Bitcoin, Altcoins Rebound As Bulls Target New Highs

Key points:

• Bitcoin experienced profit booking on Tuesday, but the shallow pullback suggests that the bulls are not rushing to the exit, as they anticipate the uptrend to continue.

• Many altcoins rebounded off their support levels, indicating buying at lower levels.

Bitcoin (BTC) turned down sharply on Tuesday, but the bears could not pull the price below $120,000. That suggests solid demand at lower levels. The bulls have pushed the price above $123,000 and will next attempt to clear the overhead hurdle at $124,474.

Analysts are bullish on BTC’s prospects in October, which has been the second-best-performing month on average since 2013, with an average gain of 20.75%, according to CoinGlass data. Economist Timothy Peterson said in a post on X that there was a 50% chance of BTC finishing the month above $140,000.

Although the trend remains up, traders need to be cautious because the failure to rise and sustain above $126,000 could trigger another bout of selling. The next dip may put the $120,000 support at risk of breaking down. If that happens, analysts anticipate support in the range between $118,000 and $114,000.

Could BTC start the next leg of the uptrend, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rose to a new all-time high of $126,199 on Monday, but the bulls could not sustain the higher levels.

The BTC/USDT pair turned down and fell below the breakout level of $124,474 on Tuesday. The upsloping 20-day exponential moving average ($118,110) and the relative strength index (RSI) in the positive territory indicate that the bulls hold an edge. 

Buyers will again try to resume the uptrend by pushing the Bitcoin price above $126,199. If they can pull it off, the BTC/USDT pair may climb to $138,154.

Conversely, if the price continues lower and breaks below the 20-day EMA, it suggests that the market has rejected the breakout above $124,474. The pair could then drop to the 50-day simple moving average ($114,276).

Ether price prediction

Ether (ETH) closed above the resistance line on Monday, but the bears pulled the price back below the level on Tuesday.

The ETH/USDT pair is attempting to take support at the moving averages, indicating that the bulls are trying to retain control. Buyers will make one more attempt to clear the resistance line and challenge the all-time high at $4,957.

On the contrary, if the price skids below the moving averages, it suggests that the bears are trying to take charge. The Ether price may then slump to the $4,060 support, where the buyers are expected to step in.

BNB price prediction

BNB (BNB) has been in a strong uptrend for the past several days, indicating sustained buying by the bulls.

The bears are trying to halt the uptrend at $1,350, but the shallow pullback suggests the bulls are holding on to their positions as they expect the rally to continue. If buyers propel the price above $1,350, the BNB/USDT pair could surge to $1,394 and then to $1,479.

The bears will have to pull the BNB price below the 61.8% Fibonacci retracement level of $1,217 to start a deeper correction to the 20-day EMA ($1,097). Buyers are expected to defend the 20-day EMA with all their might because a break below it indicates a weakening momentum.

XRP price prediction

Repeated failure of the bulls to sustain XRP (XRP) above the downtrend line in the past few days suggests the bears are aggressively defending the level.

The XRP price turned down and plunged below the moving averages on Tuesday. That signals the XRP/USDT pair could remain inside the bearish descending triangle pattern for a while longer. Sellers will attempt to strengthen their position by pulling the price below the $2.69 support. If they succeed, the pair may start a downward move toward $2.33.

This negative view will be invalidated in the near term if the price turns up and closes above the downtrend line. That could catapult the pair to $3.20 and subsequently to $3.38.

Solana price prediction

Solana (SOL) has been gradually rising inside an ascending channel pattern for several days.

If the price breaks below the 50-day SMA ($216), the SOL/USDT pair could drop to the support line. Buyers are expected to defend the support line, as a break below it may start a downward move to $191 and then to $175.

Contrarily, if the price turns up from the current level and rises above the 20-day EMA ($222), it signals buying on dips. The bulls will then attempt to push the Solana price to the resistance line.

Dogecoin price prediction

Dogecoin (DOGE) turned down from $0.27 on Tuesday but is finding support at the 50-day SMA ($0.24).

The bulls will try to push the Dogecoin price above $0.27 and challenge the stiff overhead resistance at $0.29. If buyers overcome this hurdle, the DOGE/USDT pair could start a new uptrend toward the pattern target of $0.39.

Sellers are likely to have other plans. They will try to pull the price to the uptrend line, which is a critical level for the bulls to defend. The developing ascending triangle pattern will be negated if the bears prevail and tug the price below the uptrend line. That could keep the pair inside the $0.14 to $0.29 range for some more time.

Cardano price prediction

Cardano (ADA) closed above the 50-day SMA ($0.85) on Monday, but the bulls could not sustain the higher levels.

The ADA/USDT pair turned down and fell below the 20-day EMA ($0.83) on Tuesday. That suggests the Cardano price could remain inside the descending triangle pattern for a few more days. Selling could pick up if bears tug the price below the $0.75 support. That opens the doors for a decline to $0.68 and then to $0.60.

Buyers will have to push the price above the resistance line to invalidate the bearish setup. The pair may rally to $0.95 and then to $1.02. 

Related: DOGE price gained 445% the last time this indicator flashed green

Hyperliquid price prediction

Hyperliquid (HYPE) turned down from the 61.8% Fibonacci retracement level of $51.87 on Sunday, indicating that the bears are selling on rallies.

The next support on the downside is at $43. If the price turns up sharply from $43, it suggests demand at lower levels. The HYPE/USDT pair may consolidate between $43 and $52 for a while.

The advantage will tilt in favor of the bulls if they push the Hyperliquid price above $52. The pair could then retest the all-time high at $59.41. On the downside, a break below $43 could sink the pair to $39.68. 

Chainlink price prediction

Chainlink (LINK) turned down from the resistance line on Tuesday and fell below the 20-day EMA ($22.31). 

The bulls are unlikely to give up easily, and they will again try to drive the Chainlink price above the resistance line. If they manage to do that, it suggests that the corrective phase may be over. The LINK/USDT pair could start an upward move to $25.64 and, after that, to $27.

Alternatively, if the price turns down from the resistance line and breaks below $21.47, it signals that the bears remain in control. The pair could then spend some more time inside the descending channel pattern. 

Sui price prediction

Buyers failed to push Sui (SUI) to the downtrend line in the past few days, indicating that the bears are selling on rallies.

The flattish 20-day EMA ($3.48) and the RSI near the midpoint do not give a clear advantage to either the bulls or the bears. If the Sui price skids and maintains below the moving averages, the next stop is likely to be the support line.

Instead, if the price turns up sharply from the current level and breaks above the downtrend line, it signals that the bulls are on a comeback. The SUI/USDT pair could jump to $4 and potentially reach $4.44 later.

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.