Key points:
On Tuesday, Bitcoin faced some profit booking, but the minor pullback indicates that bulls are not abandoning the trend, expecting the uptrend to persist.
Several altcoins rebounded from their support levels, signaling purchases at lower prices.
Bitcoin (BTC) saw a sharp decline on Tuesday, yet bears couldn’t drive the price below $120,000, implying strong demand at lower levels. The bulls managed to push the price above $123,000 and will next focus on overcoming the resistance at $124,474.
October is viewed positively by analysts for BTC, historically the second-best month since 2013, with an average increase of 20.75%, as reported by CoinGlass. Economist Timothy Peterson noted on X that there’s a 50% chance BTC could end the month above $140,000.
Even though the trend stays bullish, traders should proceed with caution as failure to maintain above $126,000 could lead to another wave of selling. The next downturn may challenge the $120,000 support level. Should this occur, analysts expect support to emerge between $118,000 and $114,000.
Will BTC initiate the next phase of the uptrend and lift altcoins? Let’s delve into the charts of the top 10 cryptocurrencies to uncover the answer.
Bitcoin price prediction
BTC reached a new all-time high of $126,199 on Monday, but the bulls couldn’t hold the high ground.
The BTC/USDT pair declined and fell under the breakout level of $124,474 on Tuesday. The increasing 20-day exponential moving average (EMA) ($118,110) and a relative strength index (RSI) in positive territory suggest bulls retain an advantage.
Buyers will make another attempt to reignite the uptrend by pushing Bitcoin’s price above $126,199. If they achieve this, the BTC/USDT pair may ascend to $138,154.
However, if the price continues to drop and breaches the 20-day EMA, it would indicate market rejection of the breakout above $124,474. The pair might then drop to the 50-day simple moving average (SMA) ($114,276).
Ether price prediction
Ether (ETH) closed above its resistance trendline on Monday, but bears pushed the price back below that level on Tuesday.
The ETH/USDT pair is attempting to find support at the moving averages, indicating bulls are trying to maintain control. Buyers will make one more effort to break past the resistance line and reach the all-time high of $4,957.
If the price falls below the moving averages, it suggests the bears are regaining control. If this occurs, Ether’s price may decline to the $4,060 support, where buyers are expected to enter.
BNB price prediction
BNB (BNB) has shown strong upward momentum in recent days, indicating continued buying from bulls.
Bears are attempting to halt the uptrend at $1,350, but the shallow pullback indicates bulls are holding their positions, expecting the rally to persist. If buyers push the price above $1,350, the BNB/USDT pair could surge to $1,394 and then to $1,479.
Bears need to pull BNB’s price below the 61.8% Fibonacci retracement level of $1,217 to initiate a deeper correction towards the 20-day EMA ($1,097). The bulls will likely defend the 20-day EMA assertively, as a breach below suggests diminishing momentum.
XRP price prediction
Repeated failures by bulls to maintain XRP (XRP) above the downtrend line in recent days indicate that bears are aggressively defending this level.
XRP’s price fell and dipped below the moving averages on Tuesday. This suggests that the XRP/USDT pair may continue to operate within the bearish descending triangle pattern for an extended period. Sellers will aim to strengthen their position by pulling the price below the $2.69 support. If successful, the pair may commence a downward trend toward $2.33.
This negative perspective will be countered in the short term if the price rallies and closes above the downtrend line, which could propel the pair to $3.20 and subsequently to $3.38.
Solana price prediction
Solana (SOL) has been steadily climbing within an ascending channel pattern for several days.
If the price breaks below the 50-day SMA ($216), the SOL/USDT pair could decline to the support line. Buyers are anticipated to defend the support line robustly, as a breach could lead to a downward shift to $191 and subsequently to $175.
Conversely, if the price rebounds from the current level and rises above the 20-day EMA ($222), it indicates buying on dips. The bulls will then aim to drive Solana’s price to the resistance line.
Dogecoin price prediction
Dogecoin (DOGE) fell from $0.27 on Tuesday but is finding support at the 50-day SMA ($0.24).
Bulls will attempt to lift Dogecoin’s price above $0.27 and confront the strong overhead resistance at $0.29. If buyers break through this barrier, the DOGE/USDT pair could kickstart a new upward trend targeting the pattern goal of $0.39.
Sellers may have other intentions. They will attempt to drag the price to the uptrend line, a crucial level for bulls to uphold. If bears succeed in pulling the price below the uptrend line, the evolving ascending triangle pattern will be invalidated, potentially keeping the pair within the $0.14 to $0.29 range for a longer duration.
Cardano price prediction
Cardano (ADA) closed above the 50-day SMA ($0.85) on Monday, but the bulls couldn’t maintain momentum.
The ADA/USDT pair declined and fell below the 20-day EMA ($0.83) on Tuesday. This suggests that Cardano’s price might stay within the descending triangle pattern for a few more days. If bears drive the price below the $0.75 support, selling could intensify, leading to declines towards $0.68 and subsequently to $0.60.
To invalidate the bearish setup, buyers will need to push the price above the resistance line, which could lead to a rally towards $0.95 and then to $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, hinting that bears are selling on rallies.
The next potential support is at $43. If the price sharply bounces from $43, it indicates demand at lower levels. The HYPE/USDT pair may consolidate between $43 and $52 for a period.
Bulls will gain an advantage if they manage to push Hyperliquid’s price above $52, potentially retesting the all-time high at $59.41. Conversely, a drop below $43 could send the pair down to $39.68.
Chainlink price prediction
Chainlink (LINK) retreated from the resistance line on Tuesday, falling below the 20-day EMA ($22.31).
Bulls are unlikely to surrender easily, and they will again try to lift Chainlink’s price above the resistance line. If successful, it suggests the corrective phase may be nearing its end, allowing the LINK/USDT pair to initiate an upward movement to $25.64 and eventually to $27.
If the price instead pivots down from the resistance line and drops below $21.47, it indicates that bears maintain control. The pair could then linger in the descending channel pattern for some time.
Sui price prediction
Buyers have failed to push Sui (SUI) to the downtrend line in recent days, indicating bears are active in selling at higher levels.
The flat 20-day EMA ($3.48) and RSI at the midpoint fail to provide a clear advantage to either side. If Sui’s price falls and remains below the moving averages, the next target is likely to be the support line.
Conversely, a sharp rise from the current level that breaks the downtrend line signals bulls are reclaiming momentum. The SUI/USDT pair could then jump to $4, with potential higher targets of $4.44 later.
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.
