Key points:
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Bitcoin bulls are chasing after BTC’s $123,218 all-time high as buying pressure surges.
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Ether has played catch-up to Bitcoin and is close to making a new all-time high.
Bitcoin (BTC) rose above $122,000 on Wednesday, indicating that the bulls have kept up the pressure. The repeated retest of a resistance level tends to weaken it, increasing the likelihood of a breakout above the all-time high of $123,218.
BTC is not alone. Ether (ETH) has also charged toward its all-time high of $4,868. Crypto sentiment-tracking platform Santiment said in a post on X that ETH could break out to a new all-time high as retail traders are in disbelief of the current rally. History shows the price moves in “the opposite direction of retail traders’ expectations.”
In a report shared with Cointelegraph, Standard Chartered said aggressive buying by ETH treasury companies and exchange-traded funds, along with the pace of stablecoin adoption, improves the outlook for ETH. This led the bank to boost their ETH price target to $7,500 in 2025 from $4,000 previously.
Could BTC break above the all-time high, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Buyers have again pushed BTC toward the all-time high of $123,218, indicating solid buying on every minor dip.
The flattish 20-day simple moving average ($116,957) signals a balance between supply and demand, but the relative strength index (RSI) above 65 indicates positive momentum. That increases the likelihood of a break above $123,218. The BTC/USDT pair could then surge toward $135,000.
Time is running out for the bears. They will have to swiftly yank the price below the 50-day SMA ($114,682) to weaken the bullish momentum. If they do that, the Bitcoin price could tumble to $110,530.
Ether price prediction
ETH extended its rally above $4,700 on Wednesday, indicating sustained demand from the bulls.
Sellers will try to defend the $4,868 level, which could trigger a short-term correction or consolidation. The overbought level on the RSI also suggests the rally may cool off in the near term. If that happens, the ETH/USDT pair could descend to $4,350 and then to the breakout level of $4,094.
Instead, if buyers pierce the $4,868 level, the Ether price could skyrocket to the psychological level of $5,000 and then to $5,662.
XRP price prediction
XRP (XRP) bounced off the 20-day SMA ($3.11) on Tuesday, but the bulls are struggling to sustain the higher levels.
The flattish 20-day SMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If the price rises above $3.40, the XRP/USDT pair could climb to $3.66.
Alternatively, a drop below the 20-day SMA signals that the bears are trying to gain the upper hand. The XRP price may then slump to the 50-day SMA ($2.85), which is likely to attract buyers. The short-term trend turns negative below $2.72.
BNB price prediction
BNB (BNB) has made a V-shaped recovery from $730 on Aug. 3, indicating aggressive buying at lower levels.
The BNB/USDT pair rallied close to the $861 overhead resistance, where the bears are posing a strong challenge. If the price turns down from $861, but rebounds off the 20-day SMA ($794), it suggests that dips are being purchased. That enhances the prospects of a break above $861. The BNB price may then ascend to $900 and later to $1,000.
The first sign of weakness will be a break and close below the 20-day SMA. That suggests profit booking at higher levels. The BNB price could then collapse to the solid support at $732.
Solana price prediction
Solana (SOL) turned up sharply from the 20-day SMA ($176) and surged above the $185 resistance on Tuesday.
The SOL/USDT pair rose near the $209 overhead resistance on Wednesday, but the long wick on the candlestick shows the bears are defending the level. The Solana price could skid to the $185 support, where the buyers are expected to step in.
If the price rebounds off the $185 support with strength, the bulls will again try to thrust the pair above $209. If they can pull it off, the pair could rally to $240.
On the contrary, a break and close below $185 suggests a range formation between $209 and $155.
Dogecoin price prediction
Dogecoin (DOGE) remains stuck inside a large range between $0.14 and $0.29 for the past several months.
The price bounced off the 20-day SMA ($0.22) on Tuesday, indicating that the buyers are trying to take charge. There is resistance at $0.25, but if the level is crossed, the DOGE/USDT pair could rise to $0.29. Sellers are expected to defend the $0.29 level with all their…
cointelegraph.com