Bitcoin and Altcoins Fail to Recover: New Lows Coming?

Important points

• Bitcoin tried to recover on Tuesday. However, the bears applied pressure on the opening of the Wednesday market at intraday highs.

• Many altcoins have fallen to critical levels of support, indicating that bears still remain in charge.

Bitcoin buyers are attempting to maintain Bitcoin (BTCThe bears are continuing to increase pressure. Farside Investors reported that exchange-traded BTC funds lost $372m on Tuesday. withdrawal streak to five days. Investors are still wary about buying in to the downturn.

Mark Yusko, founder of Morgan Creek Capital said that BTC had entered a “bear market” in a recent interview with Cointelegraph. anticipates a milder correction Comparing the current bear cycle to previous cycles. He anticipates that institutional adoption and the reduction of leverage in the macro-environment, as well as the depreciation fiat currencies, will act long term tailwinds.

Other analysts, however, are less optimistic and expect BTC prices to drop soon. BitMine’s chairman Tom Lee told CNBC in an interview that the market is a bit gloomy. downside is showing signs of exhaustionTom Demar, of Demar Analytics, expects BTC will bottom out “sometime this week.”

How low could BTC, and other major altcoins, fall? We’ll find out by analyzing the charts for the 10 most popular cryptocurrencies.

Bitcoin price prediction

BTC fell beneath the $90,000 level on Tuesday but as the longtail on the candlestick shows, the bulls took advantage of this dip.

Bears have no intention of giving up. They sold off the recent rally, and now are trying to lower the Bitcoin price to below $89 253. The bears are not giving up and have sold the rally to try to sink Bitcoin’s price below $89,253.

It is likely that any recovery effort will be met with selling around the psychological $100,000 level. The price turning down suggests the bears are now putting resistance on the level. This increases the likelihood of further declines.

For a BTC/USDT comeback, the buyers must push and keep the pair BTC/USDT over the resistance of $100,000.

Prediction of Ether prices

EtherETHThe battle for buyers and seller near $3,000 has been fierce.

At the exponential moving average of 20 days ($3,365), any relief rally will likely face significant selling. Price turning down from 20-day EMA increases the chance of a drop below $2.946. The pair ETH/USDT may plunge towards $2,500.

A break above the 20 day EMA could indicate that the market has rejected the move below $3350. Ether could climb up to the simple 50-day moving averge ($3,824).

XRP price prediction

Buyers tried to kick-start a recovery of XRP.XRPOn Tuesday, the bulls traded at a higher level.

Bears are going to try and sink the XRP/USDT to the support level of the descending pattern channel. This is a critical area to keep an eye on. The XRP/USDT pair could remain in the channel as long as the price of XRP bounces off the support level and breaks over the 20-day EMA.

A break-and-close below the channel may open the door to a drop towards the critical support of $1.61.

BNB price prediction

BNB is a popular option for buyers.BNBThe bears continue to put pressure on the price.

Bears will try to lower the BNB below $860 and further the correction down to $730.

Contrariwise, if price rises and breaks over the 20-day EMA (971) then it could indicate that sellers lose their grip. BNB/USDT may rise up to $1,019 then reach the 50 day SMA. This move could indicate a range-bound movement between $860 to $1,183.

Solana price prediction

Solana (SOL( bounced from the $126 backing on Tuesday but are sold in to relief rallies.

Bears will try to push the price back below $126. The price of Solana could fall to the next support level at $95.

It is possible that the bulls will attempt a recovery if they raise the price above the 20 day EMA ($154) and then turn up to the $126 current level. SOL/USDT could climb up to the 50 day SMA ($183) which will likely attract buyers again.

Dogecoin price prediction

DogecoinDOGE( ) rose from $0.15 to $0.20 on Tuesday. However, the small increase shows that bulls have not been aggressive in their buying.

Dogecoin will be slashed to the level of $0.14 by the sellers, but buyers are likely to take over. Positive divergence in the RSI indicates that selling pressure has reduced and a rally to relieve the stress is likely. The DOGE/USDT will gain strength if buyers can push it above the 20-day EMA. It may climb up to the 50 day SMA ($0.19).

The pair could be pushed to its October 10th low of $0.10 if the support level is broken.

Cardano price prediction

Cardano (ADAThe bears still have control.

If the $0.45 level breaks, then the ADA/USDT pairing could be pushed down to $0.40. Cardano’s price could recover from $0.40 but will likely face selling pressure at $0.50. It is possible that the price will drop from $0.50. This would indicate the bears are now in control of the market. It is possible that the pair will then drop towards its intraday low on Oct. 10, which was $0.27.

To indicate that there is less selling pressure, buyers will have to push the price over the 20-day EMA (0.54). This pair may then reach the 50-day SMA (0.64) before rising to $0.74.

Related: Here’s what happened in crypto today

Hyperliquid price prediction

On Tuesday, Hyperliquid (HYPE), reached its 50-day SMA of $41,51 but bulls were unable to overcome this barrier.

Price turned downwards, and bears are trying to drag the HYPE/USDT pairs below the support of $35.50. The selling may accelerate and Hyperliquid’s price could fall to as low as $28 if they are successful.

First, a breakout and closing above the SMA of 50 days will indicate strength. It is possible that the pair will then rise to $44 before settling at $52, when bears should mount a fierce defense. 

Bitcoin Cash price prediction

Bulls tried to push Bitcoin Cash.BCHThe bears, however, held firm.

Bitcoin Cash’s price is now falling sharply, and has fallen below moving averages. Sellers are going to try and strengthen their positions by lowering the price under the $443 level of support. If sellers are successful, BCH/USDT may fall below the support level.

Bulls must push the price and keep it above the resistance level to indicate that this corrective phase is over. It is possible that the pair will then climb to $580 before accelerating to $615.

Zcash price prediction

ZcashZEC) is facing solid resistance at $750, but the bulls have not allowed the price to dip below the 20-day EMA ($536).

Moving averages that are upward-sloping indicate an advantage for buyers. However, the negative divergence of the RSI indicates a slowing momentum. The risk of a move below the 20-day EMA is increased. The ZEC/USDT could fall to $424 if that occurs.

If they wish to maintain their advantage, the buyers must defend the 20 day EMA. The bulls are likely to try again to push the Zcash pair over $750 if the price of Zcash turns upwards from its current level, or rebounds strongly off the 20 day EMA. 

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.