key points:
- Bitcoin has reached an important support level, as a break below the $79,000 level could deepen the pullback.
- Several major altcoins are facing selling pressure, indicating that the bears remain in play.
Bitcoin (btc) extended its retreat on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term.
Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the last bear market, and when it did, A new bull market has begun. Interestingly, BTC has risen comfortably above the Ichimoku cloud, making comparisons to previous bear market cycles weak.
A more bullish forecast came from Maelstrom’s Chief Investment Officer Arthur Hayes, who said in a Substack post that BTC “recapturing $126,000 is a foregone conclusion.” he hopes BTC will gain momentum After breaking above $90,000, where “many call over-writers will rush to cover when their strike expires.”
Hayes expects that the AI sector race with China and the ongoing war with Iran will result in money printing, which will benefit the crypto ecosystem.
The bullish outlook for BTC is not shared by everyone. A BTC whale, known with the nickname ‘pension-usdt.eth’ Short 1,000 BTC, worth about $81 millionWith 3x leverage. The trade, which was opened when BTC was at $67,990, is down about $13 million, but the trader confirmed on X that he was still short because “the trade makes sense.”
Can BTC and major altcoins bounce off their support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
bitcoin price prediction
BTC has fallen to the 20-day exponential moving average ($79,092), which is an important near-term support to watch.
BTC/USDT daily chart. Source: Cointelegraph/trading view
If the price bounces back strongly from the 20-day EMA, bulls will try to push the BTC/USDT pair above the $84,000 resistance. If they succeed, the BTC price is expected to rally and rise to $92,000 and then $97,924.
This bullish view will be invalidated in the near term if the price continues lower and falls below the 20-day EMA. This shows that traders are booking profits. This could trigger a deeper pullback towards the 50-day simple moving average ($74,571) and the subsequent support line.
ether price prediction
ether (ETH) attempted to start a recovery from the 50-day SMA ($2,245), but the long wick on the candlestick indicates selling at higher levels.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
A break and close below the 50-day SMA opens the door for a decline to the support line of the ascending channel pattern. Buyers are expected to fiercely defend the support line, as a close below it could sink the ETH/USDT pair to $1,916.
The first sign of strength would be a break and close above the $2,465 resistance. The price of ETH could then rise to the resistance line, which is an important level to watch. Breaking the resistance line could take the pair to $3,050.
bnb price prediction
bnb(bnb) bounced off the 20-day EMA ($643) on Tuesday and reached overhead resistance at $687 on Wednesday.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA and RSI near the overbought zone indicate that bulls have the upper hand. A close above the $687 level opens the door for a rally to $730 and later $790.
Sellers need to push BNB price below the 50-day SMA ($623) to weaken the bullishness. If they manage to do so, the BNB/USDT pair may consolidate in the range of $570 to $687 for some time.
xrp price prediction
XRP (xrp) has been stuck between the descending channel pattern’s downtrend line and moving average for the past few days.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
A strong consolidation below a key resistance shows that the bulls are holding their positions as they expect an upside breakout. If the downtrend line is scaled down, the XRP/USDT pair could rise to $1.61. Sellers are expected to defend the $1.61 level with all their might, as a close above it signals a possible trend change. After this the price of XRP may increase to $2.40.
Conversely, a close below the moving average suggests that the bulls have given up. After this the pair may drop to the $1.27 level, where buyers are expected to come.
solana price prediction
Solana (Fifth note of musical scale) fell below the $98 resistance on Tuesday, indicating that bears are active at higher levels.
SOL/USDT Daily Chart. Source: Cointelegraph/TradingView
The 20-day EMA ($89) and the RSI in the positive zone indicate profits for buyers. If the price rises above the 20-day EMA, the bulls will again attempt to break the $98 resistance. If they can overcome this, the SOL/USDT pair could climb to $106 and then $117.
This positive outlook will be negated in the near term if SOL price continues lower and falls below the 20-day EMA. Such a move suggests that the pair may continue to oscillate between $76 and $98 for some more time.
dogecoin price prediction
Dogecoin (Doge) bounced off the 20-day EMA ($0.10) on Tuesday, indicating bulls are viewing the decline as a buying opportunity.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
The bulls tried to overcome the overhead barrier at $0.12, but are facing significant resistance from the bears. However, if the bulls prevail, the DOGE/USDT pair could rise to $0.14 and then $0.16.
Sellers likely have other plans. They will attempt to defend the overhead resistance and pull the DOGE price below the 20-day EMA. If they do, the pair could extend its stay within the range of $0.09 to $0.12 for a few more days.
hyperliquid price prediction
hyperliquid (Publicity) continued down and broke below the 50-day SMA ($40.55) on Tuesday, indicating profit-taking by short-term traders.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
If the price drops below $38.70, it suggests that the HYPE/USDT pair may have topped out in the near term. After this the price of HYPE may fall to $34.45.
Buyers face a difficult task. Any recovery attempt is expected to face selling at the 20-day EMA ($41.56) and then in the $43.76 to $45.77 area. Bulls need to drive and sustain the price above the $45.77 level to signal the resumption of bullishness. Then the pair may rise to $50.
Connected: Will Bitcoin reach $100K in Q2? Strategy’s STRC unlocks ability to buy 3K BTC in two days
cardano price prediction
Cardano (ADA) The pullback is attempting to find support at the 20-day EMA ($0.26), but bears remain under pressure.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
If the price continues lower and breaks below the moving averages, it suggests that the ADA/USDT pair may remain within the range of $0.22 to $0.31 for a few more days.
Buyers will have to fiercely defend the moving average and initiate a bounce into it to signal strength. ADA price may then rise to $0.29 and later $0.31. Sellers are expected to defend the $0.31 level, as a close above it signals the beginning of a new uptrend. The pair may rise to $0.36 and eventually to the pattern target of $0.40.
zcash price prediction
zcash (Zak) bounced off the $560 level on Tuesday, but bulls could not maintain the momentum on Wednesday.
ZEC/USDT daily chart. Source: Cointelegraph/TradingView
If ZEC price closes below the breakout level of $560, it will indicate profit booking by short-term traders. The ZEC/USDT pair could then drop to the 20-day EMA ($481). If the 20-day EMA is broken, a deeper correction towards $400 could start.
Conversely, if the price bounces strongly off the 20-day EMA, it suggests that bulls remain in charge. After this, buyers will make another attempt to push the price above the $643 level. If they succeed, the pair could rise to $750.
bitcoin cash price prediction
Bitcoin Cash (BCH) fell below the moving averages and $443 support on Tuesday, indicating bears have the lead.
BCH/USDT daily chart. Source: Cointelegraph/TradingView
Sellers will try to pull the BCH price to the solid support at $419. Buyers are expected to aggressively defend the $419 level, as a close below it could resume the downtrend. The next level of decline could be $375.
Instead, if the price rises sharply above $419 and breaks above the moving averages, it would suggest that the BCH/USDT pair may remain range-bound for some more time. A close above $486 will put buyers back in the driver’s seat.
