Crypto Price Prediction January 4: BTC, APT, BEAM

04.01.2024

Crypto Price Prediction January 4: The crypto market is generally and gradually easing into the New Year bullish outlook after encountering extreme volatility on Wednesday. Bitcoin price retreated, pulling the entire market down with it as holders sold in reaction to a report by Matrixport alleging that the Securities and Exchange Commission (SEC) will not approve any of the 14 spot BTC exchange-traded funds (ETFs) as widely expected in January.

As Bitcoin’s price retreated to $40,000, so too did the prices of most altcoins, with prominent examples like Ethereum falling from $2,400 to $2,100. Solana briefly dipped below $100, momentarily touching the $85 level, while XRP price also declined and nearly reached $0.5.

Despite casting doubt on near-term ETF approval, the Matrixport report failed to deter investors from upholding their positive thesis. Their active dip buying fueled a fresh wave of tailwinds for BTC on Thursday, propelling its price above $44,000.

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Bitcoin Price Prediction: Eyes On $50,000

Bitcoin price is on the verge of breaking above the triangle resistance at $44,340 as discussed earlier. If a break above this level gets confirmed, BTC will have another chance to actualize a 12% target of $50,000.

Currently, BTC holds above all three key moving averages starting with the 200 Exponential Moving Average (EMA) (purple) at $42,067, the 50 EMA (red) at $43,390 and the 20 EMA (blue) at $43,654.

Based on the Moving Average Convergence Divergence (MACD) indicator, a buy signal must come to the rescue of the bulls and validate the uptrend. Before entering new long positions in Bitcoin, traders must ascertain that the blue MACD line is above the red signal line to avoid a potential bull trap.

Bitcoin price prediction chart | Tradingview

Rekt Capital, a widely followed analyst, reckons that Bitcoin price is doing everything to reclaim the top of a pennant pattern as support. The analyst added via a post on X that BTC should close above this resistance to create a suitable environment for bulls to attempt another run to the upside.

Bitcoin could be confined below this resistance around $44,000 and support at $40,000 if a breakout fails to materialize.

#BTC doing all the right things to reclaiming the top of the pattern as support

Needs a Daily Candle Close above this resistance to attempt another run to the upside

Important price doesn’t end up as an upside wick like before (yellow circles)$BTC #Crypto #Bitcoin https://t.co/5sm0XwYOhY pic.twitter.com/OxUcsX3gfS

— Rekt Capital (@rektcapital) January 4, 2024

The impact of an ETF could eventually help blast BTC price to the upside, bringing it to the coveted $50,000 level within reach.

Aptos Price Testing $11 Resistance

Aptos price is struggling with resistance at $11 following a sharp move from support at $8.8. Before this breakout, APT suffered a significant setback due to increased volatility in the market on Wednesday and the descending trendline shown on the four-hour chart.

APT price chart | Tradingview

The uptrend steadied after Aptos climbed above the uptrend but until the horizontal array hurdle at $11 is weakened and defeated, the outlook could quickly turn bearish again.

On the bright side, the MACD indicator flaunts a buy signal which if considered by traders, might back the uptrend and validate the next breakout to $20.

Beam Price Falters, Is This The End of The Uptrend

Beam price was barely suppressed by the sell-off in the market, which saw Bitcoin nosedive to $40,000. The token renewed the uptrend instantly after respecting support at $0.016.

After a staggering 36% increase in 24 hours, BEAM trades at $0.021. The rally appears to have stalled temporally possibly to allow fundamentals to catch up.

A four-hour candle close above the first resistance at $0.022 is necessary for the resumption of the uptrend.

Beam price chart | Tradingview

The MACD indicator backs the bullish outlook as it rises above the neutral area. Beam will uphold movement to the upside as long as the blue MACD line stays above the red signal line.

Beyond the immediate resistance at $0.022, Beam will have another chance to extend the bullish outlook toward the next crucial hurdle at $0.1 considering the seller congestion likely at $0,024 and $0.026.