LTC, AVAX, APT and FTM prepare to rally as Bitcoin price targets $24K

cointelegraph.com:

Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.

Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.

After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.

Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.

Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.

The upsloping 20-day exponential moving average ($21,558) indicates that bulls are in command but the relative strength index (RSI) in the overbought territory suggests that the rally may be overextended in the near term.

If buyers kick the price above $23,816, the BTC/USDT pair could start its northward march toward $25,211. This level may act as a formidable resistance.

On the downside, the 20-day EMA is an important level for the bulls to defend because if it cracks, the pair may fall to the psychological support at $20,000.

The RSI on the 4-hour chart is forming a negative divergence indicating that the buyers may be losing their grip. If bulls want to assert their dominance, they will have to push the price