The biggest February crypto predictions for February deal with Bitcoin (BTC), Solana (SOL), and Bittensor (TAO).

January was a mixed month for the cryptocurrency market, characterized by considerable volatility. BeInCrypto looks at the top crypto predictions for February 2024.

Bitcoin (BTC) Will Fall Below $40,000

The BTC price has fallen since reaching a high of $49,114 on January 11, 2024. The downward movement caused a breakdown from an ascending support trend line on January 18. After bouncing, BTC validated the trend line as resistance on January 30 (red icon). This started the current downward movement.

The daily RSI legitimizes the rejection. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator was rejected by 50 (red circle), while the trend line rejected the price.

If the decrease continues, the BTC price can fall 12% to the 0.5 Fib retracement support level at $37,000.

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Author: Valdrin Tahiri

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