A rewritten article on forecasts for Bitcoin (BTC), Solana (SOL) and Bittensor (TAO) for February 2024:

Against the background of recent fluctuations, the price of bitcoin reached its maximum of $49,114 on January 11, 2024, but has since begun to decline. This downtrend forced bearish investors to break through the ascending support line on January 18. Moreover, on January 30, bitcoin was unable to overcome this line and it became a resistance, which caused the current decline.

The daily RSI also indicates the possibility of a further pullback. The indicator bounced off the neutral level of 50, which coincides with the price rebound from the trend line. If the decline continues, there is a chance that BTC will fall by 12%, reaching the Fibonacci retracement level of 0.5, which is $37,000.

However, do not forget that a daily close above $45,100 may cancel out the bearish scenario and open the way to new highs this year, possibly with a 17% increase to the level of $49,100.

Cryptocurrency traders from XForceGlobal and TheTradingHubb expect the correction to continue for BTC, but foreshadow another uptrend in the area of $45,000-$46,000 before a possible final bearish movement.

Regarding Solana (SOL), after reaching a high of $126 on December 25, 2023, the price began to decline, reaching a low of $79 on January 23. However, recent trends indicate a possible recovery.

The SOL price returned to the horizontal area of $88 and broke the downward resistance line, while the daily RSI rose above the 50 level. However, after the Fibonacci 0.5 level became resistance on January 30, SOL returned to the trend line of resistance and the horizontal area of $88. If this area remains stable, SOL could rise by 30% to the $125 level.

However, closing the price below $88 may cause the coin to decline by 30% to the next support level of $68. Cryptocurrency trader Bluntz Capital also makes a similar conclusion, referring to the Elliott wave theory and recommending that you be prepared for a price pullback to the upper part of the 80-90 range.

Bittensor (TAO), an artificial intelligence token, has been continuing its rapid ascent since May 2023. However, recent RSI signals and Elliott analysis indicate that the peak is about to be reached.

According to the most likely wave scenario, TAO is in the fifth and final wave of the upward movement that began in May 2023. This is also confirmed by the bearish divergence on the 3-day RSI. If TAO does reach the top, it may drop 55% to the $220 support level.

However, it is possible that the expansion of the fifth wave may lead to a 65% increase to the next resistance level of $717.