Highlights:
Bitcoin showed significant recovery on Wednesday; however, sellers are anticipated to emerge around $117,500.
Major altcoins may face selling pressure during rallies, yet BNB and AVAX could continue their upward trajectories.
Bitcoin (BTC) surpassed $113,900 on Wednesday, suggesting that buyers are actively purchasing during dips. Strategy Executive Chairman Michael Saylor remarked on CNBC that steady buying from large BTC exchange-traded funds for institutional investors, along with heightened corporate adoption of BTC, may reignite the BTC rally as the year concludes.
According to Glassnode’s weekly report, BTC could achieve a new all-time high, though historical patterns indicate that the current cycle is nearing its end. The present cycle of BTC exhibits resemblances to the bullish phases of 2015–2018 and 2018–2022, where all-time highs emerged just 2–3 months after the cycle low.
Nonetheless, not all analysts are optimistic regarding BTC’s future. CryptoQuant’s head of research, Julio Moreno, noted on X that whales have net sold 147,000 BTC since August 21, resulting in the total whale holdings declining at the fastest monthly rate observed in the current cycle.
Will BTC withstand bearish selling and reach $117,500? Will altcoins follow BTC’s lead? Let’s analyze the charts of the top 10 cryptocurrencies to uncover the answers.
Bitcoin price forecast
BTC has initiated a relief rally that is likely to encounter significant selling at the moving averages.
A sharp decline from the moving averages will increase the likelihood of a drop to $107,000. Buyers are expected to rigorously defend this level, as a breach below it will complete a bearish double-top pattern, potentially initiating a decline to $100,000 and eventually the target of $89,526.
On the other hand, if buyers breach the moving averages, the BTC/USDT pair may rise to $117,500. While sellers will provide significant resistance at this level, a successful challenge may see Bitcoin’s price extend to $120,000.
Ether price forecast
Buyers are attempting to keep Ether (ETH) above the $4,060 threshold but face considerable selling during relief rallies.
If the price retreats from the 20-day exponential moving average (EMA) ($4,393), the odds of breaking below the $4,060 support will increase. In that case, the ETH/USDT pair may plummet to $3,745 and further to the target of $3,426.
Conversely, if the price rises above the 20-day EMA, it indicates the potential for range formation, with Ether expected to oscillate between $4,060 and $4,957 for a period.
XRP price forecast
XRP (XRP) is currently trading within a descending triangle, typically a bearish setup.
The bears must pull the price below $2.69 to finalize the bearish setup. If they succeed, selling pressure could escalate, driving the XRP/USDT pair to $2.20.
To avert such a scenario, buyers need to propel the XRP price above the downtrend line, which would invalidate the bearish configuration and possibly set the stage for a rally to $3.40.
BNB price forecast
BNB (BNB) rebounded from the 20-day EMA ($957) on Tuesday, signaling that sentiment remains optimistic as traders continue to buy on dips.
The bulls will aim to solidify their position by pushing the price above $1,083 resistance. A successful move could initiate the next phase of the uptrend toward $1,187.
Nevertheless, if the price declines from the current level or the overhead resistance and falls below the 20-day EMA, it suggests that bears are capitalizing on rallies, increasing the likelihood of a decline to the 50-day simple moving average (SMA) ($882).
Solana price forecast
Solana (SOL) dipped below the uptrend line on Wednesday, but bulls are attempting to halt the decline at the 50-day SMA ($206).
Sellers are unlikely to relent, striving to push the price below the 50-day SMA. If they manage that, the SOL/USDT pair may fall to $185 and then to $175. This indicates that Solana price may remain within the wider $110 to $260 range for a few more days.
In contrast, a break and close above the 20-day EMA signifies solid dip-buying, prompting bulls to attempt to drive the price toward $260, where strong selling is anticipated from the bears.
Dogecoin price forecast
Dogecoin (DOGE) is finding support at the 50-day SMA ($0.23), indicating robust defense by the bulls.
The relief rally is expected to encounter selling at the 20-day EMA ($0.25). A sharp downturn from this point increases the chances of a decline to $0.21, suggesting that the DOGE/USDT pair may stay within the broader $0.14 to $0.29 range for a bit longer.
In contrast, a breakout above the 20-day EMA indicates demand at lower levels, prompting bulls to aim for $0.29. This level is crucial for bears to defend; a breach would pave the way for a rally to $0.35 and then $0.44.
Cardano price forecast
Buyers are trying to support Cardano (ADA) at $0.78, but relief rallies are likely to face selling pressure.
If the price retreats from the 20-day EMA ($0.86), bears will attempt once more to drive the ADA/USDT pair below $0.78. If successful, the Cardano price could tumble to $0.68.
However, buyers may have other strategies. They could try to push the price back into the triangle and catch aggressive bears off-guard. A strong upward movement is anticipated beyond the resistance line, facilitating a rise to $1.02.
Related: XRP price prepares for ‘major trend shift’ with $4 in reach: Analyst
Hyperliquid price forecast
Hyperliquid (HYPE) collapsed below the uptrend line on Tuesday, signifying that bulls are hastily exiting.
The 20-day EMA ($50.67) has started descending, and the relative strength index (RSI) is near 41, indicating the possibility of a near-term peak for the HYPE/USDT pair. Sellers may try to thwart any recovery attempt at the 20-day EMA. If successful, the Hyperliquid price could decline to $40 and subsequently to $35.
This pessimistic view may be challenged in the near term if bulls push and maintain the pair above the 20-day EMA, potentially retesting the all-time high at $59.
Chainlink price forecast
Chainlink (LINK) buyers have successfully defended the uptrend line but are struggling to generate a robust bounce off it.
The moving averages have completed a bearish crossover, and the RSI is in the negative zone, indicating a bearish advantage. Any recovery is likely to confront selling at the 20-day EMA ($23.11). If the price retreats from this EMA and breaches the uptrend line, it suggests that bears are regaining control, potentially leading the LINK/USDT pair to decline to $18.
Buyers must elevate the Chainlink price above the downtrend line to gain momentum. The pair may then ascend towards the $27 overhead resistance.
Avalanche price forecast
Avalanche (AVAX) sharply rebounded from the 20-day EMA ($30.71) on Monday, yet bulls failed to overcome the resistance at $36.17 on Tuesday.
A slight advantage for the bulls is that they have not ceded significant territory to the bears. The ascending 20-day EMA and an RSI in overbought territory suggest that the path of least resistance is upward. If buyers manage to maintain the price above $36.17, the AVAX/USDT pair could surge to the pattern target of $39.49 and then to $45.
The initial warning sign for weakness will be if the price breaks and closes below the 20-day EMA, indicating profit booking by short-term traders. The AVAX price may then tumble to $27.38.
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.
