Highlights:
Strong inflows into Bitcoin spot ETFs indicate that bullish market sentiment is reinstating, suggesting a potential rally toward a new all-time high.
BNB is spearheading the recovery among altcoins, with several poised to breach their resistance levels.
On Friday, Bitcoin (BTC) approached $123,900, continuing its ascent toward the all-time high of $124,474. The rise is fueled by robust demand from bulls, with U.S. spot BTC ETFs showing $2.25 billion in inflows since Monday, as reported by Farside Investors.
Analysts predict a surge in BTC, with Capriole Investments’ founder Charles Edwards telling Cointelegraph that BTC might reach $150,000 before year-end as investors look for safe-haven assets alongside gold.
Despite the positive indicators for continued uptrends, some analysts express caution. Trader Roman noted on X that the relative strength index (RSI) for BTC shows bearish divergence on both weekly and monthly charts. He advised traders to “proceed with caution.”
Will BTC soar to a new all-time high, triggering a corresponding rally in altcoins? Let’s delve into the analysis of the top 10 cryptocurrencies.
Bitcoin Price Forecast
BTC broke above the $117,500 resistance level on Wednesday, signaling a return of buyer dominance.
The BTC/USDT pair has reached the vicinity of $124,474, where bears are anticipated to defend strongly. If the price sharply declines from this level and falls below $117,500, it would indicate bear activity at higher levels, potentially keeping Bitcoin between $107,000 and $124,474 for a longer period.
Conversely, if buyers propel the price above $124,474, it would indicate a resumption of the uptrend, possibly leading to a rally to $141,948.
Ether Price Forecast
Ether (ETH) closed above the 20-day exponential moving average ($4,309) on Wednesday and reached the resistance line on Friday.
The gradual upward turn of the 20-day EMA and the RSI moving into positive territory are positive signs for the bulls. Sellers may attempt to pause the recovery at the resistance line, but if buyers prevail, the ETH/USDT pair might retest the all-time high of $4,957.
Bears need to pull the price below the 20-day EMA to end the bullish momentum, potentially dropping Ether to $4,060.
XRP Price Forecast
XRP (XRP) rose above the downtrend line on Thursday, yet couldn’t sustain a close above it.
Buyers are working to maintain XRP above the downtrend line. Success here would invalidate the bearish descending triangle pattern. If so, the XRP/USDT pair could rise to $3.20 and later to $3.38.
This positive outlook will be diminished if the price retracts and falls below the moving averages, which would suggest that the breakout may have been a bull trap.
BNB Price Forecast
BNB (BNB) surged to a new all-time high above $1,084 on Thursday and continued to rise on Friday.
The BNB/USDT pair has surged beyond the ascending channel, indicating strengthened bullish momentum. There’s slight resistance at $1,173; if breached, the rally may extend to $1,252.
The breakout level from the channel and the 20-day EMA ($1,004) are likely to provide robust support on the downside. Sellers need to push the BNB price below $930 to suggest a potential top in the short term.
Solana Price Forecast
Solana (SOL) was pushed back above the uptrend line on Wednesday, signaling an end to the corrective phase.
Any decline from this level could find support at the 20-day EMA ($220). If that occurs, the SOL/USDT pair may rally to the overhead resistance of $260. Sellers are expected to fiercely defend the $260 mark, as closing above it could drive Solana to $295.
To make a comeback, sellers will need to push 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, indicating a slight bullish trend.
While the DOGE/USDT pair remains within a broad range between $0.14 and $0.29, the price is forming an ascending triangle pattern. Buyers need to close above $0.29 to complete the bullish setup, opening the door for a rally to the pattern target of $0.39.
This bullish setup will be invalidated if the bears manage to pull the price below the uptrend line, suggesting prolonged consolidation.
Cardano Price Forecast
Cardano’s (ADA) recovery surpassed the 50-day SMA ($0.86) on Thursday, indicating diminishing selling pressure.
For a clear signal of a correction end, buyers must push Cardano’s price above the resistance line. This could lead the ADA/USDT pair to target $1.02, where bears are anticipated to intervene.
If the price declines from the current level or the resistance line and drops below the 20-day EMA ($0.84), it suggests bearish pressure, with the pair potentially falling to $0.75 support.
Related: XRP price reclaims $3, paving the way for 40% gains in October
Hyperliquid Price Forecast
Hyperliquid (HYPE) surged past the moving averages on Thursday, indicating solid demand at lower levels.
The relief rally may encounter selling pressure at the 61.8% Fibonacci retracement level of $51.87. If the price retraces from this level but holds above the moving averages, it suggests bullish sentiment. The HYPE/USDT pair could then rise to $59.41.
Conversely, if the price falls below the moving averages, it indicates bearish activity, potentially causing Hyperliquid’s price to drop to $43, then $39.68.
Chainlink Price Forecast
Chainlink (LINK) climbed above the 20-day EMA ($22.35) on Wednesday, but faces resistance around the downtrend line.
If the price declines and stays below the 20-day EMA, the LINK/USDT pair may remain within the descending channel for additional days.
The first indication of strength would be a break and close above the downtrend line, potentially allowing Chainlink’s price to rise to $26, then $27. Sellers could attempt to halt the increase at $27, but if the bulls overpower, a rally to $30.94 could follow.
Sui Price Forecast
Sui (SUI) ascended above the moving averages on Wednesday, suggesting reduced selling pressure.
If buyers keep the price above the moving averages, the SUI/USDT pair may rise to the downtrend line. Sellers are likely to defend this level fiercely, as a breach could propel Sui’s price to $4.20, and later to $4.44.
Should the price turn down and fall below the moving averages, it suggests bearish sentiment lingering. The pair could then drop to the $3.26 to $3.06 support zone.
This article does not constitute investment advice or recommendations. All investments and trading carry risks; readers should perform their own research prior to making a decision.
