Key points:
For the first time in seven years, Bitcoin is poised to end October with a loss.
Numerous altcoins have retraced to pivotal support levels, reflecting selling on recovery attempts.
Bitcoin (BTC) bulls are striving to keep the price above $110,000, but bearish pressure persists. This heightens the possibility of BTC experiencing its first negative October close in seven years. Following this month’s poor performance, attention turns to November, which historically sees an average gain of 46.02%, per CoinGlass data.
Many analysts are adopting a bearish outlook on BTC, hinting at a potential cycle peak in light of its four-year halving cycle. However, some, including BitMEX’s Arthur Hayes, argue that BTC’s four-year cycle has lost relevance.
While it’s challenging to definitively state whether the four-year cycle has concluded, net outflows of $959.1 million from spot BTC exchange-traded funds in the last two days, according to Farside Investors, suggest that institutional investors are currently cautious.
What key support levels should we monitor for BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC rebounded from the lower end of the range around $107,000 on Thursday, showing that bulls are actively defending this level.
The relief rally may encounter resistance at the 20-day exponential moving average ($111,557). A sharp decline from this EMA would increase the likelihood of breaking below $107,000. Should this occur, the BTC/USDT pair might complete a double-top pattern, potentially sinking to $100,000.
In contrast, a break and close above the 20-day EMA implies that Bitcoin could stay within the $107,000 to $126,199 range for a while longer.
Ether price prediction
Ether (ETH) rebounded from the support line of the descending channel pattern on Thursday, indicating buying interest at lower levels.
The recovery could face resistance at the moving averages. If this happens, bears may attempt to push the Ether price below the support line. Success in this effort could lead to a drop in the ETH/USDT pair to $3,350.
Buyers must elevate the price above the moving averages to maintain the pair within the channel. The next upward movement is likely to commence following a break and close above the resistance line.
BNB price prediction
BNB (BNB) is currently engaged in a fierce struggle between bulls and bears at the 50-day simple moving average ($1,084).
If the price declines from the 20-day EMA ($1,113) and closes below the 50-day SMA, it signals the onset of a deeper correction. The BNB/USDT pair could fall to $1,021 and subsequently to $932.
Conversely, if the price closes above the 20-day EMA, it suggests that bulls are attempting to regain control. The BNB price could then rise to the 38.2% Fibonacci retracement level of $1,156, which may prompt selling. A close above $1,156 would pave the way for a rally to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) dropped below the 20-day EMA ($2.54) on Thursday, indicating that bears are attempting to maintain their edge.
Sellers will aim to bolster their position by pushing the XRP price to the $2.32 to $2.19 support zone. Buyers are anticipated to defend this support zone vigorously, as a decline below it could escalate selling pressure. The XRP/USDT pair may then plummet to $1.90.
Bulls must act quickly to push the price above the moving averages in order to regain momentum. A potential trend reversal will be indicated by a close above the downtrend line.
Solana price prediction
Solana (SOL) has been fluctuating within a symmetrical triangle pattern, highlighting uncertainty regarding the next directional move.
If the price drops below the uptrend line, the SOL/USDT pair could decline to the reliable support at $155. Buyers are expected to rigorously defend this level, as a breach could result in a drop to $140.
If the price reverses from the uptrend line and surpasses the 20-day EMA ($194), it suggests that the pair may remain within the triangle for a while longer. Buyers will regain control once they push Solana’s price above the resistance line.
Dogecoin price prediction
Buyers are trying to hold Dogecoin (DOGE) above the $0.17 support, but the slight rebound signals persistent bearish pressure.
If the $0.17 level fails, the DOGE/USDT pair could drop to the $0.14 support. Buyers will attempt to keep the Dogecoin price within the range by defending the $0.14 level; should they fail, the pair might descend to $0.10.
The first indication of strength will be a break and close above the $0.21 overhead resistance. Should this occur, the pair may then rise to the 50-day SMA ($0.22) and subsequently aim for the significant overhead resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued to decline, breaching the $0.59 support on Thursday, indicating that bears remain dominant.
Should the price stay below the $0.59 level, the ADA/USDT pair could nosedive to the solid support at $0.50. Buyers are anticipated to fiercely support this level, as a drop below it may trigger a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) would suggest that bears are losing their grip. The Cardano price could then advance to the breakdown level of $0.75 and ultimately to the downtrend line.
Related: XRP price continues to struggle despite the upcoming Ripple Swell event
Hyperliquid price prediction
Sellers have again thwarted efforts by bulls to push the Hyperliquid (HYPE) price above the $51.50 resistance on Thursday, causing a drop to the 20-day EMA ($43.10).
Buyers are striving to defend the 20-day EMA, but bears maintain selling pressure. If the price breaches the 20-day EMA, the HYPE/USDT pair could drop to the neckline and then to $35.50.
This bearish outlook will be negated in the short term if the Hyperliquid price rises and breaks above $51.50. The pair could then rally to the all-time high of $59.41.
Chainlink price prediction
Buyers attempted to propel Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but bears remained steadfast.
The declining moving averages and a relative strength index in negative territory indicate that bears continue to hold sway. The Chainlink price may consequently drop to the $15.43 support, where bulls are expected to intervene.
Buyers must push and sustain the price above the 20-day EMA to demonstrate strength. The LINK/USDT pair might then progress toward the resistance line, a crucial level to monitor.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has fluctuated between the 20-day EMA ($530) and the resistance line for several days.
Bulls must push and maintain Bitcoin Cash’s price above the resistance line to indicate a potential trend reversal. The BCH/USDT pair might then rally to $615 and later to $651.
Conversely, if the price declines and breaks below the 20-day EMA, it suggests the pair could linger in the falling wedge pattern for a few more days. The pair may slide to $500 and subsequently to $475.
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.
