Bitcoin’s (BTC) rally above $66,500 cleared the final hurdle on its journey to $70,000. According to Farside Investors data, the move was accompanied by solid inflows of $555.9 million into United States spot Bitcoin exchange-traded funds on Oct. 14 and $371 million on Oct. 15.
After the latest rise, analysts have turned bullish on Bitcoin’s prospects of hitting a new all-time high in 2024. Independent analyst Bitcoindata21 is uber bullish and he anticipates Bitcoin to skyrocket to $233,000 as early as Q1 2025.
While the bullish narrative is understandable, traders need to be watchful. Buyers will face significant heat from the bears as the price nears the all-time high. A strong rejection near the all-time high could tempt the short-term bulls to book profits. That could keep the price stuck inside the large $54,000 to $73,777 range for a few more days.
Could Bitcoin’s rise to $70,000 trigger a strong buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin surged above the $65,000 overhead resistance on Oct. 14 and followed that up with another strong up move above $66,500 on Oct. 15.
The critical support to watch on the downside is $65,000. If buyers flip this level into support, a rally to $70,000 is possible. Sellers are expected to fiercely defend the $70,000 to $73,777 zone.
The first sign of weakness will be a break and close below $65,000. The BTC/USDT pair could then drop to the 20-day exponential moving average ($63,417). If the price rebounds off the 20-day EMA, the bulls will again attempt to push the pair to $70,000.
On the other hand, a break below the 20-day EMA will suggest that the bulls have given up. The pair may then drop to the 50-day simple moving average ($61,023).
Ether price analysis
Ether (ETH) has reached the resistance line of the symmetrical triangle pattern, where the bears are trying to halt the up move.
If buyers do not give up much ground from the current level, the likelihood of a breakout above the resistance line increases. The ETH/USDT pair could rise to $2,850 and thereafter to $3,400.
This optimistic view will be negated in the near term if the price turns down from the resistance line and dives below the moving averages. The pair may extend its stay inside the triangle for some more time.
BNB price analysis
Buyers are trying to push BNB (BNB) to the stiff overhead resistance of $635, where the bears are expected to mount a strong defense.
If the price turns down from the overhead resistance but finds support at the 20-day EMA ($575), it will suggest that the bulls remain buyers on dips. The bulls will then make one more attempt to clear the overhead hurdle. If they can pull it off, the BNB/USDT pair may rally to $722.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the range-bound action may continue for a few more days. The short-term advantage will tilt in favor of the bears on a break below the 50-day SMA.
Solana price analysis
Solana (SOL) is facing selling near the $164 overhead resistance, but bulls have not allowed the price to dip below the 20-day EMA ($147).
If the price turns up from the current level or the 20-day EMA, it will signal that the sentiment has turned positive. That will improve the prospects of a break above $164. If that happens, the bullish ascending triangle will complete, and the SOL/USDT pair could climb to $189 and eventually to $210.
On the contrary, if the price slips below the 20-day EMA, the pair could drop to the uptrend line. Sellers will have to yank the price below the uptrend line to invalidate the bullish setup.
XRP price analysis
The bulls have been trying to push XRP (XRP) above the moving averages, but the bears have held their ground.
A minor positive for the bulls is that they have not ceded much ground to the bears. This suggests that the bulls may make one more attempt to propel the price above the moving averages. If they can pull it off, the XRP/USDT pair may rally to the overhead resistance of $0.64.
This positive view will be invalidated in the near term if the price turns down and breaks below $0.50. That could start a down move to $0.46.
Dogecoin price analysis
Dogecoin (DOGE) has reached the resistance line of the symmetrical triangle pattern, indicating that the bulls are attempting a comeback.
If buyers pierce the resistance line, it will signal the start of a new uptrend. The DOGE/USDT pair could rise to $0.14 and thereafter to $0.17. The pattern target of the breakout from the triangle is $0.19.
Contrarily, if the price turns down sharply from the resistance line, it will suggest that the bears remain sellers on rallies. That could keep the pair stuck inside the triangle for a few more days.
Toncoin price analysis
Toncoin (TON) has been clinging to the moving averages, indicating that the bulls are trying to overcome the obstacle.
If the bulls succeed, the TON/USDT pair could rise to $6. This level is likely to behave as a formidable hurdle, but if the bulls overcome it, the rally could extend to $7. Such a move will suggest that the pair may swing between $4.72 and $8.29 for a while.
Conversely, if the price turns down from the moving averages and breaks below $5, it will signal that the bears remain in command. The pair may then retest the $4.72 to $4.44 support zone.
Related: Dogecoin ‘god candle’ coming? DOGE price jumps 10%
Cardano price analysis
Cardano (ADA) has been clinging to the moving averages for the past few days, indicating a tough battle between the bulls and the bears.
If the price remains above the moving averages, the bulls will try to push the ADA/USDT pair to the overhead resistance of $0.40. This is an essential level for the bears to defend because a break above it could start a new up move. The pair may rise to $0.45 and subsequently to $0.50.
Alternatively, if the price sustains below the moving averages, the bears will try to sink the pair to the $0.31 support. If this level gives way, the pair could descend to $0.27.
Avalanche price analysis
Avalanche (AVAX) has been trading inside the symmetrical triangle pattern for several days, indicating indecision about the next directional move.
The AVAX/USDT pair turned down from the resistance line on Oct. 14, indicating that the bears are protecting the level. A break below the 20-day EMA ($27.24) could sink the pair to the support line.
If the price plummets below the support line, it will signal that the bears have overpowered the bulls. The pair may drop to $17. On the other hand, a break above the triangle will tilt the advantage in favor of the bulls. The pair may rise to $37 and later to $42.
Shiba Inu price analysis
Shiba Inu (SHIB) has formed an inverse H&S pattern, which will complete on a break and close above $0.000020.
The upsloping moving averages and the RSI in the positive territory indicate that the bulls have the edge. A break and close above $0.000020 could open the doors for a rally to the pattern target of $0.000028.
Sellers are likely to have other plans. They will try to defend the overhead resistance and pull the price below the 20-day EMA ($0.000017). If they do that, it will signal that the SHIB/USDT pair may remain inside the $0.000012 to $0.000020 range for some more time.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
:focal(1431x312:1433x310)/origin-imgresizer.eurosport.com/2024/11/07/4059686-82331368-2560-1440.jpg?w=150&resize=150,150&ssl=1)
