the stage for a potential bullish reversal.
Amid this upward movement, BlackRock’s Bitcoin exchange-traded fund (ETF) achieved a notable milestone, reaching $2 billion in assets under management (AUM). This achievement positions it just ahead of Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw an influx of $1.8 billion over the past 10 days. This development underlines the growing investor interest and confidence in cryptocurrency-related investment products.
Yes, the #Bitcoin price has pushed $IBIT’s assets beyond $2 billion. This plus likely new flows today should mean it will be above $2 billion at close https://t.co/IgOmEYB3qw pic.twitter.com/qFDZsvylo9
— James Seyffart (@JSeyff) January 26, 2024
With an opportunity to trigger new recovery, the crypto holder can keep a close eye on Ethereum (ETH), Helium(HNT), and Manta Network(MANTA).
Fake Breakdown Sets Ethereum (ETH) Price Rally for $2700
Ethereum (ETH) Price| TradingView Chart
During the January downturn in the cryptocurrency market, Ethereum, a major player in smart contracts, experienced a notable 20% decline. Its price plummeted from $2714 to $2166, breaking below the support of an ascending channel pattern.
This marked the end of an 11-week bullish rally, casting a bearish outlook for Ether’s future. However, in a turn of events, Ethereum Price mirrored Bitcoin’s resilience, bouncing back from the $2200 mark mid-week.
Currently trading at $2269, this recovery redefines the prior drop as a deceptive bear trap. If ETH maintains this momentum above key levels, it could signal a revival, potentially climbing back to the $2700 mark, thus indicating a strong comeback and renewing investor optimism.
Helium (HNT) Price Consolidation Prepares a 60% Upsurge
Helium (HNT) Price| TradingView Chart
For the past month, Helium (HNT) has experienced a stagnant price movement, oscillating within a range defined by two converging trend lines. Analyzing the daily timeframe chart reveals this phase of consolidation as a bullish pennant pattern formation, a structure typically associated with regaining bullish momentum for new recoveries.
Amid a market-wide relief rally, the Helium price has risen from $5.5 to $7.69, marking a significant 38.7% increase in just four days. To rejoin the recovery trajectory, buyers need to break through the upper trendline of the pennant. Successfully doing so could potentially trigger a 60% rally, propelling the altcoin’s price towards $12.6.
Will Manta Network (MANTA) Price Continue its Recovery
Manta Network (MANTA) Price| TradingView Chart
In the recent crypto market upswing, Manta Network has distinguished itself as a top weekly gainer. It soared from a low of $2.2 to $3.68, marking a 67% rally within four days. This impressive ascent is neatly encapsulated within a wedge pattern on the daily timeframe chart, characterized by two converging trendlines.
Currently, MANTA price is witnessing a 5% intraday gain, signaling an imminent retest of the pattern’s upper trendline. While this key resistance might prompt a slight retracement, the prevailing recovery trend is expected to continue, as long as the integrity of the wedge pattern is maintained.
Related Articles:
- Bitcoin Revealed a Cautious Pre-Halving Tale With Dips And Recovery
- Top 3 Cryptos To Buy Today January 26: BTC, ETH, BONK
- Top Analyst Predicts Bitcoin Price To Jump $49K, Here’s Why.
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