The biggest predictions for cryptocurrencies in February 2024.

The biggest cryptocurrency predictions for February are related to Bitcoin (BTC), Solana (SOL), and Bittensor (TAO).

January has been a mixed month for the cryptocurrency market, marked by significant volatility. Bitcoin Magazine reviews the top cryptocurrency predictions for February 2024.

The prediction suggests that Bitcoin (BTC) will decline below $40,000.

The BTC price has been decreasing since reaching a high of $49,114 on January 11, 2024. The downward trend encountered resistance from the ascending support line on January 18. After bouncing up, BTC confirmed the trendline as resistance on January 30 (highlighted in red). This marked the beginning of the current price decline.

The daily RSI (Relative Strength Index) supports the rejection narrative. Traders use the RSI as a momentum indicator to identify overbought or oversold conditions and make decisions on whether to accumulate or sell an asset.

The RSI reading above 50 and trending upwards indicates that the bullish camp still holds an advantage, while a reading below 50 suggests the opposite. The indicator faced rejection at the 50 level (highlighted in a red circle), while the trendline rejected the price.

If the decline continues, the BTC price could potentially drop by 12% to the Fibonacci retracement support level at 0.5, around $37,000.




Despite this bearish price prediction, a daily close above $45,100 would invalidate the downtrend scenario and could lead to a new yearly high. Bitcoin could potentially surge by 17% to $49,100, which would be the high in this case.

Analysts at XForceGlobal and TheTradingHubb both believe that Bitcoin's price correction is not yet complete. However, they predict another high around $45,000–$46,000 before the downward trend takes place.

The prediction suggests that Solana (SOL) will rise above $100.

The price of Solana has been on a decline since reaching its peak at $126 on December 25, 2023. The decline reached its lowest point at $79 on January 23.

Since then, the price of SOL has been increasing. It reclaimed the horizontal range around $88 in a recent upward movement and broke above the descending resistance. Furthermore, the daily RSI has risen above 50.

As the Fibonacci retracement resistance level at 0.5 rejected SOL on January 30 (highlighted in red), it retraced back to the resistance line and the $88 horizontal range. If this area holds, SOL could potentially bounce back and increase by 30% to a peak of $125.



Despite this bullish price prediction, a close below $88 could potentially lead to a 30% decrease in price to the next support level at $68.

The cryptocurrency predictions for February conclude with an analysis of Bittensor (TAO).

Technical analysis from a 3-day timeframe shows that TAO has experienced rapid growth since May 2023. The upward trend accelerated in November, almost becoming parabolic.
Yesterday, the price reached an all-time high of $480. However, Elliott Wave Theory and the RSI indicator suggest that the peak is very close.

Elliott Wave Theory involves analyzing long-term price patterns and investor psychology to determine the direction of a trend.

The most likely wave count indicates that the price is in the fifth and final wave of an upward movement that began in May 2023 (in white). This is also supported by the bearish divergence in the RSI 3-day indicator (in green).

Therefore, if TAO reaches its peak, it could potentially decrease by 55% to the nearest support level around $220.



Despite this bearish price prediction, the possibility of an extended fifth wave could trigger a 65% increase to the next resistance level at $717.