Investing in the crypto market demands a lot from market participants from patience, willingness to take risks, and patience. At the moment, patience seems to be the most important quality every investor should have, considering BTC price dumped reaching below $42,000 instead of pumping past $50,000 following the green light of the spot Bitcoin ETF. Although there’s glaring uncertainty, identifying the best crypto to buy is just as important as restraining yourself from selling at a loss, or the earliest sign of profit.
Like Michaël van de Poppe puts in on X, “patience is required if you’re investing.” He added that those who stay the course would be rewarded in the next two years, with Bitcoin price expected to hit an unimaginable level.
People are freaking out about the current correction on #Bitcoin.
That's healthy.
Patience is required if you're investing. The coming 2 years will be a roller coaster, and the value of #Bitcoin will go to levels beyond imagination.
Just hold and sit tight.
— Michaël van de Poppe (@CryptoMichNL) January 16, 2024
Bitcoin Price Eager To Consolidate, Buying The Dip?
Pressure is mounting on Bitcoin to sweep through lower levels below $42,000. The largest crypto holds below all three major MAs applied to the four-hour chart, starting with the 20 Exponential Moving Average (EMA) (blue), the 50 EMA (red), and the 200 EMA (purple) compelling holders to stay on the edge not knowing whether to sell right away or hold on until BTC finally figures out the next move.
Support in the yellow band will continue to play a vital role in Bitcoin’s technical outlook. A rebound from this area would raise the stakes for the bulls. This, coupled with renewed interest could create a suitable environment for an anticipated climb toward $50,000.
Dogecoin Price Sweep To $0.08 Could Bolaters 25% Move
The current downtrend in Dogecoin price takes on a sideways shift as the buyers hold the fort at $0.75. This consolidation teases a reversal for meme coins if the buyers complete the double-bottom pattern. Despite the 8.5% decline over the past week, the DOGE price trend teases a reversal rally with a 30% upside potential. So, should you consider buying this meme coin or wait for the market slowdown to end?
The Dogecoin price downturn extended into early 2024, as hopes for a rally fueled by the Bitcoin Spot ETF were dashed. This setback significantly impacted Doge value, which tumbled from its peak of $0.107 to find support at the crucial 200-day EMA level, marking a steep 25.5% decline.
On the flip side, a rejuvenation of positive sentiment towards this popular meme coin, possibly fueled by robust community backing, could pave the way for a bullish reversal.
Sei Network Rocket-Fast Rally Catches Momentum
Sei Network prediction is bullish amidst a commendable 5% upswing on Wednesday. As Bitcoin price fluctuates in a narrow range between $42,000 and $43,000, investors seem to be piquing interest in small-cap altcoins like Sei. This fast-growing blockchain project stands out as one of the world’s leading sector-specific Layer 1 blockchains for decentralized exchanges (DEXes). Currently, SEI eyes a medium-term target of $1, trading comfortably at $0.83 during US business hours.
Fueled by this price uptick, the market cap of SEI swelled by 3.3% to $1.9 billion, propelling it to the 44th spot among all cryptocurrencies, as per CoinMarketCap. A decisive close above $0.8 on the four-hour chart could pique investor interest, potentially triggering a wave of longs in anticipation of a breakout to $1.
The current neutral RSI of 57 suggests bullish hopes might need a reality check. While it may hold steady for now, further dips below the 50 midline and into the oversold territory could embolden sellers and dampen the recent optimism. This potential retracement would be a stark reminder of the underlying selling pressure lurking beneath the surface.
If push comes to shove, although unlikely, based on the prevailing technical structure, the Sei token could sweep liquidity at $0.65 to create the momentum for a rocket rise above $1.
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