Key points:
- Bitcoin has reached a crucial support, as a break below the $79,000 level may deepen the pullback.
- Several major altcoins are facing selling pressure, indicating that the bears remain in the game.
Bitcoin (BTC) extended its pullback on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term.
Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the previous bear market, and when it did, a new bull market started. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle.
Another bullish projection came from Maelstrom chief investment officer Arthur Hayes, who said in a Substack post that BTC “retaking the $126,000 is a foregone conclusion.” He expects BTC to pick up momentum after breaking above $90,000, where “many call over-writers will rush to cover as their strike gets taken out.”
Hayes expects the AI sector race with China and the ongoing war with Iran to result in money printing, benefitting the crypto ecosystem.
BTC’s bullish view is not shared by everyone. A BTC whale, known by the moniker ‘pension-usdt.eth,’ is short 1,000 BTC, worth roughly $81 million, with 3x leverage. The trade, which was opened when BTC was at $67,990, is down about $13 million, but the trader confirmed on X that he was still short as “the trade makes sense.”
Could BTC and the major altcoins rebound off their support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has dipped to the 20-day exponential moving average ($79,092), which is a critical near-term support to watch.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price rebounds off the 20-day EMA with strength, the bulls will try to push the BTC/USDT pair above the $84,000 resistance. If they succeed, the BTC price is expected to pick up momentum and skyrocket toward $92,000 and subsequently to $97,924.
This bullish view will be invalidated in the near term if the price continues lower and breaks below the 20-day EMA. That suggests traders are booking profits. That may start a deeper pullback toward the 50-day simple moving average ($74,571) and later to the support line.
Ether price prediction
Ether (ETH) attempted to start a recovery from the 50-day SMA ($2,245), but the long wick on the candlestick shows selling at higher levels.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
A break and close below the 50-day SMA opens the doors for a drop to the support line of the ascending channel pattern. Buyers are expected to fiercely defend the support line, as a close below it may sink the ETH/USDT pair to $1,916.
The first sign of strength will be a break and close above the $2,465 resistance. The ETH price may then ascend to the resistance line, which is a critical level to watch. A break above the resistance line may catapult the pair toward $3,050.
BNB price prediction
BNB (BNB) rebounded off the 20-day EMA ($643) on Tuesday and reached the $687 overhead resistance on Wednesday.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA and the RSI near the overbought zone signal that the bulls have the upper hand. A close above the $687 level opens the doors for a rally to $730 and later to $790.
Sellers will have to tug the BNB price back below the 50-day SMA ($623) to weaken the bulls. If they manage to do that, the BNB/USDT pair may consolidate inside the $570 to $687 range for a while longer.
XRP price prediction
XRP (XRP) has been stuck between the downtrend line of the descending channel pattern and the moving averages for the past few days.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
A tight consolidation below a crucial resistance suggests that the bulls are holding on to their positions as they anticipate an upside breakout. If the downtrend line is scaled, the XRP/USDT pair may surge to $1.61. Sellers are expected to defend the $1.61 level with all their might, as a close above it signals a potential trend change. The XRP price may then soar to $2.40.
Conversely, a close below the moving averages suggests that the bulls have given up. The pair may then descend to the $1.27 level, where the buyers are expected to step in.
Solana price prediction
Solana (SOL) turned down from the $98 resistance on Tuesday, indicating that the bears are active at higher levels.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA ($89) and the RSI in the positive territory indicate an advantage to buyers. If the price rebounds off the 20-day EMA, the bulls will again attempt to pierce the $98 resistance. If they can pull it off, the SOL/USDT pair may climb to $106 and then to $117.
This positive view will be negated in the near term if the SOL price continues lower and breaks below the 20-day EMA. Such a move suggests that the pair may continue to oscillate…
cointelegraph.com