Important points
- Bitcoin has now reached an important support. If it breaks below the $79,000 mark, the price could fall further.
- The bears still remain active in this game, as several major altcoins face selling pressure.
BitcoinBTCThe price of BTC fell further on Wednesday to below the $80.000 level. Analysts are still optimistic regarding BTC’s future prospects.
CRG, an analyst, said on X in a blog post that BTC had not broken above the Ichimoku clouds even one time during the last bear market. And when it finally did, a new bull market started. BTC, interestingly, has been able to rise above the Ichimoku clouds, making it difficult to compare with previous bear markets.
Arthur Hayes of Maelstrom, chief investment officer at Substack said that BTC is likely to rise. “retaking the $126,000 is a foregone conclusion.” He expects BTC to pick up momentum After breaking through $90,000. “many call over-writers will rush to cover as their strike gets taken out.”
Hayes predicts that money will be printed in order to support the crypto eco-system, due to the AI sector competition with China as well the current war with Iran.
BTC bullishness isn’t shared by all. The BTC Whale, also known as ‘pension.usdt.eth’, is short 1,000 BTC, worth roughly $81 millionThe trader used 3x to leverage the deal. This trade was made when BTC stood at $68,990. It is now down $13,000,000, and the trader has confirmed to X that he remains short. “the trade makes sense.”
BTC, and other major altcoins, could they rebound from the support level? We’ll find out by analyzing the charts for the 10 most popular cryptocurrencies.
Bitcoin price prediction
BTC is now below the exponential 20-day moving average of $79,092, which represents a near-term critical support.
BTC/USDT chart for the day. Source: Cointelegraph/TradingView
The bulls are likely to try and push the BTC/USDT over the resistance of $84,000 if they can successfully rebound off the 20 day EMA. The BTC/USDT pair is likely to gain momentum if they are successful, and will then skyrocket to $92,000, and then to $97.924.
The bullish opinion will become invalid in the near future if the prices continue to fall and break below the 20 day EMA. This suggests that traders are taking profits. It may trigger a more significant pullback, possibly towards the simple 50-day average of $74,571 and eventually to the support level.
Price prediction for Ether
EtherETH( ) tried to recover from the SMA 50-day ($2,245) but the long candlestick showed selling at higher prices.
Daily chart of the ETH/USDT pair. Source: Cointelegraph/TradingView
If the SMA is broken and closed below 50 days, it opens up the possibility of a fall to the line support in the ascending-channel pattern. It is likely that buyers will fiercely defend this support line as it could sink the pair of ETH/USDT to $1 916 if the close falls below.
A break above and a close over the $2.465 resistance will signal strength. It is important to keep an eye on the ETH price as it may rise to the critical resistance level. If the resistance line is broken, the pair could be catapulted to $3,050.
BNB price prediction
BNBBNB) rebounded off the 20-day EMA ($643) on Tuesday and reached the $687 overhead resistance on Wednesday.
BNB/USDT chart for the day. Source: Cointelegraph/TradingView
Bulls are in control of the market when the 20-day EMA is upsloping and the RSI close to the zone of overboughtness. Close above $687 opens up the possibility of a rally towards $730, and then to $790.
Sellers must lower the BNB’s price below the SMA 50 days ($623) in order to stifle the bulls. If sellers are able to pull the BNB price back below the 50-day SMA ($623), they will weaken the bulls.
XRP price prediction
The XRP currency (XRPFor the past couple of days, ) was stuck between the downward-trending line of the pattern descending channel and the moving medians.
Chart of XRP/USDT for the day. Source: Cointelegraph/TradingView
The bulls may be holding their positions in anticipation of an upward breakout if they are forming a tight condensate below a key resistance. If the downtrend is scaled back, the pair XRP/USDT could surge up to $1.61. The sellers are likely to fight hard for the $1.61 mark, since a break above this level signals that a trend could change. The XRP rate could soar up to $2.40.
A close below moving averages indicates that bulls are giving up. It is possible that the pair will then drop to $1.27, which would be where buyers step in.
Solana price prediction
Solana (SOL() has turned downwards from $98 on Tuesday. This indicates that bears have been active at higher prices.
SOL/USDT chart for the day. Source: Cointelegraph/TradingView
Buyers are in a better position if the 20-day EMA is upsloping ($89) or RSI is positive. Bulls may try to breach the $98 barrier if the price bounces off the 20 day EMA. The SOL/USDT may reach $106, and eventually $117, if they are successful.
In the short term, this positive outlook will be negated if SOL continues to fall and breaches below the 20 day EMA. This suggests the pair could continue to fluctuate between $76-$98 for some time.
Dogecoin price prediction
DogecoinDOGE) bounced off the 20-day EMA ($0.10) on Tuesday, indicating that the bulls are viewing the dips as a buying opportunity.
Chart for DOGE/USDT. Source: Cointelegraph/TradingView
Bulls have tried to break through the overhead $0.12 barrier but bears are providing significant resistance. If the bulls win, DOGE/USDT may rise to $0.14, and then to $0.16.
The sellers will likely have different plans. They’ll try to defend the overhead support and drag the DOGE below the 20 day EMA. The pair could stay in the range of $0.09-$0.12 for several more days if they manage to do this.
Hyperliquid price prediction
Hyperliquid (HYPEThe price continued to fall and fell below the 50 day SMA ($40.55), indicating short-term traders taking profit.
Chart of HYPE/USDT for the day. Source: Cointelegraph/TradingView
It is possible that if the HYPE/USDT price drops below $38.70 in the short term, the pair has reached its maximum. The price of HYPE may fall to $34.45 at that point.
It is a tough road ahead for buyers. Recovery attempts are expected to be met with selling near the 20-day EMA (41.56), and later in the range of $43.76 to $45.77. Bulls must drive the price and maintain it above $45.77 to indicate a resumption in the upward movement. It is possible that the pair will then rise to $50.
Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days
Cardano price prediction
Cardano’s (ADAThe 20-day EMA is attempting support ($0.26) but the bears are continuing to put pressure.
Chart for ADA/USDT on a daily basis. Source: Cointelegraph/TradingView
The ADA/USDT may stay in the range of $0.22-$0.31 for a couple more days if the price breaks lower.
The buyers will need to defend moving averages with vigor and begin a bounce off them to show strength. The ADA may rise up to $0.29, and then to $0.31. The $0.31 mark is expected to be defended by sellers, since a break above this level indicates a start of an upward trend. It is possible that the pair will reach $0.36, and then eventually $0.40.
Zcash price prediction
ZcashZECThe bulls failed to maintain momentum in the market on Wednesday.
ZEC/USDT Daily Chart Source: Cointelegraph/TradingView
Short-term traders will book profits if the ZEC price falls below $560. If the ZEC/USDT is unable to hold above $560, it may fall below the 20-day EMA (481). If the 20-day EMA breaks, a deeper correction could begin to 400.
In contrast, if price bounces with force off 20-day EMA it indicates the bulls still have the upper hand. The buyers will make one last attempt to push the price over the $643 mark. If the buyers succeed, they may be able to push up the price of this pair as high as $750.
Bitcoin Cash price prediction
Bitcoin CashBCH() dropped below the moving-averages and $443 on Tuesday. The bears now have the upper hand.
BCH/USDT chart for the day. Source: Cointelegraph/TradingView
Sellers attempt to drag the BCH rate to the strong support of $419. The $419 support level will be aggressively defended by buyers, since a break below this mark could restart the downward trend. The next target on the downside could be $375.
It is more likely that BCH/USDT will remain within a narrow range if it continues to rise sharply. A close over $486 will put buyers back in control.
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Source: cointelegraph.com
