Week Ahead: Bitcoin price likely to support these altcoin narratives this week

Source Fxstreet

This week is packed with important macroeconomic and crypto events. Let’s take a look at important altcoins that might trend this week and how Bitcoin price might affect the performance of these cryptocurrencies. 

Last week’s newsletter: Week Ahead: This week’s altcoin narrative and Bitcoin's fourth halving targets

Events this week

January 30 

  • Stellar Protocol (XLM) 20 upgrade vote 
  • Optimism (OP) is also set to flood the markets with $73.93 million OP tokens. 

January 31 

  • Fed Interest Rate decision at 7:00 GMT
  • Fed press conference at 7:30 GMT
  • Ethereum Classic (ETC) Spiral Network Upgrade
  • ImmutableX (IMX) zkEVM mainnet launch
  • Render (RNDR) fee coverage ends
  • Sui (SUI) is also unlocking $54.45 million tokens

February 1

  • dYdX Protocol (DYDX) to unlock $91 million worth of tokens

February 2 

  • Non-Farm Payrolls at 1:30 GMT 

Read more: SUI, YGG and AGIX holders gear up for $11 million worth of token unlocks this weekend

With these major events, altcoins are likely going to experience volatile movements, giving day traders a bunch of opportunities. At the end of the day, altcoins’ performance depends on Bitcoin price.

Bitcoin price - one crypto to rule them all

As noted in our previous publication, Bitcoin price’s weekly perspective has improved vastly after a bullish Swing Failure Pattern (SFP) below $39,851. But BTC is not out of the woods yet due to the nasty bearish SFP noted on January 8.  

Read more: Bitcoin Weekly Forecast: As monthly close draws near, significance of $43,750 grows

BTC/USDT 1-week chart

BTC/USDT 1-week chart

So, what does BTC need to do? 

On the daily chart, Bitcoin price has created the first higher high after nearly two weeks of downtrend. This development notes a potential start of an uptrend. But for BTC to be out of the woods from the high timeframe perspective, it needs to produce a daily candlestick close above $48,222. This development needs to be subsequently supported by a weekly candlestick close as well.

BTC/USDT 1-day chart

BTC/USDT 1-day chart

For now, investors can expect a minor pullback to $41,461 after creating Monday’s high. These dips are worth buying as investors can expect a bullish comeback for BTC this week, which will reflect positively on altcoins as well. 

Altcoins to focus on this week 

Read more: Binance Coin price approaches critical mass, 18% move ahead for BNB

  • The usual Layer 1 suspects, like Avalanche (AVAX) and Solana (SOL), have made a nice comeback, with Polkadot (DOT) and Polygon (MATIC), Near Protocol (NEAR) rising alongside. 
  • Among the hot coins, Sui (SUI) seems to be leading the pack and is followed closely by LidoDAO (LDO).
  • Conflux (CFX) and Silly Dragon (SILLY), a meme coin, have taken center stage due to the upcoming Chinese New Year narratives.

Also read: Near Protocol Price Forecast: NEAR leads recovery, eyes 100% upswing

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
USD mixed to firmer ahead of jobs – ScotiabankThe US Dollar (USD) is tracking a little higher ahead of the US jobs data at 8.30ET. Yesterday’s outperformers (JPY and CHF) in early trade here are today’s underperformers as the mood in equity markets improves, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Author  FXStreet
Yesterday 12: 16
The US Dollar (USD) is tracking a little higher ahead of the US jobs data at 8.30ET. Yesterday’s outperformers (JPY and CHF) in early trade here are today’s underperformers as the mood in equity markets improves, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
placeholder
Exxon Mobil reports above-consensus Q3 earnings but revenue misses estimatesInvesting.com -- Exxon Mobil (NYSE:XOM) reported earnings for the third quarter that beat analyst estimates, while revenue fell short of expectations.The energy giant delivered Q3 earnings per sha
Author  Investing.com
Yesterday 12: 14
Investing.com -- Exxon Mobil (NYSE:XOM) reported earnings for the third quarter that beat analyst estimates, while revenue fell short of expectations.The energy giant delivered Q3 earnings per sha
placeholder
Gold edges higher as geopolitical risks revive following Hezbollah attack in IsraelGold (XAU/USD) edges a third of a percentage point higher on Friday, recovering from the tumble it suffered on the previous day.
Author  FXStreet
Yesterday 12: 13
Gold (XAU/USD) edges a third of a percentage point higher on Friday, recovering from the tumble it suffered on the previous day.
placeholder
US Loses Ground: Asia Tops Crypto Developer Share By Region – ReportA recent report revealed North America is losing ground to other regions in a key sector. The continent, led by the US, was dethroned as the largest hub for crypto developers after recording a sharp decline in its developer’s share over the past decade.
Author  Bitcoinist
Yesterday 12: 11
A recent report revealed North America is losing ground to other regions in a key sector. The continent, led by the US, was dethroned as the largest hub for crypto developers after recording a sharp decline in its developer’s share over the past decade.
placeholder
Boeing shares higher as striking union endorses 38% pay bumpInvesting.com -- Boeing (NYSE:BA) shares inched higher in premarket US trading on Friday after the union representing the roughly 33,000 striking workers endorsed a new pay offer than includes a 38% wage bump over the next four years.
Author  Investing.com
Yesterday 12: 10
Investing.com -- Boeing (NYSE:BA) shares inched higher in premarket US trading on Friday after the union representing the roughly 33,000 striking workers endorsed a new pay offer than includes a 38% wage bump over the next four years.
Related Instrument
goTop
quote