Key points:
- Bitcoin showed significant gains on Wednesday, but sellers are anticipated to exert pressure near $117,500.
- Some prominent altcoins may encounter selling during rallies, though BNB and AVAX could continue their upward momentum.
Bitcoin (BTC) surpassed $113,900 on Wednesday, demonstrating that buyers are actively accumulating on dips. Strategy Executive Chairman Michael Saylor mentioned on CNBC that sustained purchasing by large BTC exchange-traded funds for institutional investors, combined with a rise in corporate BTC adoption, may contribute to a rally later this year.
Glassnode’s latest report indicates BTC could potentially reach a new all-time high, though it also suggests that historical trends indicate the current cycle is in a late phase. The present cycle demonstrates parallels with the bull runs of 2015–2018 and 2018–2022, with all-time highs typically occurring just 2–3 months beyond our current position from the cycle low.
On the other hand, some analysts remain cautious about BTC’s outlook. CryptoQuant’s head of research, Julio Moreno, noted on X that whales have sold a net total of 147,000 BTC since August 21, leading to the fastest monthly decline in total whale holdings observed in this cycle.
Can BTC fend off bear selling pressure and rise to $117,500? Will altcoins follow BTC’s trend? Let’s delve into the charts of the top 10 cryptocurrencies to analyze further.
Bitcoin price prediction
BTC has initiated a relief rally, which is likely to encounter significant selling at the moving averages.
If the price declines sharply from the moving averages, the likelihood of a drop to $107,000 increases. Buyers are expected to defend the $107,000 level vigorously, as falling below it would complete a bearish double-top pattern, possibly triggering a decline to $100,000 and eventually reaching a target of $89,526.
Conversely, if buyers manage to break through the moving averages, the BTC/USDT pair could ascend to $117,500. While substantial resistance is expected at this level, a breakthrough could propel Bitcoin’s price to $120,000.
Ether price prediction
Buyers are striving to keep Ether (ETH) above the $4,060 level, but significant selling pressure is anticipated during relief rallies.
If the price retreats from the 20-day exponential moving average (EMA) ($4,393), it raises the risk of a drop below the $4,060 support level. Should this occur, the ETH/USDT pair could plummet to $3,745 and, subsequently, to a target of $3,426.
However, if the price rebounds and breaks above the 20-day EMA, it may indicate the formation of a trading range. The Ether price could fluctuate between $4,060 and $4,957 for a period.
XRP price prediction
XRP (XRP) is currently trading within a descending triangle, typically seen as a bearish formation.
The bears would need to push the price below $2.69 to complete the bearish setup. If this happens, selling pressure may intensify, pushing the XRP/USDT pair down toward $2.20.
To stave off further declines, buyers must quickly push the XRP price above the downtrend line. This could invalidate the bearish trend and set the stage for a rally to $3.40.
BNB price prediction
BNB (BNB) rebounded off the 20-day EMA ($957) on Tuesday, signaling that traders remain optimistic and are buying on dips.
The bulls will aim to consolidate their position by pushing the price above the $1,083 resistance level. If successful, the BNB/USDT pair could initiate a new upward trend toward $1,187.
On the other hand, if the price retraces from the current level or the overhead resistance and drops below the 20-day EMA, it suggests sellers are taking advantage of rallies, increasing the likelihood of a slide to the 50-day simple moving average (SMA) ($882).
Solana price prediction
Solana (SOL) fell below the uptrend line on Wednesday, but bulls are attempting to stabilize the price at the 50-day SMA ($206).
Sellers are likely to persist, striving to pull the price below the 50-day SMA. If they succeed, the SOL/USDT pair could decline to $185 and eventually to $175, suggesting that Solana may remain within the broad $110 to $260 range for a while longer.
Conversely, a break and close above the 20-day EMA indicates robust buying interest. The bulls would then seek to elevate the price to $260, where sellers are expected to resist strongly.
Dogecoin price prediction
Dogecoin (DOGE) is finding support at the 50-day SMA ($0.23), suggesting that buyers are firmly defending this level.
The relief rally is likely to meet selling at the 20-day EMA ($0.25). A sharp downturn from this point would increase the chances of a fall to $0.21, indicating the DOGE/USDT pair may remain within the extensive $0.14 to $0.29 range for an extended period.
In contrast, breaking above the 20-day EMA would reflect demand at lower levels, enabling bulls to push Dogecoin’s price to $0.29. This level is critical for bears, as a breach would clear the way for potential rallies to $0.35 and then $0.44.
Cardano price prediction
Buyers are attempting to uphold support at $0.78 for Cardano (ADA), but relief rallies are likely to be met with selling.
If the price declines from the 20-day EMA ($0.86), the bears may make another attempt to drive the ADA/USDT pair below $0.78. If successful, the Cardano price could fall to $0.68.
However, buyers may have different strategies in mind. They will likely try to push the price back into the triangle formation, potentially trapping aggressive bears. A move above the resistance line could pave the way for a rally to $1.02.
Related: XRP price prepares for ‘major trend shift’ with $4 in reach: Analyst
Hyperliquid price prediction
Hyperliquid (HYPE) dropped below the uptrend line on Tuesday, signaling a rush of bulls exiting.
The 20-day EMA ($50.67) has started to decline, and the relative strength index (RSI) is approaching 41, suggesting the HYPE/USDT pair might be nearing a peak. Sellers are expected to resist any recovery attempts at the 20-day EMA. If successful, the Hyperliquid price could drop to $40 and further to $35.
This bearish perspective will be invalidated if the bulls can maintain the pair above the 20-day EMA, which may lead to a retest of the all-time high at $59.
Chainlink price prediction
Chainlink (LINK) buyers have managed to defend the uptrend line but are struggling to initiate a strong rebound.
The moving averages have formed a bearish crossover, and the RSI is in negative territory, indicating bears currently hold the advantage. Any recovery is likely to face resistance at the 20-day EMA ($23.11). A downturn from the 20-day EMA that breaks below the uptrend line would suggest bears are regaining control, potentially causing the LINK/USDT pair to fall to $18.
Buyers need to push Chainlink’s price above the downtrend line for a stronger position. If they succeed, the price may rise toward the $27 overhead resistance.
Avalanche price prediction
Avalanche (AVAX) rebounded sharply from the 20-day EMA ($30.71) on Monday, but bulls were unable to breach the overhead resistance at $36.17 on Tuesday.
A slight positive for the bulls is that they have not lost significant ground to the bears. The increasing 20-day EMA and the RSI indicating overbought conditions suggest an upward path ahead. If buyers maintain the price above $36.17, the AVAX/USDT pair could surge to a target of $39.49 and potentially to $45.
A break and close below the 20-day EMA would signify weakness, suggesting traders are booking profits. In such a case, AVAX price could decline 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.
