Market Overview
Bitcoin (BTC) is encountering selling pressure near the $89,000 mark, but bulls have managed to hold their ground, suggesting a potential rally towards $93,500. Meanwhile, several major altcoins have initiated a recovery, though they are likely to face resistance at higher levels.
Bitcoin's recovery is showing signs of weakening as bears attempt to push the price below $88,000. Veteran trader Peter Brandt expressed skepticism on X, referring to BTC's current recovery as a "dead cat bounce."
In contrast, network economist Timothy Peterson offered a more optimistic outlook. Peterson stated on X that an AI-based prediction tool indicates BTC has only a 15% chance of closing below $84,500 by the end of the year. He also noted that the probability of BTC reclaiming $100,000 by December 31st was less than 50%.
Another positive projection came from Augustine Fan, head of insights at SignalPlus. Fan told Cointelegraph that BTC might have reached "local lows for now." Fan anticipates BTC trading within a range of $82,000 to $92,000, with a significant downside risk if the price sustains below $78,000.
The following analysis examines the crucial support and resistance levels for BTC and major altcoins, based on charts of the top 10 cryptocurrencies.
Bitcoin Price Prediction
Bitcoin's recovery is expected to encounter selling pressure near the 20-day exponential moving average (EMA), which is currently at $93,431.
A downturn from the 20-day EMA would indicate a persistent negative sentiment, with traders selling on rallies. The BTC/USDT pair could then retest the $80,600 support level. A break below this level could lead to a further decline to $73,777.
This bearish outlook would be invalidated in the short term if the price continues to rise and breaks above the 20-day EMA. In such a scenario, the pair could ascend towards the psychological level of $100,000.
Ether Price Prediction
Ether's (ETH) recovery is facing selling pressure near $3,000. However, a positive indicator is that bulls have not relinquished significant ground to the bears.
This suggests that the relief rally might extend to the 20-day EMA at $3,120 and potentially reach the breakdown level of $3,350. If the price reverses from this overhead resistance zone, bears will likely attempt to drive the ETH/USDT pair below $2,623, which could lead to a collapse towards $2,400.
For buyers to signal a potential end to the downtrend, they must push and maintain the price above the 50-day simple moving average (SMA), currently at $3,596.
XRP Price Prediction
XRP's recovery is encountering selling pressure near the 20-day EMA at $2.20, but bulls are maintaining upward momentum.
A close above the 20-day EMA would suggest that the XRP/USDT pair could continue its trajectory within the descending channel pattern for some time. A significant trend change would be indicated if buyers manage to push the XRP price above the downtrend line.
Conversely, a sharp downturn from the 20-day EMA would prompt bears to attempt to drive the pair below the support line. If successful, the XRP price could fall to the critical support level at $1.61.
BNB Price Prediction
BNB has experienced a significant battle between buyers and sellers at the breakdown level of $860.
A reversal from the current level or the 20-day EMA ($911) would signal that bears are actively selling on rallies, increasing the risk of a break below $790 and a subsequent drop to $730.
However, if the BNB price turns upward and surpasses the 20-day EMA, it would indicate rejection of the breakdown below the $860 level. The BNB/USDT pair could then rally towards the 50-day SMA, which is at $1,034.
Solana Price Prediction
Solana (SOL) is facing selling pressure near the 20-day EMA ($144), indicating that bears remain active at higher price points.
Sellers will likely attempt to push the Solana price below the $126 support. If they succeed, the SOL/USDT pair could decline to $110 and subsequently to $95. Buyers are expected to provide strong defense at the $95 support level.
On the upside, bulls must overcome the 20-day EMA hurdle to gain control. The pair could then rally towards the 50-day SMA ($170), where bears are anticipated to present significant resistance.
Dogecoin Price Prediction
Dogecoin's (DOGE) bounce from the $0.14 support level is encountering resistance at the 20-day EMA ($0.16), suggesting that bears are attempting to maintain control.
A sharp downturn from the 20-day EMA would increase the risk of a break below the $0.14 support. The Dogecoin price could then fall to the October 10th low of $0.10, which might attract buyers.
Conversely, a break and close above the 20-day EMA would signal that bears are losing their grip. The DOGE/USDT pair could then rally to the 50-day SMA ($0.18), indicating that the price might remain within the broad range of $0.14 to $0.29 for an extended period.
Cardano Price Prediction
Cardano's (ADA) shallow bounce from the $0.38 level suggests a lack of aggressive buying from bulls.
Bears will aim to resume the downtrend by pushing the price below the $0.38 level. If they succeed, the ADA/USDT pair could drop to the October 10th panic low of $0.27.
Buyers face a challenging path ahead. Any recovery attempt is likely to encounter selling pressure at the breakdown level of $0.50. However, if bulls prevail, the Cardano price could rally to the 50-day SMA ($0.58). A close above the 50-day SMA would indicate that the downtrend may have ended.
Hyperliquid Price Prediction
Hyperliquid (HYPE) has recovered to the breakdown level of $35.50, where bears are expected to mount a strong defense.
A sharp downturn from the current level would suggest that bears have successfully re-established the $35.50 level as resistance. This increases the risk of a break below the $29.30 level, potentially causing the HYPE/USDT pair to fall to $24.
Buyers need to drive and sustain the Hyperliquid price above the 50-day SMA ($39.48) to signal a market comeback. If this occurs, the pair could surge to $44 and eventually to $51.50.
Bitcoin Cash Price Prediction
Buyers are attempting to maintain Bitcoin Cash (BCH) above the resistance line, but bears continue to exert pressure.
A dip below the moving averages would suggest that the break above the resistance line may have been a bull trap. Bears would then attempt to drive the BCH/USDT pair towards the solid support at $443.
On the other hand, a strong bounce off the moving averages would indicate that bulls are buying on dips. This increases the likelihood of a break above the $568 level. The Bitcoin Cash price could then potentially rise to the $606 level.
Chainlink Price Prediction
Chainlink (LINK) has approached the 20-day EMA ($13.88), where bears are expected to present a strong challenge.
If the price turns down from the 20-day EMA, bears will attempt to pull the LINK/USDT pair to the solid support at $10.94. Buyers are expected to defend this level vigorously, as a break below it could send the pair down to $7.90.
Conversely, a break and close above the 20-day EMA would indicate a reduction in selling pressure. The pair could then rise towards the 50-day SMA ($16.22). A close above the 50-day SMA would suggest that the Chainlink price may remain within the $10.94 to $27 range for some time.