Main Highlights:
Bitcoin staged a significant rebound on Wednesday, yet traders might encounter substantial selling pressure around $117,500.
Many prominent altcoins are likely to experience selling on upward movements, but BNB and AVAX could resume their upward trajectory.
Bitcoin (BTC) surged past $113,900 on Wednesday, suggesting that bullish investors are actively buying during dips. Strategy Executive Chairman Michael Saylor remarked on CNBC that ongoing purchases by large BTC exchange-traded funds on behalf of institutional investors, alongside a rise in corporate BTC adoption, could reignite the BTC rally as the year draws to a close.
Glassnode’s latest weekly report also indicated that BTC might reach a new all-time high, although they cautioned that history typically shows the cycle is nearing its end. The present BTC cycle bears resemblance to the 2015–2018 and 2018–2022 bull runs, where all-time highs were achieved “just 2–3 months after the current stage when measured from the cycle low.”
Nonetheless, not everyone shares a positive outlook for BTC’s future. CryptoQuant’s head of research, Julio Moreno, noted in a post on X that whales have net sold 147,000 BTC since August 21. This has led to a swift decline in total whale holdings, marking the fastest monthly drop of this cycle.
Can BTC withstand selling pressure from bears and reach $117,500? Will altcoins follow BTC’s upward movement? Let’s delve into the charts of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Forecast
BTC is experiencing a relief rally, expected to encounter strong selling at the moving averages.
If the price sharply declines from the moving averages, the chance of a drop to $107,000 increases. Buyers are anticipated to defend the $107,000 level vigorously, as a decrease below it would form a bearish double-top pattern, potentially leading to a drop to $100,000 and eventually to the target of $89,526.
On the other hand, if buyers manage to break through the moving averages, the BTC/USDT pair may surge to $117,500. Sellers could present a significant challenge at $117,500, but if bulls prevail, the Bitcoin price might reach $120,000.
Ether Price Forecast
Buyers are attempting to keep Ether (ETH) above the $4,060 level but may face heavy selling on relief rallies.
If the price drops from the 20-day exponential moving average (EMA) ($4,393), the likelihood of a breakdown below the $4,060 support increases. Should this occur, the ETH/USDT pair might plunge to $3,745 and subsequently to the target of $3,426.
Conversely, if the price rises and surpasses the 20-day EMA, it suggests a potential range formation. The Ether price could oscillate between $4,060 and $4,957 for a while.
XRP Price Forecast
XRP (XRP) has been moving within a descending triangle, commonly seen as a topping pattern.
The bears need to pull the price below the $2.69 mark to finalize the bearish configuration. If successful, selling may intensify, pushing the XRP/USDT pair down to $2.20.
To avert this downside, buyers must promptly drive the XRP price above the downtrend line, invalidating the bearish setup and paving the way for a rally towards $3.40.
BNB Price Forecast
BNB (BNB) rebounded from the 20-day EMA ($957) on Tuesday, suggesting bullish sentiment and buying during dips.
Bulls will aim to consolidate their position by pushing the price above the $1,083 resistance. If achieved, the BNB/USDT pair may begin the next upward phase towards $1,187.
If the price retreats from the current level or the overhead resistance, breaking below the 20-day EMA suggests bears are selling on upward movements, increasing the risk of a decline towards the 50-day simple moving average (SMA) ($882).
Solana Price Forecast
Solana (SOL) dipped below the uptrend line on Wednesday, yet bulls are attempting to stabilize the pullback at the 50-day SMA ($206).
Sellers are unlikely to concede easily and will strive to pull the price below the 50-day SMA. If successful, the SOL/USDT pair could fall to $185 and eventually to $175, indicating Solana may continue to hover within the large $110 to $260 range for several more days.
Alternatively, breaking and closing above the 20-day EMA implies robust buying on dips, prompting bulls to push the price to $260, where strong selling is anticipated from bears.
Dogecoin Price Forecast
Dogecoin (DOGE) is finding support at the 50-day SMA ($0.23), showing that bulls are defending the level vigorously.
The relief rally is projected to face selling at the 20-day EMA ($0.25). If the price sharply declines from the 20-day EMA, the likelihood of a drop to $0.21 increases, suggesting the DOGE/USDT pair may stay within the broad $0.14 to $0.29 range for an extended period.
In contrast, a move above the 20-day EMA indicates demand at lower levels. Bulls will then attempt to drive the Dogecoin price to $0.29, a crucial level for bears to defend, as a breakthrough above $0.29 would clear the path for a rise to $0.35 and then to $0.44.
Cardano Price Forecast
Buyers are striving to defend the $0.78 support in Cardano (ADA), although relief rallies are likely to be met with selling pressure.
Should the price retract from the 20-day EMA ($0.86), bears will attempt another effort to push the ADA/USDT pair below $0.78. If they succeed, the Cardano price could drop to $0.68.
However, buyers likely have other plans. They will try to push the price back into the triangle and ensnare aggressive bears. An upward movement is anticipated to gain traction above the resistance line, potentially leading to a rally towards $1.02.
Related: XRP price prepares for ‘major trend shift’ with $4 in reach: Analyst
Hyperliquid Price Forecast
Hyperliquid (HYPE) dropped below the uptrend line on Tuesday, indicating that bulls are exiting the market.
The 20-day EMA ($50.67) has begun to decline, and the relative strength index (RSI) hovers around 41, suggesting that the HYPE/USDT pair may have peaked in the short term. Sellers will likely attempt to thwart any recovery attempt at the 20-day EMA. Should they succeed, the Hyperliquid price may decline to $40 and subsequently to $35.
This pessimistic outlook will be nullified in the near future if bulls can sustain the pair above the 20-day EMA. The pair may then revisit the all-time peak at $59.
Chainlink Price Forecast
Buyers have effectively defended the uptrend line in Chainlink (LINK), but they are struggling to initiate a robust bounce.
The moving averages have formed a bearish crossover, and the RSI is in the negative zone, indicating an advantage for sellers. Any recovery is anticipated to meet selling at the 20-day EMA ($23.11). A downturn from the 20-day EMA and a break below the uptrend line signal that bears are regaining control, with the LINK/USDT pair possibly descending to $18.
Buyers must drive the Chainlink price over the downtrend line to seize the advantage, with the pair then aiming towards the $27 overhead resistance.
Avalanche Price Forecast
Avalanche (AVAX) sharply rebounded from the 20-day EMA ($30.71) on Monday, but bulls failed to overcome the overhead resistance at $36.17 on Tuesday.
A minor positive for the bulls is their relatively strong position against the bears. The rising 20-day EMA and the RSI in the overbought zone show that the least resistant direction is upward. If buyers manage to keep the price above $36.17, the AVAX/USDT pair could surge towards the target of $39.49 and then up to $45.
The initial indication of weakness will be a breakdown and close beneath the 20-day EMA, suggesting that short-term traders are locking in profits. The AVAX price could then drop to $27.38.
This article does not constitute investment advice or recommendations. Every investment involves risk, and readers are encouraged to conduct their own research before making any financial decisions.
