Bitcoin (BTC) experienced a significant surge of 28.5% in October, marking its second-best monthly gain of the year. This has led investors to wonder if the bullish momentum will continue and if Bitcoin can extend its recovery in the future.
According to Bernstein, Bitcoin could potentially rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund (ETF) by the first quarter of 2024, which could attract up to 10% of Bitcoin’s circulating supply.
However, while the long-term outlook appears bullish, there may be increased volatility in the near term. On-chain monitoring resource Material Indicators suggests that the bullish momentum is weakening and could result in a retest of $33,000 before any potential attempt at $36,000.
With this in mind, let’s analyze the charts of the top 10 cryptocurrencies to determine their potential movements.
Bitcoin (BTC) Price Analysis
The bulls attempted to push Bitcoin above $35,280 on November 1 but faced resistance from bears. This indicates profit-taking at higher levels. The relative strength index (RSI) is still in the overbought zone, suggesting that consolidation may continue for a few more days. Key levels to watch are $35,280 on the upside and $33,390 on the downside. A break below support could lead to a drop to the 20-day exponential moving average ($32,012), where a battle between bulls and bears may occur. On the upside, a break above $35,280 would signal an uptrend resumption with a potential climb to $40,000.
Ether (ETH) Price Analysis
Ether has been holding above the breakout level of $1,746 but struggles to start a new uptrend. Bears are attempting to regain control. Key levels to watch are $1,746 on the downside and $1,865 on the upside. A break below support could lead to a drop to the 50-day simple moving average ($1,648). Bulls need to flip the $1,746 level into support to enhance the chances of a break above $1,865 and a surge to $2,000.
BNB Price Analysis
BNB is finding it challenging to stay above $230, indicating that buying pressure diminishes at higher levels. Key levels to watch are $223 and the 20-day exponential moving average ($220) on the downside, and $235 on the upside. Buyers are likely to defend the $223-$220 zone, while a break below the 20-day EMA may suggest bearish control with a potential drop to the 50-day SMA ($214).
XRP Price Analysis
XRP broke and closed above the overhead resistance of $0.56 on October 30, marking the start of a new up-move. Key levels to watch are $0.56 and the 20-day EMA ($0.54) on the downside, and $0.67 on the upside. The bulls have a slight edge as indicated by an upturned 20-day EMA and overbought RSI. Buyers will aim for $0.67 while bears will try to pull the price back below $0.56 and the 20-day EMA.
Solana (SOL) Price Analysis
Solana has been in a strong recovery but faces overbought conditions in the near term. Key levels to watch are $38.79 on the upside and potentially a rally to $48 if maintained above resistance, and a break below $38.79 may tempt short-term traders to book profits, potentially sinking the price to $34.
Cardano (ADA) Price Analysis
Cardano turned down from minor resistance at $0.30, indicating profit-taking from short-term traders. Key levels to watch are $0.28 on the downside and $0.30 on the upside. A rebound off the 20-day EMA would suggest positive sentiment and a potential reach of $0.30, while a drop below the 20-day EMA may lead to an extended range-bound action between $0.24 and $0.30.
Dogecoin (DOGE) Price Analysis
Dogecoin struggles to sustain its position above the $0.07 resistance level, attracting sellers at higher levels. Key levels to watch are $0.06 on the downside and $0.07 on the upside. A rebound off the 20-day EMA would indicate buying on dips and a potential push towards $0.08, while a break below the 20-day EMA may suggest weakening bullish control with a potential slump towards $0.06.
Toncoin (TON) Price Analysis
Toncoin has formed a range between $1.89 and $2.31 in recent days, with bears selling near resistance levels. Key levels to watch are the moving averages on the downside and potentially a rally above overhead resistance at $2.31 on the upside, leading to a surge to $2.59.
Chainlink (LINK) Price Analysis
Chainlink struggles to sustain its position above the overhead resistance at $11.50 due to bearish pressure at higher levels. Key levels to watch are the 20-day EMA ($9.80) on the downside and potentially rises towards $13.50 and $15 on the upside if bulls regain control.
Polygon (MATIC) Price Analysis
Polygon attempts to break above overhead resistance at $0.66 but faces resistance from bears. Key levels to watch are $0.60 and $0.66 in a tight consolidation range for now, with rising moving averages indicating bullish advantage if buyers manage to push above $0.66.
Hot Take: Can Bitcoin and Altcoins Sustain Their Bullish Momentum?
Bitcoin’s recent surge in October has sparked optimism among investors about the potential for continued bullish momentum. However, there are concerns about increased volatility in the near term. While Bernstein predicts a rally to $150,000 by 2025, on-chain monitoring resource Material Indicators suggests a weakening bullish momentum with potential retests of support levels before any further attempts at higher levels.
The charts of the top 10 cryptocurrencies provide insights into their potential movements. Bitcoin faces resistance at $35,280 and support at $33,390. Ether struggles to start an uptrend but has support at $1,746. BNB finds it challenging to stay above $230. XRP marks the start of a new up-move but faces resistance at $0.56. Solana’s recovery may face resistance at $38.79. Cardano experiences profit-taking from short-term traders but has support at $0.28. Dogecoin struggles to sustain its position above $0.07 resistance. Toncoin forms a range between $1.89 and $2.31 with resistance from bears near the upper level. Chainlink faces bearish pressure at higher levels and has support at the 20-day EMA ($9.80). Polygon consolidates in a tight range between $0.60 and $0.66.
Overall, while the long-term outlook remains bullish, it is essential to monitor the charts and key levels for potential shifts in momentum and increased volatility.
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