If the Bitcoin price rises above $100,000, SOL, SUI, ICP, and ENA may go higher.

Bitcoin (BTC) is up about 4% this week, signaling solid demand at lower levels. US spot Bitcoin exchange-traded funds (ETFs) witnessed outflows of $242.3 million on January 2, but rebounded with inflows of $908.1 million on January 3, according to Farside Investors data. This means investors expect Bitcoin to resume its upward trend.

Another positive thing about Bitcoin is that selling pressure may decrease. Bitcoin exchange inflows (the total amount of Bitcoin sent to exchanges) declined in December from a peak of 98,748 bitcoins on November 25, according to CryptoQuant data. Likewise, miner outflows have also declined since the peak on November 11, when miners sent 25,367 bitcoins to exchanges.

However, Bitfinex analysts told Cointelegraph that in the near term, Bitcoin could consolidate between $95,000 and $110,000 by the end of January. Analysts do not expect US President-elect Donald Trump’s inauguration on January 20 to act as a “significant price boost event”.

If Bitcoin rises above $100,000, some altcoins are likely to go even higher. Let’s take a look at a chart of the top five cryptocurrencies that could perform well in the short term.

Bitcoin Price Analysis

Bitcoin rose and closed above its moving average on January 3, indicating that selling pressure is waning.

The bulls will try to strengthen their positions by pushing the price above the massive resistance level of $100,000. If successful, the BTC/USDT pair could surge to an all-time high of $108,353. Sellers are expected to fiercely defend that level, but if buyers push, it could rise to $126,706.

Instead, a sharp decline in price from $100,000 and below the moving average would suggest a near-term consolidation. The pair could fluctuate between $90,000 and $100,000 for several days.

The 20-index moving average on the 4-hour chart is showing an upward trend, and the relative strength index (RSI) is close to 62, showing that buyers have the upper hand. The price bounced off the 20-EMA and the bulls will next attempt to clear the $100,000 overhead hurdle. That could push the pair up to $102,800 and then $105,350.

Conversely, a drop below the 20-EMA will weaken the upside. The pair may then fall towards the 50 simple moving average line.

Solana Price Analysis

Solana (SOL) is facing resistance at its 50-day SMA ($219), but the positive sign is that the bulls have not given much to the bears.

The 20-day EMA ($204) has started to rise and the RSI is in positive territory, indicating that buyers have the upper hand. If the price rises from current levels or bounces off the 20-day EMA, bulls will again try to push the SOL/USDT pair above the 50-day SMA. If successful, the pair could rise to $234 and then to $247.

This bullish view will be invalidated if the price declines and falls below the 20-day EMA. This could push the price down towards the upward trend line, which indicates bears are acting at higher levels.

An ascending triangle pattern was formed on the 4-hour chart, suggesting that the correction was over. If the price falls below the 20-EMA, it could retest the $202 level. Sellers need to drive the price below $202 to take control.

Alternatively, a strong bounce from the 20-EMA or $202 support would increase the chances of a breakout above $220. If that happens, the pair will likely resume its upward trend towards the pattern target of $229.

sui price analysis

Sui (SUI) resumed its upward trend on January 3rd after buyers pushed the price above strong indirect resistance at $4.96.

Bears will try to trap the aggressive uptrend by pulling the price below the breakout level of $4.96. That could push the SUI/USDT pair down to the 20-day EMA ($4.49). Sellers would need to take the price below $3.94 to signal that the price could hit a new high in the near future.

Conversely, a solid bounce to $4.96 would be a sign that the bulls are trying to turn into a support level. That could start a rebound towards $6.28.

The pair declined from $5.36, indicating a possible retest of the $4.96 breakout level. A rising 20-EMA and RSI in the overbought zone suggest that buyers are maintaining control. If the price rises from current levels or bounces from $4.96, a dip would be a buy signal. This increases the chances of a resumption of the uptrend.

Contrary to this assumption, a break and close below the 20-EMA would imply profit booking by the bulls. The price may fall to $4.60 and later towards the 50-SMA.

relevant: Here’s what happened in the cryptocurrency industry today

Internet Computer Price Analysis

Internet Computer (ICP) soared above the moving average on January 3, suggesting a possible short-term trend change.

The recovery is showing a sell-off near $13, but the moving average is likely to act as strong support on the downside. If the price bounces back strongly from the moving average, it is a sign that sentiment remains positive. The ICP/USDT pair may rise to $14 and later to $15, where bears are expected to show strong defense.

This positive view will be invalidated in the near term if the price declines and falls below the 20-day EMA ($11.23). The pair could then fall to $9.60.

It completes a bullish ascending triangle pattern on the 4-hour chart, indicating buying at low levels. Buyers are expected to strongly defend the 20-EMA. Doing so increases the chances of a bounce above the $12.74 resistance. This could begin an uptrend towards the $13.96 target.

The area between the 20-EMA and $11.39 is expected to act as strong support. Sellers would need to drive the price below $11.39 to signal a comeback.

Ethena Price Analysis

Ethena (ENA) formed a cup and handle pattern, completing on a break and closing above $1.30.

The 20-day EMA ($1.04) has started to rise and the RSI is in positive territory, indicating an advantage for buyers. If the bulls push above $1.30, the ENA/USDT pair could rise to $1.52 and then to $1.72. The pattern target for the bullish setup is much higher at $2.41.

Downside support is at $1.10 followed by the 20-day EMA. A break and close below the 20-day EMA suggests that the uptrend is losing steam. The pair could then fall to $0.88.

The bulls tried to push the price above $1.30, but the bears held on. The currency pair may fall towards the 20-EMA, which is an important level to watch out for. If the price were to force a bounce from the 20-EMA, it would be a sign that the bulls remain in control. This would improve the prospects of a rally above $1.30.

Conversely, if the price closes below the 20-EMA, it means the bulls are taking profits. The price may then fall to the 50-SMA.