Key points:
Bitcoin failed to hold above $90,000, indicating a lack of demand at higher levels.
Several major altcoins started a recovery, but the higher levels attracted solid selling pressure from the bears.
Bitcoin (BTC) bulls pushed the price above $90,000 on Wednesday, but higher levels attracted selling by the bears. Spot BTC exchange-traded funds have recorded outflows of $634.8 million this week, according to Farside Investors data, indicating a cautious approach by institutional investors.
CryptoQuant analyst MorenoDV_ said in a recent Quicktake analysis that the True Market Mean (TMM), which represents the cost basis of all non-dormant coins, excluding miners, acts “like a psychological line in sand.” If the TMM, currently at $81,500, cracks, BTC could fall sharply, searching for support in the coming months.
Bitcoin price prediction
Buyers pushed BTC back above the uptrend line on Wednesday, but the long wick on the candlestick shows selling at higher levels.
The bears will try to pull the Bitcoin price below the $84,000 support. If they manage to do that, the BTC/USDT pair could retest the crucial level at $80,600. Buyers are expected to fiercely defend the $80,600 to $73,777 zone.
The first sign of strength will be a break and close above the 20-day exponential moving average ($90,037). The pair could then climb to $94,589 and subsequently to the psychological level of $100,000.
Ether price prediction
Ether (ETH) rebounded off the uptrend line on Tuesday, but the recovery stalled at the 20-day EMA ($3,066) on Wednesday.
The bears are attempting to strengthen their position by pulling the Ether price below the uptrend line. If they manage to do that, the ETH/USDT pair could drop to $2,716 and then to $2,623.
Buyers have an uphill task ahead of them. They will have to drive the Ether price above the $3,350 resistance to signal a potential trend change in the near term. That opens the doors for a rally to $3,659 and then to $3,918.
BNB price prediction
Buyers tried to push BNB (BNB) back above the 20-day EMA ($883), but the bears successfully defended the level.
The sellers will try to pull the BNB price below the $840 level and test the critical support at $791. Buyers are expected to defend the $791 level with all their might, as a break below it could sink the BNB/USDT pair to $730.
Instead, if the price turns up and breaks above the moving averages, it suggests that the pair could remain range-bound between $791 and $1,020 for some time. Buyers will be back in the driver’s seat on a close above $1,020.
XRP price prediction
XRP (XRP) has been sliding toward the support line of the descending channel pattern, indicating a negative sentiment.
The bulls are expected to mount a strong defense in the zone between the support line of the channel and $1.61. Any relief rally is likely to face selling at the 20-day EMA ($2.03) and then at the 50-day simple moving average ($2.18).
If the XRP price turns down from the moving averages, the possibility of a break below $1.61 increases. The XRP/USDT pair could then plummet to the Oct. 10 low of $1.25. On the other hand, a break above the downtrend line signals a potential trend change.
Solana price prediction
The bulls are trying to defend the support line in Solana (SOL), but the weak bounce suggests the bears continue to exert pressure.
The downsloping 20-day EMA ($133) and the relative strength index (RSI) below 39 signal that the bears are in control. A close below the support line indicates the continuation of the downward move. The SOL/USDT pair could plunge to $110 and then to the solid support at $95, where the buyers are expected to step in.
The bulls will have to push and maintain the Solana price above the resistance line to gain the upper hand. The pair could then rally to $172.
Dogecoin price prediction
Dogecoin (DOGE) fell below the $0.13 support on Monday, signaling the resumption of the downtrend.
A minor advantage for the bulls is that the RSI is forming a positive divergence. That suggests the selling pressure is reducing. Buyers will have to swiftly push and sustain the Dogecoin price above the 50-day SMA ($0.15) to signal strength. The DOGE/USDT pair may then ascend to $0.19.
Alternatively, if the price continues lower or turns down from $0.14, it suggests that the bears remain in command. The pair may then tumble to the Oct. 10 low of $0.10.
Cardano price prediction
Cardano (ADA) is struggling to bounce off the $0.37 support, indicating a lack of aggressive buying by the bulls.
Sellers will try to strengthen their position by pulling the Cardano price below the $0.37 level. If they can pull it off, the ADA/USDT pair could plunge to $0.32 and then to the Oct. 10 low of $0.27.
Any relief rally is expected to face selling at the moving averages. The bulls will have to propel and maintain the price above the breakdown level of $0.50 to signal a comeback. The pair may then rally to $0.61.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) bounced off the 50-day SMA ($534) on Tuesday, and the bulls are attempting to sustain the price above the 20-day EMA ($558) on Wednesday.
If the price fails to maintain above the 20-day EMA, the sellers will again attempt to pull the BCH/USDT pair below the 50-day SMA. If they succeed, the Bitcoin Cash price may dip below the $508 support. That suggests a range-bound action between $443 and $615 for some more time.
Contrarily, if the price closes above the 20-day EMA, it signals a positive sentiment. The bulls will then attempt to push the pair to the overhead resistance at $615.
Hyperliquid price prediction
Buyers are attempting to start a recovery in Hyperliquid (HYPE), but it is likely to face selling near the 20-day EMA ($30.26).
If the price turns down from the 20-day EMA, the HYPE/USDT pair may resume its downtrend. The pair may decline to $24 and then to the Oct. 10 low of $20.82.
Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it suggests that the selling pressure is reducing. The pair may then climb to the breakdown level of $35.50, which is a critical level to watch out for. If buyers overcome the resistance, it indicates that the downtrend could be over.
Chainlink price prediction
Chainlink (LINK) has been trading below the moving averages, increasing the likelihood of a drop to the $10.94 support.
Buyers are expected to vigorously defend the $10.94 level, but the relief rally may face selling at the moving averages. If the price turns down from the moving averages, the LINK/USDT pair could dive to the Oct. 10 low of $7.90.
Contrary to this assumption, if the Chainlink price turns up from the current level or the $10.94 support and breaks above $15, it signals demand at lower levels. The pair could then rally to $16.80.
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