• Bitcoin (BTC) remained range-bound, with traders looking for a catalyst to start the next trending move.
• David Marcus, CEO and founder of Bitcoin firm Lightspark, predicted that the crypto winter won’t end until 2024.
• Altcoins such as LTC, APE, ICP and BIT are showing signs of strength, suggesting that new buyers may be entering the market.
Bitcoin (BTC) ended the year of 2022 in a tight range, with traders waiting for a catalyst to start the next trending move. David Marcus, CEO and founder of Bitcoin firm Lightspark, predicted that the crypto winter won’t end until 2024, noting that it will take time to rebuild consumer trust. Despite the bearish sentiment in the market, certain altcoins are showing signs of strength, suggesting that new buyers may be entering the market.
Litecoin (LTC) is one of the altcoins that is showing promise. On Jan. 1, LTC broke out of the range of $134–$155 with a sharp move and has reached a high of $170. The up-move has been backed by strong volumes, which indicates that the bulls have the upper hand. If the price sustains above the resistance of $170, a rally to $185 and then to the all-time high at $413.10 is possible.
Another altcoin that is likely to attract buyers is APE Coin (APE). The digital asset has been consolidating in a tight range of $0.022–$0.028 since Nov. 25, 2020. On Jan. 1, APE broke out of the range and jumped to a high of $0.033. The strong volumes and the breakout of the range suggest that the bulls have the upper hand. If the price sustains above $0.033, a rally to $0.041 is likely.
The charts of ICP Token (ICP) and Bitcoiin2Gen (BIT) also indicate that the sentiment has turned positive. ICP has jumped from the low of $0.64 on Dec. 24, 2020 to a high of $1.17 on Jan. 1. This shows that the bulls are gradually taking control. If the bulls can push the price above $1.17, a rally to $1.40 is possible.
BIT has also been in a tight range since Dec. 22, 2020. On Jan. 1, the altcoin broke out of the range and reached a high of $0.068. If the price sustains above $0.068, a rally to $0.085 is likely.
The above-mentioned altcoins are likely to attract buyers if Bitcoin remains range-bound. However, it’s important to wait for a breakout and close (UTC time) above the critical levels before entering any positions.
Overall, Bitcoin remains stuck in a tight range with traders looking for a catalyst to start the next trending move. However, certain altcoins are showing signs of strength, suggesting that new buyers may be entering the market. These altcoins may be able to attract traders as Bitcoin stagnates.