Key points:
Bitcoin is attempting to start a recovery, but higher levels are likely to attract sellers.
The weak bounce in several altcoins shows that the bears continue to exert pressure.
Bitcoin (BTC) rallied above $90,000 at the start of the new week, indicating that the bulls are attempting a comeback. Analysts are divided in their opinion about BTC’s next major move. While some anticipate a rally to a new all-time high, others expect a drop to as low as $70,000.
Santiment founder Maksim Balashevich is also not convinced that a bottom is in. Balashevich said in a YouTube video that BTC could fall to $74,000 as there is still a lot of optimism online. He added that a drop toward the said level could provide “a very good setup” for traders.
Although the near-term looks uncertain, BlackRock’s spot Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), $25 billion in year-to-date inflows show potential for the long term.
Bloomberg ETF analyst Eric Balchunas said in a post on X that IBIT, at sixth place, was the only fund in the top cohort with negative returns for the year. If a negative year could attract $25 billion, “imagine the flow potential in a good year,” Balchunas added.
Could BTC and the major altcoins start a relief rally, or will the bears pull the price lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) has been range-bound between 6,550 and 6,920 for several days.
A positive sign is that the bulls are attempting to maintain the price above the moving averages. That improves the possibility of a break above the 6,920 resistance. If that happens, the index could rally toward the 7,290 level.
Sellers are likely to have other plans. They will attempt to defend the overhead resistance and pull the price below the moving averages. If they do that, the index could extend its stay inside the range for some more time. The bears will be back in the driver’s seat on a close below 6,550.
US Dollar Index price prediction
The US Dollar Index (DXY) dipped below the 98.03 support on Tuesday, but the bears could not sustain the lower levels.
The relief rally reached the 20-day exponential moving average (98.79) on Friday, where the bears are posing a strong challenge. Sellers will attempt to sink the price below the 98.03 support. If they manage to do that, the index may descend to 97.20.
Instead, if the price turns up from 98.03 and breaks above the moving averages, it suggests buying at lower levels. The index may then climb to the stiff overhead resistance at 100.54. Sellers are expected to vigorously defend the 100.54 level, as a break above it may start a new uptrend.
Bitcoin price prediction
BTC’s bounce off the $84,000 level is facing resistance at the 20-day EMA ($89,322), but a positive sign is that the bulls have kept up the pressure.
A close above the 20-day EMA opens the doors for a rise to the 50-day simple moving average ($92,754) and then to the overhead resistance at $94,589. Sellers are expected to defend the $94,589 level with all their might, as a close above it suggests that the corrective phase may be over.
If the Bitcoin price closes above $94,589, the BTC/USDT pair could surge to $100,000 and later to $107,500. On the downside, bears will regain control on a close below the $84,000 support.
Ether price prediction
Ether (ETH) has formed a symmetrical triangle pattern, indicating uncertainty about the next directional move.
If buyers drive the price above the moving averages, the ETH/USDT pair could rally to the resistance line. Sellers will attempt to defend the resistance line and keep the Ether price inside the triangle, but if the bulls prevail, the pair could surge to $4,000 and then to the pattern target of $4,386.
Contrarily, if the price turns down from the moving averages and breaks below the support line, it signals an advantage to the bears. The pair may then plummet to $2,111.
BNB price prediction
BNB’s (BNB) rebound off the uptrend line has reached the 20-day EMA ($872), where the bears are expected to step in.
If the price turns down sharply from the moving averages and breaks below the uptrend line, it increases the risk of a break below $790. If that happens, the BNB/USDT pair could tumble to $730.
Contrary to this assumption, if the BNB price continues higher and breaks above $928, it suggests that the correction is over. The pair may then ascend to $1,019 and, after that, to $1,100.
XRP price prediction
XRP’s (XRP) bounce off the support line of the descending channel pattern is facing resistance at the 20-day EMA ($1.98).
If the price turns down sharply from the 20-day EMA, the bears will attempt to pull the XRP/USDT pair to the $1.61 support. This is a critical level to watch out for in the near term, as a break below it may accelerate selling. The XRP price may then collapse to the Oct. 10 low of $1.25.
This negative view will be invalidated in the near term if the price continues higher and breaks above the moving averages. The pair may then climb to the downtrend line. A close above the downtrend line signals a potential trend change.
Solana price prediction
Solana (SOL) remains below the moving averages, but the positive divergence on the RSI suggests that the selling pressure is reducing.
If the price breaks above the 20-day EMA ($130), the SOL/USDT pair could rise to the overhead resistance at $147. A close above $147 signals that the bulls are back in the game. The pair may then rally to $172.
Related: Bitcoin ‘Santa rally’ targets $120K as key BTC metric flips bullish
On the other hand, if the Solana price turns down sharply from the 20-day EMA, it indicates a negative sentiment. The pair could then continue its slide to $110 and eventually to the solid support at $95.
Dogecoin price prediction
Dogecoin (DOGE) climbed back above the breakdown level of $0.13 on Friday, indicating buying at lower levels.
Sellers are unlikely to give up easily and will attempt to halt the recovery at the moving averages. If the Dogecoin price turns down from the moving averages and breaks below $0.12, it suggests that the bears remain in control. The DOGE/USDT pair may then plunge to the Oct. 10 low of $0.10.
Buyers will have to propel the price above the 50-day SMA ($0.15) to suggest that the markets have rejected the break below $0.13. The large range of $0.13 to $0.27 will come into play after the price maintains above $0.16.
Cardano price prediction
Cardano’s (ADA) recovery is facing resistance at the breakdown level of $0.37, indicating that the bears continue to exert pressure.
If the Cardano price turns down and breaks below $0.34, it signals that the bears have flipped the $0.37 level into resistance. The ADA/USDT pair may then extend the decline to the Oct. 10 low of $0.27.
A minor positive in favor of the bulls is that the RSI has formed a positive divergence. If buyers drive the price above the 20-day EMA ($0.40), the pair could rally toward the stiff overhead resistance at $0.50.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) pierced the $615 resistance on Friday, but the bulls could not build upon the breakout.
The bears pulled the Bitcoin Cash price to the 20-day EMA ($571), which is attracting buyers as seen from the long tail on the candlestick. If the rebound sustains, the bulls will again attempt to drive the BCH/USDT pair to $651 and then to $720.
Alternatively, if the price turns down from the overhead resistance and breaks below the 20-day EMA, it suggests that the traders are booking profits. The pair may then slump to the 50-day SMA ($538).
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