Main Highlights:
Strong inflows into spot Bitcoin ETFs indicate a resurgence of bullish sentiment, making a rally to new all-time highs probable.
BNB is at the forefront of the altcoin recovery, with several others set to exceed their resistance levels.
Bitcoin (BTC) approached $123,900 on Friday, progressing toward the all-time high of $124,474. This recovery is driven by robust demand from bulls, with US spot BTC exchange-traded funds seeing $2.25 billion in inflows since Monday, according to data from Farside Investors.
Experts predict BTC could reach a new all-time high. Charles Edwards, founder of Capriole Investments, told Cointelegraph that BTC might soar to $150,000 by year-end as investors seek safe-haven assets alongside gold.
While indicators suggest a potential continuation of the uptrend, some analysts remain cautious. Trader Roman noted on X that the relative strength index (RSI) for BTC shows a bearish divergence on both weekly and monthly charts, advising traders to “proceed with caution.”
Could BTC reach a new all-time high and ignite a rally in altcoins? Let’s examine the charts for the top 10 cryptocurrencies.
Bitcoin Price Forecast
BTC broke above the $117,500 overhead resistance on Wednesday, signaling that buyers are in control.
The BTC/USDT pair is nearing the all-time high of $124,474, where bears are expected to stage a strong defense. A sharp price decline from the current level could indicate bearish activity, possibly keeping Bitcoin in the $107,000 to $124,474 range for a while.
If buyers push the price above $124,474, it would suggest the uptrend is resuming, with a potential rally to $141,948.
Ether Price Forecast
Ether (ETH) closed above the 20-day exponential moving average ($4,309) on Wednesday, reaching the resistance line on Friday.
The 20-day EMA is gradually rising, and the RSI has entered positive territory, giving bulls a slight advantage. Sellers will attempt to halt the rally at the resistance line, but if buyers prevail, the ETH/USDT pair may retest the all-time high of $4,957.
Bears will need to pull the price below the 20-day EMA to weaken bullish momentum, potentially dropping Ether to $4,060.
XRP Price Forecast
Buyers pushed XRP (XRP) above the downtrend line on Thursday but failed to close above it.
Buyers are trying to keep the XRP price above the downtrend line. Success here would invalidate the bearish descending triangle pattern, with the potential for the XRP/USDT pair to climb to $3.20 and then $3.38.
This optimistic scenario could be thwarted if the price declines below the moving averages, suggesting a possible bull trap.
BNB Price Forecast
BNB (BNB) surged to a new all-time high above $1,084 on Thursday and continued its ascent on Friday.
The BNB/USDT pair has broken above the ascending channel pattern, indicating increasing bullish momentum. There’s minor resistance at $1,173, but surpassing this could lead to a rally extending to $1,252.
The breakout level from the channel and the 20-day EMA ($1,004) should provide strong support on the downside. Sellers must drive the BNB price below $930 to suggest a possible top.
Solana Price Forecast
Buyers drove Solana (SOL) back above the uptrend line on Wednesday, indicating the end of the corrective phase.
A pullback from the current level is likely to find support at the 20-day EMA ($220). If that occurs, the SOL/USDT pair may rally to the resistance level at $260. Sellers will likely defend the $260 level fiercely; a close above it could propel Solana to $295.
For sellers to regain control, they must pull the price below the 50-day simple moving average ($212).
Dogecoin Price Forecast
Dogecoin (DOGE) closed above the 20-day EMA ($0.24) on Wednesday, showing a slight bullish edge.
Despite the DOGE/USDT pair being caught in a large range between $0.14 and $0.29, the price action is forming an ascending triangle pattern. Buyers need to close above $0.29 to complete the bullish setup, potentially reaching a pattern target of $0.39.
This bullish pattern would be invalid if bears pull the price below the uptrend line, suggesting further consolidation.
Cardano Price Forecast
Cardano’s (ADA) recovery surpassed the 50-day SMA ($0.86) on Thursday, signaling decreasing selling pressure.
To confirm the end of the correction, buyers must push the Cardano price above the resistance line. The ADA/USDT pair could then aim for $1.02, where selling is expected.
If the price declines from the current level or resistance line and breaks below the 20-day EMA ($0.84), it indicates that bears are taking advantage of the rallies. The pair could then drop to the $0.75 support level.
Related: XRP price reclaims $3, opening the way for 40% gains in October
Hyperliquid Price Forecast
Hyperliquid (HYPE) rose above the moving averages on Thursday, indicating solid buying at lower levels.
The relief rally may face resistance at the 61.8% Fibonacci retracement level of $51.87. If the price drops from $51.87 but rebounds off the moving averages, it signals bullish sentiment. The HYPE/USDT pair could then rise to $59.41.
If the price declines and breaks below the moving averages, it indicates bearish activity at higher levels, potentially dropping to $43, and then to $39.68.
Chainlink Price Forecast
Chainlink (LINK) rose above the 20-day EMA ($22.35) on Wednesday, but bulls are encountering resistance near the downtrend line.
If the price slips below the 20-day EMA, it suggests that the LINK/USDT pair may stay within the descending channel for a few more days.
The first indication of strength will be a break and close above the downtrend line. Should that happen, Chainlink could rally to $26 and then to $27. Sellers may attempt to halt the advance near $27, but if bulls dominate, the rally could reach $30.94.
Sui Price Forecast
Sui (SUI) climbed above the moving averages on Wednesday, showing a reduction in selling pressure.
If buyers maintain the price above the moving averages, the SUI/USDT pair could rise to the downtrend line. Sellers are expected to defend this line vigorously, as a breakthrough could propel Sui to $4.20 and subsequently to $4.44.
If the price declines and breaks below the moving averages, it indicates bears are still active. The pair may then drop to the support zone between $3.26 and $3.06.
This article does not provide investment advice or recommendations. Every investment carries risk, and readers should conduct their own research before making decisions.
