Bitcoin Price Rebounds But Altcoins, BTC Need $117K First

Key points:

• Bitcoin made a strong comeback on Wednesday, but the buyers are expected to face heavy selling near $117,500.

• Several major altcoins are likely to face selling on rallies, but BNB and AVAX may resume their uptrend.

Bitcoin (BTC) rose above $113,900 on Wednesday, indicating that the bulls continue to buy on dips. Strategy executive chairman Michael Saylor said on CNBC that consistent buying by large BTC exchange-traded funds on behalf of institutional investors, and increased corporate adoption of BTC could resume the BTC rally toward the end of the year.

Glassnode also said in its weekly report that BTC could hit a new all-time high, but added that history shows the cycle is in its late phase. BTC’s current cycle shows similarities with the 2015–2018 and 2018–2022 bull runs, where all-time highs “occurred only 2–3 months beyond where we currently stand when measured from the cycle low.”

However, not everyone is bullish on BTC’s prospects in the future. CryptoQuant head of research Julio Moreno said in a post on X that whales have net sold 147,000 BTC since Aug. 21. That has resulted in the total whale holdings “declining at the fastest monthly rate of the cycle.”

Could BTC overcome selling from the bears and rise to $117,500? Will altcoins follow BTC higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC has started a relief rally, which is expected to face strong selling at the moving averages.

If the price turns down sharply from the moving averages, the possibility of a drop to $107,000 increases. Buyers are expected to defend the $107,000 level with all their might because a break below it will complete a bearish double-top pattern. That may start a decline to $100,000 and eventually to the pattern target of $89,526.

Conversely, if buyers pierce the moving averages, the BTC/USDT pair could rally to $117,500. Sellers could pose a substantial challenge at $117,500, but if the bulls overcome it, the Bitcoin price could reach $120,000.

Ether price prediction

Buyers are trying to maintain Ether (ETH) above the $4,060 level but are expected to face heavy selling on relief rallies.

If the price turns down from the 20-day EMA ($4,393), it enhances the prospects of a break below the $4,060 support. If that happens, the ETH/USDT pair could collapse to $3,745 and then to the pattern target of $3,426.

Instead, if the price turns up and breaks above the 20-day EMA, it signals the possibility of a range formation. The Ether price could swing between $4,060 and $4,957 for some time.

XRP price prediction

XRP (XRP) has been trading inside a descending triangle, which usually acts as a topping pattern.

The bears will have to yank the price below the $2.69 level to complete the bearish setup. If that happens, the selling could pick up and the XRP/USDT pair could move downward toward $2.20.

If buyers want to prevent the downside move, they will have to swiftly drive the XRP price above the downtrend line. That will invalidate the bearish setup, setting the stage for a rally to $3.40.

BNB price prediction

BNB (BNB) bounced off the 20-day EMA ($957) on Tuesday, 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 $1,083 resistance. If they succeed, the BNB/USDT pair could start the next leg of the uptrend toward $1,187.

Contrarily, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, it suggests that the bears are selling on rallies. That increases the risk of a drop to the 50-day SMA ($882).

Solana price prediction

Solana (SOL) slipped below the uptrend line on Wednesday, but the bulls are trying to halt the pullback at the 50-day SMA ($206).

The sellers are unlikely to give up and will try to pull the price below the 50-day SMA. If they manage to do that, the SOL/USDT pair could decline to $185 and then to $175. That signals the Solana price may extend its stay inside the large $110 to $260 range for a few more days.

Alternatively, a break and close above the 20-day EMA indicates solid buying on dips. The bulls will then try to kick the price to $260, where the bears are expected to mount a strong defense.

Dogecoin price prediction

Dogecoin (DOGE) is taking support at the 50-day SMA ($0.23), indicating that the bulls are fiercely defending the level.

The relief rally is expected to face selling at the 20-day EMA ($0.25). If the price turns down sharply from the 20-day EMA, the likelihood of a drop to $0.21 increases. That suggests the DOGE/USDT pair may remain inside the large $0.14 to $0.29 range for a while longer.

Contrary to this assumption, a break above the 20-day EMA shows demand at lower levels. The bulls will then try to push the Dogecoin price to $0.29. This is a crucial level for the bears to defend because a break above $0.29 clears the path for a rally to $0.35 and then to $0.44.

Cardano price prediction

Buyers are trying to defend the $0.78 support in Cardano (ADA), but the relief rallies are likely to be sold into.

If the price turns down from the 20-day EMA ($0.86), the bears will make one more attempt to sink the ADA/USDT pair below $0.78. If they can pull it off, the Cardano price could tumble to $0.68.

Buyers are likely to have other plans. They will try to push the price back into the triangle and trap the aggressive bears. The up move is expected to pick up momentum above the resistance line. That opens the gates for a rally to $1.02.

Related: XRP price prepares for ‘major trend shift’ with $4 in reach: Analyst

Hyperliquid price prediction

Hyperliquid (HYPE) plunged below the uptrend line on Tuesday, indicating that the bulls are rushing to the exit.

The 20-day EMA ($50.67) has started to turn down, and the RSI is near the 41 level, indicating that the HYPE/USDT pair may have topped out in the near term. Sellers will try to halt any recovery attempt at the 20-day EMA. If they manage to do that, the Hyperliquid price could turn down and drop to $40 and, after that, to $35.

This negative view will be invalidated in the near term if the bulls push and retain the pair above the 20-day EMA. The pair may then retest the all-time high at $59.

Chainlink price prediction

Buyers have successfully defended the uptrend line in Chainlink (LINK) but are struggling to start a strong bounce off it. 

The moving averages have completed a bearish crossover, and the RSI is in the negative zone, signaling an advantage to bears. Any recovery is expected to face selling at the 20-day EMA ($23.11). If the price turns down from the 20-day EMA and breaks below the uptrend line, it suggests that the bears are back in the game. The LINK/USDT pair may then descend to $18.

Buyers will have to drive the Chainlink price above the downtrend line to gain the upper hand. The pair may then climb toward the $27 overhead resistance.

Avalanche price prediction

Avalanche (AVAX) turned up sharply from the 20-day EMA ($30.71) on Monday, but the bulls could not clear the overhead hurdle at $36.17 on Tuesday.

A minor positive in favor of the bulls is that they have not ceded much ground to the bears. The upsloping 20-day EMA and the RSI in the overbought territory indicate the path of least resistance is to the upside. If buyers push and maintain the price above $36.17, the AVAX/USDT pair could surge to the pattern target of $39.49 and then to $45.

The first sign of weakness will be a break and close below the 20-day EMA. That suggests profit booking by short-term traders. AVAX price could then slump to $27.38.

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.