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

    Source Fxstreet
    Jan 29, 2024 03:38

    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.
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