Key takeaways:
Bitcoin showed impressive gains on Wednesday, though buyers may confront significant resistance around $117,500.
Many major altcoins could experience selling during rallies, but BNB and AVAX might continue their upward trend.
Bitcoin (BTC) surged past $113,900 on Wednesday, suggesting that bullish traders are actively purchasing during dips. Strategy Executive Chairman Michael Saylor mentioned on CNBC that ongoing acquisitions by large BTC exchange-traded funds for institutional investors and growing corporate adoption of BTC could trigger a rally towards year’s end.
According to Glassnode’s latest report, there is potential for BTC to reach a new all-time high; however, it noted that patterns in history indicate this cycle may be nearing its conclusion. Current cycle trends seem similar to the bull runs from 2015–2018 and 2018–2022, where all-time highs appeared only 2–3 months after the cycle low.
That said, not all experts are optimistic about BTC’s future. Julio Moreno, head of research at CryptoQuant, noted in a post on X that whales have offloaded 147,000 BTC since August 21. This has led to whale holdings decreasing at the fastest monthly rate of the current cycle.
Can BTC overcome bearish pressures to rise to $117,500? Will altcoins follow BTC’s lead? Let’s examine the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Forecast
BTC has initiated a relief rally, but significant selling is anticipated at the moving averages.
If the price sharply declines from the moving averages, the likelihood of a drop to $107,000 increases. Buyers are expected to fervently defend this level as a breach could mark a bearish double-top pattern, potentially leading to a decline towards $100,000 and a target of $89,526.
Conversely, if buyers successfully breach the moving averages, the BTC/USDT pair could climb to $117,500. While sellers will likely present significant resistance at this level, overcoming it could propel Bitcoin’s price to $120,000.
Ether Price Forecast
Buyers are striving to keep Ether (ETH) above the $4,060 mark but anticipate facing heavy selling on any relief rallies.
A downturn from the 20-day exponential moving average (EMA) ($4,393) would heighten the chances of a break below the $4,060 support. Should that occur, the ETH/USDT pair might plummet to $3,745 and subsequently reach a target of $3,426.
In contrast, if the price rises and surpasses the 20-day EMA, it may indicate a potential range formation, allowing Ether’s price to fluctuate between $4,060 and $4,957 for a while.
XRP Price Forecast
XRP (XRP) is currently trading within a descending triangle, which typically acts as a topping pattern.
The bears need to push the price below $2.69 to complete the bearish formation. If achieved, selling pressure could escalate, potentially driving the XRP/USDT pair downward towards $2.20.
To avoid this downward movement, buyers must quickly push the XRP price above the downtrend line, invalidating the bearish setup and opening the door for a rise to $3.40.
BNB Price Forecast
BNB (BNB) rebounded from the 20-day EMA ($957) on Tuesday, signaling that market sentiment remains positive, with traders buying on dips.
The bulls will aim to strengthen their position by driving the price above the $1,083 resistance. If they succeed, the BNB/USDT pair could initiate the next upward leg towards $1,187.
On the other hand, a downturn from the current level or overhead resistance leading to a break below the 20-day EMA would suggest that bears are capitalizing on rallies, increasing the risk of a decline to the 50-day simple moving average (SMA) ($882).
Solana Price Forecast
Solana (SOL) fell below the uptrend line on Wednesday, but bullish traders are attempting to stop the decline at the 50-day SMA ($206).
Sellers are not likely to relent and will aim to push the price below the 50-day SMA. If they succeed, the SOL/USDT pair could drop to $185 and potentially to $175, indicating that Solana may linger within the broad range of $110 to $260 for a bit longer.
Alternatively, a break and close above the 20-day EMA would suggest consistent buying on dips. This could encourage bulls to target the price at $260, where significant resistance may be encountered.
Dogecoin Price Forecast
Dogecoin (DOGE) is currently finding support at the 50-day SMA ($0.23), indicating that bulls are vigorously defending this level.
The relief rally is likely to face resistance at the 20-day EMA ($0.25). A sharp decline from this level would increase the possibility of a drop to $0.21, suggesting that the DOGE/USDT pair may stay within the larger range of $0.14 to $0.29 for a while longer.
Conversely, if the price moves above the 20-day EMA, it indicates demand at lower levels. This could lead bulls to push the Dogecoin price to $0.29, a critical level for bears to defend, as a breach above $0.29 would open the path for rallies to $0.35 and eventually $0.44.
Cardano Price Forecast
Cardano (ADA) buyers are attempting to safeguard the $0.78 support, but relief rallies are expected to face significant selling pressure.
If the price decreases from the 20-day EMA ($0.86), bears will attempt to lower the ADA/USDT pair below $0.78. A successful break could result in a decline to $0.68.
However, buyers are likely to counteract this by pushing the price back into the triangle to trap aggressive bears. If this movement gains traction, it could lead to a rally towards $1.02.
Related: XRP price prepares for ‘major trend shift’ with $4 in sight: Analyst
Hyperliquid Price Forecast
Hyperliquid (HYPE) dropped below the uptrend line on Tuesday, signaling that bulls are hastily retreating.
The 20-day EMA ($50.67) has begun to decline, and the relative strength index (RSI) nears the 41 mark, indicating that the HYPE/USDT pair may have peaked recently. Sellers are likely to resist any recovery attempt at the 20-day EMA. If they succeed, the Hyperliquid price may drop to $40 and then to $35.
This bearish outlook would be invalidated if bulls manage to push and maintain the pair above the 20-day EMA, which could result in a retest of the all-time high at $59.
Chainlink Price Forecast
Chainlink (LINK) buyers have successfully upheld the uptrend line but are struggling to initiate a substantial rebound.
The moving averages have formed a bearish crossover, and the RSI is positioned in the negative range, suggesting an advantage for sellers. Any upward movement is likely to encounter selling around the 20-day EMA ($23.11). If the price declines from this EMA and breaches the uptrend line, it indicates that bears are reasserting control. This could lead to a drop in the LINK/USDT pair to $18.
To reclaim the upper hand, buyers need to drive the Chainlink price above the downtrend line. This may allow the pair to rise towards the $27 resistance level.
Avalanche Price Forecast
Avalanche (AVAX) experienced a sharp uptick from the 20-day EMA ($30.71) on Monday, yet bulls failed to surpass the overhead resistance at $36.17 on Tuesday.
A notable positive for bulls is their ability to maintain ground against sellers. The rising 20-day EMA and the RSI in overbought territory suggest an upward trend is more likely. If buyers drive and sustain the price above $36.17, the AVAX/USDT pair could soar to the pattern target of $39.49 and then to $45.
Any initial sign of weakness would be a close below the 20-day EMA, indicating profit-taking by short-term traders. This could potentially lead the AVAX price to fall to $27.38.
This article does not constitute investment advice or recommendations. Each investment and trading decision involves risks, and readers are encouraged to conduct their own research prior to making any decisions.
