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 between $76 and $98 for some more time.
Dogecoin price prediction
Dogecoin (DOGE) bounced off 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 $0.12 overhead hurdle but are facing significant resistance from the bears. However, if the bulls prevail, the DOGE/USDT pair may rally to $0.14 and subsequently to $0.16.
Sellers are likely to have other plans. They will attempt to defend the overhead resistance and pull the DOGE price back below the 20-day EMA. If they do that, the pair may extend its stay inside the $0.09 to $0.12 range for a few more days.
Hyperliquid price prediction
Hyperliquid (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 breaks below $38.70, it suggests that the HYPE/USDT pair may have topped out in the near term. The HYPE price may then tumble to $34.45.
Buyers have an uphill task ahead of them. Any recovery attempt is expected to face selling at the 20-day EMA ($41.56) and then in the $43.76 to $45.77 zone. The bulls will have to drive and sustain the price above the $45.77 level to signal the resumption of the up move. The pair may then surge to $50.
Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days
Cardano price prediction
Cardano’s (ADA) pullback is attempting to find support at the 20-day EMA ($0.26), but the bears continue to exert 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 remain inside the $0.22 to $0.31 range for a few more days.
Buyers will have to fiercely defend the moving averages and start a rebound off it to signal strength. The ADA price may then rise to $0.29 and later to $0.31. Sellers are expected to defend the $0.31 level, as a close above it indicates the start of a new up move. The pair may soar to $0.36 and eventually to the pattern target of $0.40.
Zcash price prediction
Zcash (ZEC) bounced off the $560 level on Tuesday, but the bulls could not sustain momentum on Wednesday.
ZEC/USDT daily chart. Source: Cointelegraph/TradingView
If the ZEC price closes below the breakout level of $560, it signals profit booking by short-term traders. The ZEC/USDT pair may then slump to the 20-day EMA ($481). A deeper correction to $400 may begin if the 20-day EMA cracks.
Contrarily, if the price bounces off 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 they succeed, the pair may surge to $750.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) fell below the moving averages and the $443 support on Tuesday, indicating that the bears have an edge.
BCH/USDT daily chart. Source: Cointelegraph/TradingView
Sellers will attempt to pull the BCH price to the solid support at $419. Buyers are expected to aggressively defend the $419 level, as a close below it may resume the downtrend. The next stop on the downside may be $375.
Instead, if the price turns up sharply from $419 and breaks above the moving averages, it suggests that the BCH/USDT pair may remain range-bound for some more time. Buyers will be back in the driver’s seat on a close above $486.
