Key points:
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Bitcoin bulls are attempting to sustain the price above $107,000, but the bears have continued to exert selling pressure.
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The recovery in most major altcoins has fizzled out, indicating that the bears continue to sell on minor rallies.
Buyers have managed to keep Bitcoin (BTC) above the vital $107,000 support level, but the lack of a solid rebound suggests that the bears have maintained their pressure. The short-term uncertainty has divided the analysts on BTC’s next directional move.
Standard Chartered’s global head of digital assets research, Geoff Kendrick, told Cointelegraph that BTC remains on track to hit $200,000 by the end of 2025. Kendrick believes the investors will consider the recent sell-off as a buying opportunity, propelling BTC higher.
On the other end of the spectrum is veteran trader Peter Brandt, who sees similarities between BTC’s chart and the soybean market of the 1970s, which nosedived 50% after global supply exceeded demand. Brandt told Cointelegraph that BTC is forming a broadening top chart pattern, “famous for tops,” which could pull the price down to about $60,000.
What are the critical support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rallied sharply on Tuesday, but the bears cut short the recovery attempt at the 50-day simple moving average ($114,137).
Sellers will try to strengthen their position by pulling the Bitcoin price below the $107,000 support. If they succeed, the risk of a drop in the psychological support of $100,000 increases. Buyers are expected to defend the $100,000 level with all their might because the failure to do so could start a new downtrend.
The first sign of strength will be a break and close above the $116,000 level. That suggests the BTC/USDT pair could remain within the $107,000 to $126,199 range for some more time.
Ether price prediction
Ether (ETH) turned down from the 20-day exponential moving average ($4,062) on Tuesday, signaling the bears are selling on minor rallies.
The bears will try to sink the Ether price below the support line of the descending channel pattern. If they manage to do that, the selling could pick up, and the ETH/USDT pair risks dropping to $3,350.
Buyers will have to drive the price above the moving averages to suggest that the pair could remain inside the channel for a while longer. The bulls will gain the upper hand on a close above the resistance line.
BNB price prediction
BNB (BNB) has been trading between the moving averages since Friday, indicating a tough battle between the bulls and the bears.
The downsloping 20-day EMA ($1,122) and the RSI in the negative territory indicate a slight edge to the bears. A close below the 50-day SMA ($1,041) signals the start of a new downtrend to $932.
Contrarily, a close above the 20-day EMA indicates that the bulls have overpowered the bears. That opens the doors for a relief rally to the 50% Fibonacci retracement level of $1,198.
XRP price prediction
XRP’s (XRP) bounce off the $2.30 support fizzled out at the 20-day EMA ($2.55) on Tuesday, indicating a negative sentiment.
The bears will try to build upon their advantage by pulling the XRP price below the $2.19 support level. If they can pull it off, the XRP/USDT pair may tumble to $2.06 and subsequently to $1.90.
Buyers will have to swiftly drive the price above the 20-day EMA to signal a comeback. The pair may then climb to the 50-day SMA ($2.79) and later to the downtrend line. A close above the downtrend line suggests the end of the corrective phase. The pair may then ascend toward $3.38.
Solana price prediction
Solana (SOL) turned down from the 20-day EMA ($198) on Tuesday, indicating that the bears are attempting to retain control.
The SOL/USDT pair could slide to the support line of the descending channel pattern, where the buyers are expected to step in. The bulls will have to drive the Solana price above the 20-day EMA to suggest that the pair may remain inside the channel for a while longer. A new up move could begin on a close above the resistance line.
Sellers are likely to have other plans. They will try to sink the price below the support line. If they can pull it off, the pair could plunge to $155 and then to $145.
Dogecoin price prediction
Dogecoin (DOGE) failed to rise above the 20-day EMA ($0.21), indicating that the bears are selling on minor rallies.
The Dogecoin price could dip to $0.18, which is a crucial support to watch out for. If bears pull the DOGE/USDT pair below $0.18, the next stop is likely to be $0.16 and eventually…
cointelegraph.com