Key points:
For the first time in seven years, Bitcoin is facing the possibility of finishing October in the red.
Multiple altcoins have retraced to significant support levels, suggesting selling during recoveries.
Bitcoin (BTC) bulls are striving to keep the price above $110,000, but bearish sentiment persists. This raises the chances of BTC experiencing its first negative October close in seven years. Following a disappointing October, attention turns to November, historically averaging a return of 46.02%, based on CoinGlass data.
A number of analysts are adopting a bearish outlook on BTC, hinting at a potential cycle peak influenced by its four-year halving cycle. Conversely, some, like BitMEX’s Arthur Hayes, argue that BTC’s four-year cycle has become obsolete.
Predicting the status of the four-year cycle remains uncertain, yet a net outflow of $959.1 million from spot BTC exchange-traded funds over the last two days, according to Farside Investors’ data, indicates that institutional investors are adopting a cautious stance in the short term.
What key support levels should we monitor for BTC and major altcoins? Let’s take a closer look at the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC rebounded from the range’s lower boundary near $107,000 on Thursday, showcasing that bulls are keen to protect this level.
A recovery rally may encounter resistance at the 20-day exponential moving average ($111,557). A sharp decline from this EMA would heighten the likelihood of a dip below $107,000, potentially completing a double-top pattern and resulting in a fall to $100,000.
Alternatively, a decisive close above the 20-day EMA suggests that Bitcoin could continue trading within the $107,000 to $126,199 range for an extended period.
Ether price prediction
Ether (ETH) bounced off the descending channel’s support line on Thursday, indicating buying interest at lower levels.
This recovery may face resistance at the moving averages. Should this occur, sellers will aim to push the Ether price below the support line, which could lead to a decline to $3,350.
Buyers must lift the price above the moving averages to remain within the channel. A significant upward movement is likely if the price breaks and closes above the resistance line.
BNB price prediction
BNB (BNB) is in a fierce tussle between bulls and bears at the 50-day simple moving average ($1,084).
A downturn from the 20-day EMA ($1,113) followed by a close below the 50-day SMA would signify a deeper correction, potentially dropping the BNB/USDT pair to $1,021 and subsequently to $932.
Conversely, a close above the 20-day EMA indicates bullish attempts. The BNB price could then surge toward the 38.2% Fibonacci retracement level of $1,156, potentially attracting selling pressure. A close above $1,156 would pave the way for a rise to the 61.8% retracement level of $1,239.
XRP price prediction
XRP (XRP) dipped below the 20-day EMA ($2.54) on Thursday, signifying that bears are attempting to take control.
Sellers will aim to fortify their position by dragging the XRP price to the $2.32 to $2.19 support region. Buyers are anticipated to strongly defend this zone; a close below it could lead to further declines, with the XRP/USDT pair potentially dropping to $1.90.
Time is of the essence for bulls. They must quickly push the price above the moving averages to gain momentum. A change in trend will be signaled by a close above the downtrend line.
Solana price prediction
Solana (SOL) is currently trading within a symmetrical triangle pattern, reflecting uncertainty about the next direction.
If the price falls below the uptrend line, the SOL/USDT pair could plunge to the strong support at $155. Buyers are expected to react strongly at this level; a breach could sink the pair to $140.
If the price rebounds from the uptrend line and breaks above the 20-day EMA ($194), it suggests that the pair may stay within the triangle for a longer period. A move above the resistance line would signal buyers regaining control.
Dogecoin price prediction
Buyers are making efforts to hold Dogecoin (DOGE) above the $0.17 support, but a weak bounce indicates that selling pressure persists.
If the $0.17 level fails, the DOGE/USDT pair could fall to the $0.14 support. Buyers will attempt to maintain the Dogecoin price within this range, defending the $0.14 level, but failure could lead to a slide to $0.10.
Strength will first be suggested by a break and close above the $0.21 overhead resistance. This could potentially allow the pair to rise to the 50-day SMA ($0.22) and later aim for a rally to the significant resistance at $0.29.
Cardano price prediction
Cardano (ADA) continued its downward trend, breaching the $0.59 support on Thursday, signaling ongoing bearish control.
Remaining below the $0.59 level could propel the ADA/USDT pair to a strong support at $0.50, where buyers are likely to vigorously defend. A drop below this level could initiate a new downtrend.
On the upside, a break and close above the 20-day EMA ($0.66) would suggest that bearish momentum is weakening. The Cardano price could then rise to the breakdown level of $0.75 and further to the downtrend line.
Related: XRP price continues to decline despite the upcoming Ripple Swell event
Hyperliquid price prediction
Sellers once again prevented bulls from propelling the Hyperliquid (HYPE) price beyond the $51.50 overhead resistance on Thursday, dragging it down to the 20-day EMA ($43.10).
Buyers are attempting to uphold the 20-day EMA, but selling pressure remains intense. A breakdown below this EMA could see the HYPE/USDT pair decline to the neckline and then to $35.50.
This negative outlook will be challenged if the Hyperliquid price rebounds and breaches $51.50. The pair could then soar to the all-time high of $59.41.
Chainlink price prediction
Buyers sought to drive Chainlink (LINK) past the 20-day EMA ($18.24) on Wednesday, but bears maintained their position.
With downsloping moving averages and a relative strength index in negative territory, bearish control appears intact. The Chainlink price could potentially drop to the $15.43 support, where bulls are expected to enter.
To signal strength, buyers need to push and stabilize the price above the 20-day EMA. The LINK/USDT pair may then advance toward the resistance line, which is a vital level to monitor.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has been confined between the 20-day EMA ($530) and the resistance line for several days.
Bulls must push and maintain Bitcoin Cash price above the resistance line to indicate a possible trend reversal. The BCH/USDT pair could subsequently surge to $615 and later to $651.
Conversely, if the price declines and breaches the 20-day EMA, it suggests the pair may remain in the falling wedge pattern for a bit longer, potentially sliding to $500 and then $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.
