Key points:
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Bitcoin remains at risk of falling to $100,000, but the long-term picture remains intact.
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Focus shifts to select altcoins, which are on track to rise above their respective overhead resistance levels.
Bitcoin (BTC) is holding near the $105,000 level, but the failure of the bulls to sustain the bounce on June 3 suggests a lack of demand at higher levels. Analysts expect Bitcoin to fall to the psychologically crucial $100,000 level.
Analyst Willy Woo cautioned that buying Bitcoin in six figures may not make sense in the short term, but it will possibly be “one of the best investments you’ll see in your investment career” within the next 10 years.
Another bullish view came from Sygnum Bank. In its Monthly Investment Outlook, the bank’s analysts said that institutional adoption and the rise of Bitcoin acquisition vehicles had resulted in a 30% drop in Bitcoin’s liquid supply, which could create the “conditions for demand shocks and upside volatility.”
Could Bitcoin plummet to $100,000, pulling altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($105,347).
Buyers will gain the upper hand if they push and sustain the price above $106,800. That clears the path for a rally to the $109,588 to $111,980 overhead resistance zone. Sellers are expected to defend the zone with all their might because a break above it could launch the BTC/USDT pair toward $130,000.
The bears will have to achieve a close below the $103,000 support to prevent an upside. The pair could then plunge to the vital support at $100,000.
Ether price prediction
Ether (ETH) bounced off the 20-day EMA ($2,528) on June 2, indicating that the sentiment remains positive and traders are buying on dips.
The bulls will try to strengthen their position by pushing the price above the $2,738 resistance. If they do that, the ETH/USDT pair could rally to $3,000 and subsequently to $3,153.
Time is running out for the bears. If they want to make a comeback, the sellers will have to fiercely defend the $2,738 resistance and pull the price below the 20-day EMA. That could sink the pair to $2,323.
XRP price prediction
XRP (XRP) has risen to the moving averages, where the bulls are expected to face selling from the bears.
If the price turns down sharply from the moving averages, the XRP/USDT pair could descend to likely solid support at $2. A strong rebound off $2 suggests the range-bound action may continue for a while longer.
Alternatively, if buyers propel the price above the moving averages, the pair could rally to the $2.65 overhead resistance. Sellers will defend the $2.65 level, but if the bulls prevail, the pair may jump to $3.
BNB price prediction
BNB (BNB) rose and closed above the 20-day EMA ($661) on June 1. Sellers tried to pull the price back below the 20-day EMA on June 3, but the bulls successfully defended the level.
The BNB/USDT pair could rally to $693, likely a significant challenge. If the bulls maintain the pressure and bulldoze their way through $693, the pair could skyrocket to $732 and eventually to $761.
Contrarily, if the price turns down sharply from $693 and breaks below the 20-day EMA, it signals a possible range-bound action in the short term. The pair may swing between $634 and $693 for a few more days.
Solana price prediction
Buyers tried to push Solana (SOL) above the 20-day EMA ($163) on June 3, but the bears held their ground.
A minor positive in favor of the bulls is that they have not allowed the price to dip below the $153 support. The bulls will again try to thrust the price above the 20-day EMA, opening the gates for a rally to $185.
On the other hand, if the price turns down from the 20-day EMA once again, it heightens the risk of a break below the $153 support. The SOL/USDT pair may decline to $140 and thereafter to $133.
Dogecoin price prediction
Dogecoin (DOGE) has been clinging to the 50-day simple moving average ($0.19), indicating a lack of aggressive selling at lower levels.
The bulls will try to push the price above the moving averages. If they manage to do that, the DOGE/USDT pair could rally to $0.23 and then to $0.26. Buyers must overcome the barrier at $0.26 to signal the start of a new up-move.
Contrarily, if the price turns down sharply from the 20-day EMA ($0.20), it indicates that bears are active at higher levels. That increases the risk of a drop to the $0.16 to $0.14 support zone.
Cardano price prediction
Cardano (ADA) is taking support near $0.64, but the bulls have failed to push the price above the moving averages.
If the price turns down from the moving averages, the bears will try to sink the ADA/USDT pair below the $0.64 support. The pair could collapse to the crucial support at $0.50 if they can pull it off.
Related: Is XRP price going to crash again?
Instead, if the price breaks above the moving averages, it signals buying at lower levels. The pair could reach the downtrend line, which is a critical level to watch out for. Buyers will have to thrust the price above the downtrend line to open the gates for a rally to $0.86 and later to $1.01.
Sui price prediction
Buyers could not push Sui (SUI) back above the 50-day SMA ($3.40) in the past few days, with traders selling on rallies.
The moving averages are on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative territory, indicating an advantage to sellers. A break and close below $3.05 could sink the SUI/USDT pair to $2.86.
This negative view will be invalidated in the near term if the bulls push the price above the moving averages. If they manage to do that, the pair could march toward the $3.90 to $4.25 overhead zone.
Hyperliquid price prediction
Buyers pushed Hyperliquid (HYPE) above the $35.73 overhead resistance on June 2, indicating solid buying on dips.
Sellers tried to pull the price back below $35.73 on June 3, but the bulls held their ground. Buyers will try to push the price above $40, challenging the stiff overhead resistance at $42.50. If the $42.50 level is scaled, the HYPE/USDT pair could soar to $50.
The 20-day EMA ($32.33) is the crucial support to watch out for on the downside. A break and close below the 20-day EMA will be the first sign of profit-booking by the short-term buyers. The pair could slide to $30.59 and then to $28.50.
Chainlink price prediction
Chainlink (LINK) turned up from the $13.20 support on May 31, but the buyers continue to face selling near the resistance line of the descending channel pattern.
The 20-day EMA ($14.90) has started to turn down, and the RSI is in the negative zone, indicating that bears have a slight edge. Buyers will have to pierce the resistance line to seize control. The LINK/USDT pair could then climb to $18, where the bears are expected to mount a strong defense.
Sellers are likely to have other plans. They will try to pull the price below the $13.20 support. If they do that, the pair may extend its stay inside the channel 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.
