In October, Bitcoin (BTC) experienced a significant surge of 28.5%, marking its second-best monthly gain of the year. This increase follows a similar trend from January, where Bitcoin saw a rally of 40%. With this strong showing in October, investors are now wondering if Bitcoin can continue its bullish momentum and extend its recovery in the future.
According to research firm Bernstein, Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF) by the first quarter of 2024, and these ETFs may attract up to 10% of Bitcoin’s circulating supply. This prediction adds to the bullish sentiment surrounding Bitcoin’s future performance.
However, while the long-term outlook for Bitcoin appears positive, there may be an increase in 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 that, they anticipate an attempt at $36,000.
The question remains: Will Bitcoin break above or below its current range? And could altcoins see a rally while Bitcoin consolidates? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
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Bitcoin price analysis:
The bulls attempted to push Bitcoin above $35,280 on November 1st, but the bears resisted, suggesting profit-taking at higher levels. The relative strength index (RSI) is still in the overbought zone, indicating 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), while a break above resistance could signal a resumption of the uptrend and a climb to $40,000.
Ether price analysis:
Ether (ETH) has been holding above the breakout level of $1,746, but the bulls are struggling to initiate the next leg of the uptrend. If the bulls flip the level into support, it will indicate a positive sentiment and enhance the prospects of a break above $1,865. This could lead to a surge toward $2,000, but bears are expected to defend this level. It is crucial to watch for a break and close below support, which could suggest that bears are back in control and may push the price down to the 50-day SMA ($1,648).
BNB price analysis:
BNB is finding it difficult to sustain a price above $230, indicating a lack of buying at higher levels. The BNB/USDT pair has turned down and reached the breakout level of $223. Buyers are likely to defend this zone, and if the price rebounds, it may attempt to reach the overhead resistance of $235. However, a continued decline and a break below the 20-day EMA ($220) could suggest that bears are back in control, leading to a tumble to the 50-day SMA ($214).
XRP price analysis:
XRP broke and closed above the overhead resistance of $0.56 on October 30th, indicating the start of a new up-move. The 20-day EMA ($0.54) has turned up, and the RSI is in the overbought zone, indicating that bulls have a slight edge. Buyers will try to push the price to $0.67, while bears will attempt to pull the price back below the breakout level of $0.56. If they succeed, the XRP/USDT pair may fall to the 50-day SMA ($0.52).
Solana price analysis:
Solana (SOL) has been in a strong recovery and recently broke above the resistance at $38.79. If buyers maintain the price above this level, the SOL/USDT pair could attempt a rally to $48. However, the overbought conditions suggest that the rally may be overheated in the near term, making it difficult for bulls to continue the up-move. A break and close below $38.79 could tempt short-term traders to book profits and lead to a decline to $34.
These are just a few examples of the top 10 cryptocurrencies and their potential price movements. It’s important to note that this analysis does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should conduct their own research before making any decisions.
