Following the recent rise in Bitcoin (BTC) and altcoins, a sudden decline occurred again due to profit sales.

While Bitcoin retreated to $83,300 levels, major altcoins such as Ethereum (ETH), Solana (SOL) and XRP saw declines of up to 5%.

As investors try to predict the movements of Bitcoin and altcoins amidst huge uncertainty in the market, FxPro analyst Alex Kuptsikevich has outlined his Bitcoin and Solana expectations.

What is needed for Bitcoin to rally?

Stating that Bitcoin and Solana are at a critical threshold, Kuptsikevich said that BTC and SOL are currently testing their 50-day moving averages.

Underlining that the price must rise above the 200-day average for the expected rally in Bitcoin, the analyst said:

“Bitcoin remains cautious as it trades above its 50-day moving average.

Despite its cautious move, Bitcoin’s hold above its 50-day moving average is an important and first technical attempt to reverse the downtrend.

Interestingly enough, BTC is also quite close to the 200-day average, so the second confirmation of a trend change could come quite quickly.

So only a solid close and consolidation above the 200-day moving average can confirm a change in the downtrend in BTC.”

Finally, Kuptsikevich added that Bitcoin has already entered a resistance zone where the initial recovery may lose steam.

Solana (SOL) Could Reach $180!

Noting that Solana has shown strength in the falling market compared to other altcoins, the analyst said that SOL is ready to rise if overall market conditions improve.

Stating that Solana is also testing its 50-day average, the analyst stated that if it manages to stay above this level, SOL could reach up to $180.

Solana is recovering faster than many major altcoins in a falling market, trading around its 50-day moving average around $130.

“A consolidation above this level will open the way to $145, the area of previous highs. A sustained move above these will signal a breakout of the downtrend and could lead to a move to $180.”

*This is not investment advice.

Continue Reading: Analyst Reveals Bitcoin and Solana (SOL) Expectations! Shared Levels That Must Be Exceeded for Bullish Confirmation!