Bitcoin and several major altcoins are at a critical juncture.
Key Points:-
Bitcoin has reached critical support as a break below $79,000 could lead to a pullback. Several major altcoins are experiencing selling pressure, indicating that bears remain in the game.
Bitcoin (BTC) pulled back on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC's prospects in the near term.
In a post on X, analyst CRG noted that BTC did not break above the Ichimoku cloud even once during the previous bear market, and while it did; A new bull market has begun. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle.
Another bleak prediction came from Maelstrom's Chief Investment Officer Arthur Hayes, who said in a Substack post that BTC “retrieving $126,000 is a foregone conclusion.” He waits. BTC to pick up speed After breaking more than $90,000, he said, “A lot of writers are scrambling to cover when the strike comes.
Hayes expects the AI sector competition with China and the ongoing war with Iran to result in money printing, which will benefit the crypto ecosystem.
BTC's bullish view is not shared by everyone. It is a BTC whale, known by the moniker ‘pension-usdt.eth'. Short 1,000 BTC, worth approximately $81 millionwith 3x leverage. The trade that opened when BTC was at $67,990 was reduced to about $13 million, but the trader confirmed on X that he was still short, “the trade is reasonable.”
Can BTC and the major altcoins regain their support levels? Let's examine the charts of the top-10 cryptocurrencies to find out.
Bitcoin price prediction
BTC is down to its 20-day exponential moving average ($79,092), which is crucial recent support to watch.
BTC/USDT Daily Chart. Source: Cointelegraph/Trading view
If the price recovers strongly from the 20-day EMA, the bulls will try to push the BTC/USD pair above the $84,000 resistance. If they succeed, the price of BTC is expected to accelerate to $92,000 and then to $97,924.
If the price continues lower and breaks below the 20-day EMA, this bearish view is worthless in the near term. That suggests traders are booking profits. That could initiate a deep retracement to the 50-day simple moving average ($74,571) and later to the support line.
Ether price prediction
ether (ETH) tried to start a recovery from the 50-day SMA ($2,245), but the long wick on the candlestick indicates a sell-off.
ETH/USDT Daily Chart. Source: Cointelegraph/TradingView
A break and close below the 50-day SMA opens the doors to a support line drop for an ascending channel pattern. Buyers are expected to defend the support line tightly, as it may sink the recent low of the ETH/USDT pair to $1,916.
The first sign of strength will be a break and close above the $2,465 resistance. The price of ETH may rise to the resistance line, which is an important level to watch. A break above the resistance line could take the pair to $3,050.
BNB price prediction
BNBBNB) retook the 20-day EMA ($643) on Tuesday and reached the resistance above $687 on Wednesday.
BNB/USDT Daily Chart. Source: Cointelegraph/TradingView
An upward 20-day EMA and an RSI near the overbought zone indicate that the bulls are dominant. A closing rally above the $687 level opens the doors to $730 and later to $790.
To weaken the bulls, sellers need to pull the price of BNB below the 50-day SMA ($623). If they manage to do that, the BNB/USDT pair could consolidate in the $570 to $687 range for a while.
XRP price prediction
XRP (XRP) is stuck between the descending channel pattern and the moving averages of the last few days.
XRP/USDT Daily Chart. Source: Cointelegraph/TradingView
A tight consolidation below critical resistance suggests that the bulls are holding their ground as they anticipate an upside breakout. If the downtrend is weighed, the XRP/USDT pair may rise to $1.61. Sellers are expected to defend the $1.61 level with all their might. XRP price may rise to $2.40.
Conversely, closing below moving averages disappointed the bulls. The pair could drop to the $1.27 level, with buyers expected to enter.
Solana price forecast
Solana (SOL) was rejected from the $98 resistance on Tuesday, indicating that the bears are active at higher levels.
SOL/USDT Daily Chart. Source: Cointelegraph/TradingView
An uptrending 20-day EMA ($89) and an RSI in positive territory indicate upside for buyers. If the price bounces back from the 20-day EMA, the bulls will try to hit the $98 resistance again. If they can pull through, the SOL/USDT pair may rise to $106 and then to $117.
If the SOL price continues lower and breaks below the 20-day EMA, this positive outlook will be canceled in the near term. Such a move suggests that the pair may continue to fluctuate between $76 and $98 for some time.
Dogecoin price prediction
Dogecoin (Doug) broke above the 20-day EMA ($0.10) on Tuesday, indicating that the bulls are viewing the dips as a buying opportunity.
DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView
The bulls tried to clear the upper barrier of $0.12 but are facing strong resistance from the bears. However, if the bulls win, the DOGE/USDT pair may rally to $0.14 and then to $0.16.
Sellers may have other plans. They will attempt to defend against the resistance above and pull the DOGE price below the 20-day EMA. If they do that, the pair could extend its hold in the $0.09 to $0.12 range for a few more days.
High Liquidity Price Prediction
high fluid (Hype) continued lower and broke below the 50-day SMA ($40.55) on Tuesday, indicating profit booking by short-term traders.
HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView
If the price is below $38.70, it suggests that the HYPE/USDT pair may move higher in the near term. The HYPE price may drop to $34.45.
Buyers have an uphill task ahead of them. Any attempt at a recovery is expected at the 20-day EMA ($41.56) and then selling in the $43.76 to $45.77 zone. The bulls are driving and holding the price above the $45.77 level, indicating the resumption of the upward movement. The pair can go up to $50.
Related: Bitcoin to $100K in Q2? The strategy STRC unlocks the ability to buy 3K BTC in two days.
Cardano price prediction
Cardano (ed.ADA) retracement is trying to find support at the 20-day EMA ($0.26), but the bears continue to apply pressure.
ADA/USDT Daily Chart. Source: Cointelegraph/TradingView
If the price continues lower and breaks below the moving averages, it suggests that the ADA/USDT pair may stay in the $0.22 to $0.31 range for a few days.
Buyers should strongly defend the moving averages and start retracing above them to signal strength. ADA price may rise to $0.29 and later to $0.31. Sellers are expected to defend the $0.31 level, as a close above it would signal the start of a new uptrend. The pair may rise to $0.36 and eventually to the $0.40 pattern target.
Zcash price prediction
Zcash (ZEC) broke out of the $560 level on Tuesday, but the bulls failed to gain momentum on Wednesday.
ZEC/USDT Daily Chart. Source: Cointelegraph/TradingView
If the price of ZEC closes below $560, it indicates profit booking by short-term traders. The ZEC/USDT pair may drop to the 20-day EMA ($481). A deep correction towards $400 could be initiated if the 20-day EMA is broken.
Conversely, if the price breaks out of the 20-day EMA with force, it suggests that the bulls remain in charge. Buyers will then make one more attempt to drive the price above the $643 level. If successful, the pair could rise to $750.
Bitcoin Cash price prediction
Bitcoin Cash (B.C.H) has fallen below the moving averages and Tuesday's $443 support shows the bears have the edge.
BCH/USDT Daily Chart. Source: Cointelegraph/TradingView
Sellers will try to pull the price of BCH towards strong support at $419. Buyers are expected to strongly defend the $419 level, as a close below it is likely to continue the downtrend. On the downside, the next stop could be $375.
Instead, if the price turns sharply above $419 and rallies above the moving average, it suggests that the BCH/USDT pair may stay with the range for some time. Buyers will return the driver for more than $486.
