Key points:
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Bitcoin made a strong comeback on Wednesday, but the buyers are expected to face heavy selling near $117,500.
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Several major altcoins are likely to face selling on rallies, but BNB and AVAX may resume their uptrend.
Bitcoin (BTC) rose above $113,900 on Wednesday, indicating that the bulls continue to buy on dips. Strategy executive chairman Michael Saylor said on CNBC that consistent buying by large BTC exchange-traded funds on behalf of institutional investors, and increased corporate adoption of BTC could resume the BTC rally toward the end of the year.
Glassnode also said in its weekly report that BTC could hit a new all-time high, but added that history shows the cycle is in its late phase. BTC’s current cycle shows similarities with the 2015–2018 and 2018–2022 bull runs, where all-time highs “occurred only 2–3 months beyond where we currently stand when measured from the cycle low.”
However, not everyone is bullish on BTC’s prospects in the future. CryptoQuant head of research Julio Moreno said in a post on X that whales have net sold 147,000 BTC since Aug. 21. That has resulted in the total whale holdings “declining at the fastest monthly rate of the cycle.”
Could BTC overcome selling from the bears and rise to $117,500? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has started a relief rally, which is expected to face strong selling at the moving averages.
If the price turns down sharply from the moving averages, the possibility of a drop to $107,000 increases. Buyers are expected to defend the $107,000 level with all their might because a break below it will complete a bearish double-top pattern. That may start a decline to $100,000 and eventually to the pattern target of $89,526.
Conversely, if buyers pierce the moving averages, the BTC/USDT pair could rally to $117,500. Sellers could pose a substantial challenge at $117,500, but if the bulls overcome it, the Bitcoin price could reach $120,000.
Ether price prediction
Buyers are trying to maintain Ether (ETH) above the $4,060 level but are expected to face heavy selling on relief rallies.
If the price turns down from the 20-day EMA ($4,393), it enhances the prospects of a break below the $4,060 support. If that happens, the ETH/USDT pair could collapse to $3,745 and then to the pattern target of $3,426.
Instead, if the price turns up and breaks above the 20-day EMA, it signals the possibility of a range formation. The Ether price could swing between $4,060 and $4,957 for some time.
XRP price prediction
XRP (XRP) has been trading inside a descending triangle, which usually acts as a topping pattern.
The bears will have to yank the price below the $2.69 level to complete the bearish setup. If that happens, the selling could pick up and the XRP/USDT pair could move downward toward $2.20.
If buyers want to prevent the downside move, they will have to swiftly drive the XRP price above the downtrend line. That will invalidate the bearish setup, setting the stage for a rally to $3.40.
BNB price prediction
BNB (BNB) bounced off the 20-day EMA ($957) on Tuesday, indicating that the sentiment remains positive and traders are buying on dips.
The bulls will try to strengthen their position by pushing the price above the $1,083 resistance. If they succeed, the BNB/USDT pair could start the next leg of the uptrend toward $1,187.
Contrarily, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it suggests that the bears are selling on rallies. That increases the risk of a drop to the 50-day SMA ($882).
Solana price prediction
Solana (SOL) slipped below the uptrend line on Wednesday, but the bulls are trying to halt the pullback at the 50-day SMA ($206).
The sellers are unlikely to give up and will try to pull the price below the 50-day SMA. If they manage to do that, the SOL/USDT pair could decline to $185 and then to $175. That signals the Solana price may extend its stay inside the large $110 to $260 range for a few more days.
Alternatively, a break and close above the 20-day EMA indicates solid buying on dips. The bulls will then try to kick the price to $260, where the bears are expected to mount a strong defense.
Dogecoin price prediction
Dogecoin (DOGE) is taking support at the 50-day SMA ($0.23), indicating that the bulls are fiercely defending the level.
The relief rally is expected to face selling at the 20-day EMA ($0.25). If the price turns down sharply from the 20-day EMA, the likelihood of a drop to $0.21 increases. That suggests the…
cointelegraph.com