Key points:
Bitcoin saw profit-taking on Tuesday, but the minor pullback indicates that bulls are not panicking, expecting the upward trend to persist.
Numerous altcoins bounced off their support levels, demonstrating buying interest at lower prices.
Bitcoin (BTC) declined sharply on Tuesday, but sellers failed to push the price below $120,000, indicating solid demand at lower levels. The bulls have driven the price above $123,000 and will next strive to overcome the resistance at $124,474.
Analysts remain optimistic about BTC’s potential in October, historically the second-best month on average since 2013, with an average gain of 20.75%, as per CoinGlass data. Economist Timothy Peterson mentioned on X that there’s a 50% likelihood of BTC finishing the month above $140,000.
While the trend remains bullish, caution is advised, as failure to maintain levels above $126,000 could lead to another selling wave. The next decline may test the $120,000 support, with analysts expecting further support between $118,000 and $114,000.
Will BTC initiate the next phase of the uptrend, lifting altcoins in its wake? Let’s dive into the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC climbed to a new all-time high of $126,199 on Monday, but the bulls could not hold those levels.
The BTC/USDT pair fell below the breakout level of $124,474 on Tuesday. The rising 20-day exponential moving average ($118,110) and the positive relative strength index (RSI) signal that bulls still have the upper hand.
Buyers will make another attempt to resume the uptrend by pushing Bitcoin above $126,199. If successful, the BTC/USDT pair could rise to $138,154.
If the price continues to decline and drops below the 20-day EMA, it indicates that the market has rejected the breakout above $124,474. The pair could then descend to the 50-day simple moving average ($114,276).
Ether price prediction
Ether (ETH) closed above the resistance line on Monday, but bears pushed the price back below this level on Tuesday.
The ETH/USDT pair is attempting to find support at the moving averages, signaling buyers are working to maintain control. Buyers will make another push to clear the resistance line and challenge the all-time high of $4,957.
Conversely, if the price falls below the moving averages, it indicates that bears are taking control. The Ether price could then drop to the $4,060 support, where buyers are expected to step in.
BNB price prediction
BNB (BNB) has shown a robust uptrend over the past several days, indicating steady buying by the bulls.
The bears are attempting to cap the uptrend at $1,350, but the minor pullback implies that bulls are holding their positions in anticipation of the rally continuing. If buyers push the price beyond $1,350, the BNB/USDT pair could surge to $1,394 and subsequently to $1,479.
Bears need to pull BNB below the 61.8% Fibonacci retracement level of $1,217 to initiate a deeper correction towards the 20-day EMA ($1,097). Buyers are expected to fiercely defend the 20-day EMA, as a drop below it would signify weakening momentum.
XRP price prediction
The repeated inability of bulls to sustain XRP (XRP) above the downtrend line in recent days suggests aggressive defense from bears.
The XRP price dropped and fell below the moving averages on Tuesday, indicating the XRP/USDT pair may remain within a bearish descending triangle for an extended period. Sellers will aim to strengthen their position by dropping the price below the $2.69 support. If successful, the pair could initiate a downward move towards $2.33.
This negative outlook can be invalidated if the price turns up and closes above the downtrend line, potentially propelling the pair to $3.20 and then to $3.38.
Solana price prediction
Solana (SOL) has been steadily ascending within an ascending channel for several days.
If the price falls below the 50-day SMA ($216), the SOL/USDT pair could retrench to the support line. Buyers are expected to defend this support, as a break could lead to declines towards $191 and then $175.
Conversely, if the price rebounds from current levels and climbs above the 20-day EMA ($222), it would indicate buying on dips. Bulls would then seek to push Solana to the resistance line.
Dogecoin price prediction
Dogecoin (DOGE) retreated from $0.27 on Tuesday but is finding support at the 50-day SMA ($0.24).
Bulls will attempt to propel Dogecoin above $0.27, challenging significant overhead resistance at $0.29. If buyers succeed, the DOGE/USDT pair could initiate a new uptrend towards the target of $0.39.
However, sellers may have different plans, aiming to drag the price to the uptrend line, a critical level for bulls to defend. If bears prevail and push the price below the uptrend line, the ascending triangle pattern could be invalidated, keeping the pair within the $0.14 to $0.29 range for a while longer.
Cardano price prediction
Cardano (ADA) closed above the 50-day SMA ($0.85) on Monday, but bulls were unable to hold the higher levels.
The ADA/USDT pair fell below the 20-day EMA ($0.83) on Tuesday, suggesting that Cardano could remain inside the descending triangle pattern for a few more days. Selling pressure might increase if bears pull the price below the $0.75 support, paving the way for a decline to $0.68 and then $0.60.
Buyers need to push the price above the resistance line to negate the bearish outlook, potentially rallying the pair to $0.95 and then $1.02.
Related: DOGE price gained 445% the last time this indicator flashed green
Hyperliquid price prediction
Hyperliquid (HYPE) declined from the 61.8% Fibonacci retracement level of $51.87 on Sunday, indicating bearish sentiment during rallies.
The next downside support is at $43. If the price rapidly rebounds from $43, it suggests demand at lower levels. The HYPE/USDT pair may consolidate between $43 and $52 for some time.
Bulls gain an advantage if they push the Hyperliquid price above $52, potentially retesting the all-time high of $59.41. Conversely, a break below $43 could lead the pair to $39.68.
Chainlink price prediction
Chainlink (LINK) declined from the resistance line on Tuesday and fell below the 20-day EMA ($22.31).
Bulls are unlikely to concede easily, aiming to push Chainlink price above the resistance line. Success would suggest that the corrective phase might be over, allowing the LINK/USDT pair to initiate an upward move to $25.64 and then $27.
Alternatively, if the price turns down from the resistance line and falls below $21.47, it indicates continued bearish control. The pair may then remain within the descending channel pattern for a while longer.
Sui price prediction
Buyers were unable to drive Sui (SUI) to the downtrend line in recent days, signaling that bears are selling during rallies.
The flat 20-day EMA ($3.48) and the RSI around the midpoint do not provide a clear advantage to either bulls or bears. Should Sui price drop and remain below the moving averages, the following stop is likely the support line.
Conversely, if the price sharply climbs from the current level and breaks above the downtrend line, it signals a bullish comeback. The SUI/USDT pair could leap to $4 and potentially reach $4.44 subsequently.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
