Bitcoin and altcoins rebound as bulls aim for new highs

Key points:

• Bitcoin experienced profit taking on Tuesday, but a slight pullback suggests bulls are in no rush to exit as they expect the uptrend to continue.

• Many altcoins bounced off support, suggesting buying at lower levels.

Bitcoin (BTC) fell sharply on Tuesday, but bears failed to push the price below $120,000. This indicates strong demand at lower levels. The bulls have pushed the price above $123,000 and will next attempt to break the overhead barrier at $124,474.

CoinGlass data shows that analysts are optimistic about BTC’s prospects in October, which is the second-best month since 2013, with an average gain of 20.75%. Economist Timothy Peterson posted on X that there is a 50% chance that BTC will close above $140,000 this month.

Although the trend remains upward, traders need to be cautious as failure to move higher and sustain above $126,000 could trigger another round of selling. The next decline could put the $120,000 support at risk of being breached. If this happens, analysts expect support to be between $118,000 and $114,000.

Can BTC start the next uptrend, driving 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 bulls were unable to sustain higher levels.

The BTC/USDT pair declined on Tuesday and fell below the $124,474 breakout level. The rising 20-day exponential moving average ($118,110) and the relative strength index (RSI) in positive territory suggest that bulls have the upper hand.

Buyers will once again try to push Bitcoin price above $126,199 to resume the uptrend. If they succeed, the BTC/USDT pair could climb to $138,154.

Conversely, if the price continues lower and breaks below the 20-day EMA, it would indicate that the market has refused to break above $124,474. The pair may then drop towards the 50-day simple moving average ($114,276).

Ethereum price prediction

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

The ETH/USDT pair is trying to find support at the moving averages, indicating that bulls are trying to maintain control. Buyers will once again try to clear the resistance line and challenge the all-time high of $4,957.

On the contrary, if the price falls below the moving average, it indicates that the bears are trying to take control. Subsequently, Ethereum price may fall towards the $4,060 support level, with buyers expected to step in.

BNB price prediction

BNB (BNB) has been in a strong uptrend over the past few days, indicating continued buying by the bulls.

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

Bears would have to pull BNB price below the 61.8% Fibonacci retracement level at $1,217 to begin a deeper correction to the 20-day EMA ($1,097). Buyers are expected to go to great lengths to defend the 20-day EMA, as a break below it signals weakening momentum.

XRP Price Prediction

Bulls have repeatedly failed to sustain XRP (XRP) above the downtrend line over the past few days, suggesting that bears are aggressively defending this level.

On Tuesday, XRP price declined and fell below the moving averages. This suggests that the XRP/USDT pair may remain within a bearish descending triangle pattern for some time. Sellers will try to consolidate their positions by driving the price below the $2.69 support. If successful, the pair could start falling towards $2.33.

This negative view will be invalidated in the short term if the price rises and closes above the downtrend line. This could take the pair to $3.20 and then to $3.38.

Solana Price Prediction

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

If the price falls below the 50-day moving average ($216), the SOL/USDT pair may fall towards the support line. Buyers are expected to defend this support line as a break below it could start the decline to $191 and then to $175.

Conversely, if the price rises from current levels and moves above the 20-day EMA ($222), it would indicate buying on the dip. The bulls will then try to push Solana price towards the resistance line.

Dogecoin Price Prediction

Dogecoin (DOGE) fell from $0.27 on Tuesday but found support at the 50-day moving average ($0.24).

Bulls will attempt to push Dogecoin price above $0.27 and challenge the overhead resistance at $0.29. If buyers overcome this hurdle, the DOGE/USDT pair may start a new uptrend towards the $0.39 pattern target.

The seller may have other plans. They will try to pull the price to the uptrend line, which is a key level for the bulls to defend. If the bears gain the upper hand and pull the price below the uptrend line, the developing ascending triangle pattern will be negated. This is likely to keep the pair within the $0.14 to $0.29 range for some time.

Cardano Price Prediction

Cardano (ADA) closed above the 50-day moving average ($0.85) on Monday, but bulls were unable to sustain higher levels.

The ADA/USDT pair declined on Tuesday and fell below the 20-day EMA ($0.83). This suggests that Cardano price may remain within a descending triangle pattern for a few days. The selling is likely to increase if the bears sink the price below the $0.75 support. This opens the door for a drop to $0.68 and then to $0.60.

Buyers must push the price above the resistance line to invalidate the bearish setup. The pair is likely to rebound to $0.95 and then to $1.02.

Related: The last time this indicator flashed green, DOGE price was up 445%

Super Liquidity Price Prediction

Hyperliquid (HYPE) retreated from Sunday’s 61.8% Fibonacci retracement level at $51.87, indicating that bears are selling on the rally.

The next downside support is $43. If the price rises significantly from $43, it indicates that demand is at a lower level. The HYPE/USDT pair is likely to consolidate between $43 and $52 for some time.

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

Chainlink Price Prediction

Chainlink (LINK) fell from resistance on Tuesday, falling below the 20-day EMA ($22.31).

Bulls are unlikely to give up easily and they will once again try to push Chainlink price above the resistance line. If they manage to do this, it’s a sign that the adjustment phase may be over. The LINK/USDT pair is likely to start rising towards $25.64 before rising to $27.

Alternatively, if the price turns down from the resistance line and breaks below $21.47, it would indicate that the bears are still in control. The pair may then spend more time in a descending channel pattern.

Sui Price Forecast

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

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

Conversely, if the price rises significantly from current levels and breaks out of the downtrend line, it would indicate that the bulls are making a comeback. The SUI/USDT pair may jump to $4 and may reach $4.44 later.

This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.