Key points:
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Bitcoin has broken above the $117,500 resistance, opening the gates for a retest of the all-time high at $124,474.
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Several altcoins have started a strong relief rally, signaling solid buying at lower levels.
Bitcoin (BTC) closed September with gains of more than 5% and the bulls extended the gains on the first day of the new month by pushing the price above the stiff overhead resistance of $117,500.
CoinGlass data shows that a positive monthly close in September has historically been followed by an average return of more than 53% in Q4. If history repeats itself, BTC could surge toward $170,000 before the end of the year.
Another positive sign is that analysts expect BTC to emulate gold’s strong bullish run. Crypto analyst and entrepreneur Ted Pillows said in a post on X that BTC follows gold with an eight-week delay, and he expects Q4 to be big for BTC.
Could BTC’s strength pull altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC closed above the moving averages on Monday, and the bulls strengthened their position further by pushing the price above the $117,500 resistance on Wednesday.
The 20-day exponential moving average ($113,527) has started to turn up, and the relative strength index (RSI) above 61 suggests that the momentum favors the buyers. If the price closes above $117,500, the BTC/USDT pair could challenge the all-time high at $124,474. Sellers are expected to defend the $124,474 level with all their might, but if the buyers prevail, the rally could extend to $141,948.
This optimistic view will be negated in the near term if the Bitcoin price turns down and breaks below the $107,000 support.
Ether price prediction
Ether (ETH) has risen above the 20-day EMA ($4,262), indicating that the selling pressure is reducing.
The price could reach the resistance line, which is a crucial level to watch out for in the near term. If buyers thrust the price above the resistance line, the ETH/USDT pair could retest the all-time high at $4,957.
Conversely, if the price turns down from the resistance line, it signals that the bears continue to sell on rallies. Sellers will have to tug the Ether price below the $3,745 support to suggest that the pair may have topped out in the short term.
XRP price prediction
XRP’s (XRP) bounce off the $2.69 support has reached the moving averages, signaling solid buying at lower levels.
Sellers will attempt to maintain the XRP price inside the descending triangle pattern by defending the downtrend line. On the downside, a close below $2.69 completes a bearish descending triangle pattern. That may accelerate selling, pulling the XRP/USDT pair to $2.20.
Alternatively, a close above the downtrend line negates the bearish setup. The failure of a negative pattern is a bullish sign as aggressive bears may rush to close their short positions. That could start a rally to $3.20 and then to $3.38.
BNB price prediction
BNB (BNB) turned down from $1,036 on Monday, but the bears have not allowed the price to dip below the 20-day EMA ($976).
If the price turns up from the current level or the 20-day EMA with force, it increases the likelihood of a break above $1,036. The BNB/USDT pair may then rally to $1,083. Sellers will attempt to defend the $1,083 level with all their might because a break above it could start the next leg of the uptrend to $1,173.
Contrary to this assumption, if the BNB price turns down and breaks below $934, it signals the start of a deeper correction to the 50-day SMA ($909) and then to $842.
Solana price prediction
Sellers are trying to halt Solana’s (SOL) recovery at the 20-day EMA ($216), but the bulls have kept up the pressure.
If buyers push the price above the uptrend line, it suggests that the corrective phase may be over. The SOL/USDT pair could rally to $230 and subsequently to $260. Sellers are expected to fiercely defend the $260 level.
This positive view will be invalidated in the near term if the price turns down and breaks below the $190 support. If that happens, the Solana price could slump to $175, signaling that the pair may extend its stay inside the $110 to $260 range for a while longer.
Dogecoin price prediction
Dogecoin’s (DOGE) tight range trading between the uptrend line and the 50-day SMA ($0.23) resolved to the upside on Wednesday.
If the price closes above the 20-day EMA ($0.24), it suggests that the bulls are attempting a comeback. The Dogecoin price may rally to $0.26 and, after that, to the stiff overhead resistance of $0.29.
Sellers will have to pull the price below the uptrend line to gain the upper hand….
cointelegraph.com