Important points:
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Bitcoin experienced profit taking on Tuesday, but the shallow pullback suggests the bulls are in no rush to head for the exit as they expect the uptrend to continue.
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Many altcoins have rebounded from support levels and are showing buys at lower levels.
Bitcoin (BTC) fell sharply on Tuesday, but the bears were unable to push the price below $120,000. This suggests that demand is strong even at lower levels. The bulls have pushed the price above $123,000 and will next try to break the $124,474 overhead hurdle.
Analysts were bullish on the outlook for BTC in October, with an average gain of 20.75%, making it the second-best performing month on average since 2013, according to CoinGlass data. Economist Timothy Peterson said in a post on X that there is a 50% chance that BTC will end the month above $140,000.
Although the trend is still up, traders should be cautious as a sell-off could begin again if the price rises and sustains above $126,000. The next drop could risk breaking the $120,000 support. If that happens, analysts expect support in the $118,000 to $114,000 range.
Can BTC start the next leg of its uptrend and push altcoins higher? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
Bitcoin price prediction
BTC rose to an all-time high of $126,199 on Monday, but the bulls were unable to sustain that high level.
The BTC/USDT pair turned lower and fell below Tuesday’s breakout level of $124,474. The 20-day exponential moving average ($118,110) is rising and the relative strength index (RSI) is in positive territory, indicating that the bulls have the upper hand.
Buyers will try to restart the uptrend by pushing Bitcoin price above $126,199. If they can pull it off, the BTC/USDT pair could rise to $138,154.
Conversely, if the price continues to decline and dips below the 20-day EMA, it would suggest that the market has rejected a break above $124,474. Thereafter, the pair could fall to the 50-day simple moving average ($114,276).
Ether price prediction
Ether (ETH) closed above the resistance line on Monday, but bears have pushed the price back below Tuesday’s levels.
The ETH/USDT pair is trying to gain support at the moving averages, indicating that the bulls are trying to maintain control. Buyers will make another attempt to break through the resistance line and challenge the all-time high of $4,957.
Conversely, if the price falls below the moving average, it suggests that the bears are trying to take control. Ether price may then fall to the $4,060 support, where buyers are expected to intervene.
BNB price prediction
BNB (BNB) has been on a strong uptrend over the past few days, indicating continued bullish buying.
The bears are looking to halt the uptrend at $1,350, but the shallow drop suggests that the bulls are maintaining their positions in anticipation of the rally continuing. If buyers push the price above $1,350, the BNB/USDT pair could soar to $1,394 and then $1,479.
The bears need to push BNB price below the 61.8% Fibonacci retracement level of $1,217 to initiate a deeper correction at the 20-day EMA ($1,097). We expect buyers to protect the 20-day EMA with all their might, as a break below the 20-day EMA would indicate weakening momentum.
XRP price prediction
The failure of the bulls to sustain XRP (XRP) above the downtrend line over the past few days suggests that the bears are actively defending the level.
XRP price turned lower on Tuesday, falling below the moving average. This indicates that the XRP/USDT pair may remain within a bearish descending triangle pattern for a little longer. Sellers will look to strengthen their positions by pushing the price below the $2.69 support. If successful, the pair could start to fall towards $2.33.
This negative view will be invalidated in the short term if the price rises and closes above the downtrend line. This could cause the pair to surge to $3.20 and then $3.38.
Solana price prediction
Solana (SOL) has been gradually rising within an ascending channel pattern for several days.
If the price falls below the 50-day SMA ($216), the SOL/USDT pair could fall to the support line. Buyers are expected to defend the support line, as a fall below the support line could trigger a fall to $191 and then $175.
Conversely, if the price rises from current levels and crosses the 20-day EMA ($222), it will be a buy signal. Thereafter, the bulls will try to push Solana price up to the resistance line.
Dogecoin price prediction
Dogecoin (DOGE) is down from $0.27 on Tuesday, but has found support at the 50-day SMA ($0.24).
The bulls will try to push Dogecoin price above $0.27 and challenge the stiff overhead resistance at $0.29. If buyers overcome this hurdle, the DOGE/USDT pair could start a new uptrend towards the pattern target of $0.39.
The seller may have other plans. They will try to push the price up to the uptrend line, which is an important level for the bulls to protect. If the bears gain the upper hand and the price breaks below the uptrend line, the developing ascending triangle pattern will be canceled. This could cause the pair to remain within the $0.14 to $0.29 range for some time.
Cardano price prediction
Cardano (ADA) closed above its 50-day SMA ($0.85) on Monday, but the bulls were unable to sustain higher levels.
The ADA/USDT pair turned lower and fell below the 20-day EMA ($0.83) on Tuesday. This suggests that Cardano price may remain within the descending triangle pattern for a few more days. The selling may accelerate if the bears push the price below the $0.75 support. This opens the door for a fall to $0.68 and then $0.60.
Buyers will need to push the price above the resistance line to override the bearish setup. The pair could rise to $0.95 and then $1.02.
Related: The last time this indicator flashed green, DOGE price rose 445%
Super liquidity price prediction
Hyper Liquid (HYPE) fell from the 61.8% Fibonacci retracement level of $51.87 on Sunday, indicating that bears are selling on the rebound.
The next downside support is $43. If the price rises sharply from $43, it suggests demand at lower levels. The HYPE/USDT pair may consolidate between $43 and $52 for some time.
The advantage will shift in their favor if the bulls push HyperLiquid price above $52. Thereafter, the pair could retest the all-time high of $59.41. On the downside, if the price falls below $43, it could fall to $39.68.
Chainlink price prediction
Chainlink (LINK) fell from resistance on Tuesday and fell below the 20-day EMA ($22.31).
The bulls are unlikely to give up easily and will once again try to push Chainlink’s price above the resistance line. If that happens, it would suggest that the correction phase may be over. The LINK/USDT pair could start rising to $25.64 and then rise to $27.
Alternatively, if the price declines from the resistance line and falls below $21.47, it would indicate that the bears are still in control. The pair may then spend more time within a descending channel pattern.
Sui price prediction
Buyers have been unable to push SUI (SUI) above the downtrend line over the past few days, indicating that the bears are rallying and selling.
The flat 20-day EMA ($3.48) and RSI near the midpoint do not give a clear advantage to either the bulls or bears. If Sui’s price slides and falls below the moving average, the next stop could be the support line.
Instead, if the price rises sharply from current levels and breaks above the downtrend line, it would indicate that the bulls are recovering. The SUI/USDT pair could soar to $4 and then reach $4.44.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.