Bitcoin Faces Selling Pressure as Inflation Concerns Persist
Bitcoin buyers are struggling to maintain the price above $27,000 as selling pressure increases. The September producer price index rising 0.5% has raised concerns about inflation in the US economy. Analysts are now looking ahead to November and the upcoming halving event in 2024 for potential price increases.
Predictions for Bitcoin’s Future Price
Crypto analyst Miles Deutscher suggests that if history repeats itself, Bitcoin could turn up by November 21 and start a journey towards the next halving. BitMEX founder Arthur Hayes is even more bullish, predicting that Bitcoin’s price could reach $750,000 to $1 million by 2026 due to extensive money printing by the US government.
Analysis of Top 10 Cryptocurrencies
The short-term outlook for cryptocurrencies remains uncertain due to various headwinds. Let’s analyze the charts of the top 10 cryptocurrencies to see if they will stage a recovery or continue moving lower.
Bitcoin Price Analysis
Bitcoin broke below the 20-day exponential moving average and faces support at the 50-day simple moving average. If it breaks this level, it could slump further to $26,000 and retest support at $24,800. However, a rebound off the 50-day SMA could open doors for a potential rally to $28,143.
Ether Price Analysis
Ether has found support near $1,531 but remains range-bound between $1,531 and $1,746. A positive divergence suggests reduced selling pressure near $1,531 and may lead to a relief rally towards the 20-day EMA. However, a turn down from this level could push the price below $1,531.
BNB Price Analysis
BNB is range-bound between $203 and $220. A break below $203 could lead to a crash to $183, while a rise above $220 may open doors for a potential rally to $235 and then $250.
XRP Price Analysis
XRP’s demand dries up at higher levels, and it remains stuck between $0.41 and $0.56. The first support is at $0.46, and attempts to start a recovery may face resistance at the moving averages and then at $0.56.
Solana Price Analysis
Solana is trading above immediate support at the 20-day EMA, indicating strength. If it turns up from the current level, it may attempt a bullish inverted head and shoulders pattern with a target objective of $32.81.
Cardano Price Analysis
Cardano fell below moving averages, suggesting a lack of demand at higher levels. It could retest support at $0.24 but positive divergence on the RSI indicates that bulls may protect this level and attempt to drive the price above the moving averages.
Dogecoin Price Analysis
Dogecoin closed below support at $0.06, indicating bearish control. Bulls need to push the price back above this level to make a comeback, otherwise, it could retest support near $0.05.
Toncoin Price Analysis
Toncoin failed to sustain above the 20-day EMA and faces resistance at this level. Bulls will try to clear this hurdle and rise to $2.18 and subsequently to $2.32. However, bears may sink the price below the 50-day SMA and start a downward move toward $1.60.
Polkadot Price Analysis
Polkadot broke below vital support at $3.91 but positive divergence on the RSI offers hope for a reversal. A break above $3.91 could lead to a short squeeze and a rally to the 50-day SMA.
Polygon Price Analysis
Polygon turned down and faces resistance at the 20-day EMA. Bulls need to break and close above this level to signal strength and attempt a rally to the 50-day SMA.
Hot Take: Uncertain Short-Term Future for Cryptocurrencies
The short-term future of cryptocurrencies remains uncertain due to various factors such as inflation concerns and market headwinds. While long-term predictions are bullish, it is important to closely monitor price movements and key support levels to determine if Bitcoin and altcoins will stage a recovery or continue moving lower in the near term.
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