Key points:
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Bitcoin experienced profit booking on Tuesday, but the shallow pullback suggests that the bulls are not rushing to the exit, as they anticipate the uptrend to continue.
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Many altcoins rebounded off their support levels, indicating buying at lower levels.
Bitcoin (BTC) turned down sharply on Tuesday, but the bears could not pull the price below $120,000. That suggests solid demand at lower levels. The bulls have pushed the price above $123,000 and will next attempt to clear the overhead hurdle at $124,474.
Analysts are bullish on BTC’s prospects in October, which has been the second-best-performing month on average since 2013, with an average gain of 20.75%, according to CoinGlass data. Economist Timothy Peterson said in a post on X that there was a 50% chance of BTC finishing the month above $140,000.
Although the trend remains up, traders need to be cautious because the failure to rise and sustain above $126,000 could trigger another bout of selling. The next dip may put the $120,000 support at risk of breaking down. If that happens, analysts anticipate support in the range between $118,000 and $114,000.
Could BTC start the next leg of the uptrend, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rose to a new all-time high of $126,199 on Monday, but the bulls could not sustain the higher levels.
The BTC/USDT pair turned down and fell below the breakout level of $124,474 on Tuesday. The upsloping 20-day exponential moving average ($118,110) and the relative strength index (RSI) in the positive territory indicate that the bulls hold an edge.
Buyers will again try to resume the uptrend by pushing the Bitcoin price above $126,199. If they can pull it off, the BTC/USDT pair may climb to $138,154.
Conversely, if the price continues lower and breaks below the 20-day EMA, it suggests that the market has rejected the breakout above $124,474. The pair could then drop to the 50-day simple moving average ($114,276).
Ether price prediction
Ether (ETH) closed above the resistance line on Monday, but the bears pulled the price back below the level on Tuesday.
The ETH/USDT pair is attempting to take support at the moving averages, indicating that the bulls are trying to retain control. Buyers will make one more attempt to clear the resistance line and challenge the all-time high at $4,957.
On the contrary, if the price skids below the moving averages, it suggests that the bears are trying to take charge. The Ether price may then slump to the $4,060 support, where the buyers are expected to step in.
BNB price prediction
BNB (BNB) has been in a strong uptrend for the past several days, indicating sustained buying by the bulls.
The bears are trying to halt the uptrend at $1,350, but the shallow pullback suggests the bulls are holding on to their positions as they expect the rally to continue. If buyers propel the price above $1,350, the BNB/USDT pair could surge to $1,394 and then to $1,479.
The bears will have to pull the BNB price below the 61.8% Fibonacci retracement level of $1,217 to start a deeper correction to the 20-day EMA ($1,097). Buyers are expected to defend the 20-day EMA with all their might because a break below it indicates a weakening momentum.
XRP price prediction
Repeated failure of the bulls to sustain XRP (XRP) above the downtrend line in the past few days suggests the bears are aggressively defending the level.
The XRP price turned down and plunged below the moving averages on Tuesday. That signals the XRP/USDT pair could remain inside the bearish descending triangle pattern for a while longer. Sellers will attempt to strengthen their position by pulling the price below the $2.69 support. If they succeed, the pair may start a downward move toward $2.33.
This negative view will be invalidated in the near term if the price turns up and closes above the downtrend line. That could catapult the pair to $3.20 and subsequently to $3.38.
Solana price prediction
Solana (SOL) has been gradually rising inside an ascending channel pattern for several days.
If the price breaks below the 50-day SMA ($216), the SOL/USDT pair could drop to the support line. Buyers are expected to defend the support line, as a break below it may start a downward move to $191 and then to $175.
Contrarily, if the price turns up from the current level and rises above the 20-day EMA ($222), it signals buying on dips. The bulls will then attempt to push the Solana price to the resistance line.
Dogecoin price prediction
Dogecoin (DOGE) turned down from $0.27 on Tuesday but is finding support at the 50-day SMA ($0.24).
cointelegraph.com