Key points:
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For the first time in seven years, Bitcoin risks ending October in the red.
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Several altcoins fell to their crucial support levels, indicating selling during rallies.
Bitcoin (BTC) bulls are trying to keep the price above $110,000, but the bears have continued to exert pressure. This increases the risk that BTC records its first October red close in seven years. After October’s poor performance, all eyes are on November, which has an average return of 46.02%, according to CoinGlass data.
Several analysts are turning bearish on BTC, signaling a potential cycle peak based on its four-year halving cycle. However, a few others, like Arthur Hayes of BitMEX, believe that the four-year BTC cycle is dead.
It’s difficult to predict with certainty whether or not the four-year cycle is over, but net outflows of $959.1 million from BTC spot exchange-traded funds over the past two days, according to data from Farside Investors, indicate that institutional investors are cautious in the short term.
What are the crucial support levels to watch in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC bounced off the range bottom near $107,000 on Thursday, indicating that bulls are aggressively defending the level.
The relief rally is expected to face a sell-off at the 20-day exponential moving average ($111,557). If the price declines sharply from the 20-day EMA, it increases the likelihood of a break below $107,000. If this happens, the BTC/USDT pair will complete a double top pattern and could plunge as low as $100,000.
Conversely, a breakout and close above the 20-day EMA suggests that Bitcoin price could remain in the $107,000 to $126,199 range for some time to come.
Ether Price Prediction
Ether (ETH) bounced off the descending channel support line on Thursday, signaling buying at lower levels.
The recovery could face a sell-off to the moving averages. If this happens, the bears will again attempt to push the price of Ether below the support line. If they succeed, the ETH/USDT pair could drop to $3,350.
Buyers will need to push the price above the moving averages to keep the pair inside the channel. The next leg of the bullish move will likely start on a breakout and close above the resistance line.
BNB Price Prediction
BNB (BNB) is witnessing a fierce battle between the bulls and bears at the 50-day simple moving average ($1,084).
If price declines from the 20-day EMA ($1,113) and closes below the 50-day SMA, it signals the start of a deeper correction. The BNB/USDT pair could fall to $1,021 and then to $932.
On the contrary, if the price closes above the 20-day EMA, it suggests that the bulls are trying to make a comeback. BNB price could then rally up to the 38.2% Fibonacci retracement level of $1,156, which could attract sellers. A close above $1,156 sets the stage for a rally to the 61.8% retracement level of $1,239.
XRP Price Prediction
XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday, signaling that the bears are trying to maintain the advantage.
Sellers will attempt to strengthen their position by pulling XRP price towards the $2.32 to $2.19 support zone. Buyers should defend the support zone vigorously as a close below it could intensify selling. The XRP/USDT pair could then plunge to $1.90.
Time is running out for the bulls. They will need to quickly push the price above the moving averages to gain strength. A potential trend change will be signaled at a close above the downtrend line.
Solana Price Prediction
Solana (SOL) is trading in a symmetrical triangle pattern, indicating indecision on the next directional move.
If the price falls below the uptrend line, the SOL/USDT pair could fall to strong support at $155. Buyers should fiercely defend the $155 level, as a break below could send the pair tumbling to $140.
If the price breaks away from the uptrend line and breaks above the 20-day EMA ($194), it suggests that the pair could stay inside the triangle for some more time. Buyers will be back in control after pushing Solana price above the resistance line.
Dogecoin Price Prediction
Buyers are attempting to hold Dogecoin (DOGE) above the $0.17 support, but the slight bounce suggests the bears are continuing to apply pressure.
If the $0.17 level breaks, the DOGE/USDT pair could move down to the $0.14 support. The buyers will try to keep Dogecoin price range-bound by defending the $0.14 level, but if they fail in their effort, the pair could fall to the $0.10 level.
The first sign of strength will be a breakout and close above the overhead resistance at $0.21. The pair could then rise to the 50-day SMA ($0.22) and later attempt to rebound to the strong overhead resistance at $0.29.
Cardano Price Prediction
Cardano (ADA) continued to decline and fell below the $0.59 support on Thursday, signaling that the bears remain in control.
If the price remains below the $0.59 level, the ADA/USDT pair could plunge to the strong support of $0.50. Buyers are expected to fiercely defend the $0.50 level as a drop below could trigger a new downtrend.
On the upside, a breakout and close above the 20-day EMA ($0.66) suggests the bears are losing their grip. Cardano price could then rise to the breakout level of $0.75 and then to the downtrend line.
Related: XRP Price Continues to Lose Ground Despite Upcoming Ripple Swell Event
Hyperliquid price prediction
Sellers once again thwarted the bulls’ attempts to push the price of Hyperliquid (HYPE) above the $51.50 resistance on Thursday. This took the price down to the 20-day EMA ($43.10).
The buyers are trying to defend the 20-day EMA, but the bears have kept the selling pressure on. If the price falls below the 20-day EMA, the HYPE/USDT pair could move down to the neckline and then to $35.50.
This negative opinion will be invalidated in the short term if the price of hyperliquid rises and exceeds $51.50. The pair could then reach the all-time high of $59.41.
Chainlink Price Prediction
Buyers attempted to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday, but bears held firm.
The descending moving averages and the Relative Strength Index in negative territory suggest that the bears remain in control. Chainlink price could then fall to the $15.43 support, where the bulls are expected to intervene.
Buyers will need to push and hold the price above the 20-day EMA to signal strength. The LINK/USDT pair could then rise to the resistance line, which is a critical level to watch.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days.
Bulls will need to push and sustain Bitcoin Cash price above the resistance line to signal a potential trend change. The BCH/USDT pair could then rise to $615, then to $651.
Instead, if the price declines and breaks below the 20-day EMA, it suggests that the pair could remain in the falling wedge pattern for a few more days. The pair could slide to $500 and then to $475.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
