Bitcoin (BTC) surged 28.5% in October, its second-highest monthly gain this year, behind January’s 40% gain. After October’s strong performance, the next question on investors’ minds is whether the bullish momentum can be sustained and can Bitcoin continue its recovery in the future?
Bernstein said in an Oct. 31 report that Bitcoin could assembly It will reach $150,000 by 2025. The company believes that the U.S. Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the first quarter of 2024, and that the ETF may attract up to 10% of the circulating supply of Bitcoin.
While bullish in the long term, volatility is likely to increase in the short term. On-chain monitoring resource Material Indicators believes that bullish momentum is waning, which could lead to a retest of $33,000, but before that happens, they expect a try at $36,000.
Will Bitcoin break above or below its current range? Will Altcoins Rally When Bitcoin Consolidates?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
On November 1, bulls tried to push Bitcoin above $35,280, but bears did not let up. This shows that profits are booked at a higher level.
The relative strength index (RSI) remains in overbought territory, indicating that the consolidation may continue for a few more days. The important upside levels to watch are $35,280 and $33,390 on the downside.
If the price falls below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between bulls and bears.
On the upside, a breakout and close above the overhead resistance at $35,280 would mark the resumption of the uptrend. The pair may then climb towards $40,000.
Ethereum Price Analysis
Ethereum (ETH) has held above the $1,746 breakout level, but bulls are working hard to initiate the next phase of the uptrend. This shows that the bears are trying to get back in the game.
The key level to watch on the downside is $1,746. If the bulls turn this level into support, it means that market sentiment has turned positive. This would enhance its prospects of a move above $1,865. The ETH/USDT pair could then surge towards $2,000. Bears are expected to mount a strong defense at this level.
If the bears want to gain the upper hand, they will have to pull the price back below the 20-day EMA ($1,723). This could catch aggressive bulls off guard and lead to long liquidation. The pair may then drop towards the 50-day moving average ($1,648).
BNB price analysis
Bulls are finding it difficult to sustain BNB (BNB) above $230, suggesting buying is drying up at higher levels.
The BNB/USDT pair has declined and reached a breakout level of $223. Buyers are likely to defend the area between $223 and the 20-day EMA ($220). If the price rebounds from this area, the bulls will once again try to push the pair towards the overhead resistance at $235.
Conversely, if the price continues lower and breaks below the 20-day EMA, it will signal that the bears are back in control. The pair may then drop towards the 50-day moving average ($214).
Ripple Price Analysis
XRP (XRP) broke out and settled above overhead resistance at $0.56 on October 30. This signals the beginning of a new uptrend.
The 20-day EMA ($0.54) has recovered and the RSI is in overbought territory, showing the bulls have a slight advantage. Buyers will try to take advantage and push the price to $0.67.
Instead, the bears will attempt to pull the price back below the $0.56 breakout level and the 20-day EMA. If they succeed in doing so, the XRP/USDT pair could drop to the 50-day moving average ($0.52).
Solana Price Analysis
Solana (SOL) has been in the midst of a strong recovery. After dithering around $34 for a few days, the bulls established their supremacy and broke the resistance on October 30.
Buying continued, with bulls overcoming the November 1 overhead resistance at $38.79. If buyers sustain the price above $38.79, the SOL/USDT pair may next attempt a rebound to $48.
While the trend remains upward, the overbought levels on the RSI suggest that the recent rally is overheated. This may make it difficult for bulls to continue rising. A breakout and close below $38.79 may entice short-term traders to take profits. This could send the pair down to $34.
Cardano Price Analysis
Cardano (ADA) retreated from minor resistance at $0.30 on October 31, indicating that short-term traders were taking profits.
Nearby downside support is the 20-day EMA ($0.28). Buyers are expected to defend this level vigorously. If the price rebounds from the 20-day EMA, it means that market sentiment has turned positive and traders are buying at lower levels. The ADA/USDT pair may reach $0.30 again.
If the price continues lower and falls below the 20-day EMA, this view will be invalidated. This move suggests that the pair may trade between $0.24 and $0.30 for some time.
Dogecoin Price Analysis
Bulls have been struggling to keep Dogecoin (DOGE) above the $0.07 resistance, suggesting that higher levels are attracting sellers.
Looking at the long tail of the candlestick, bulls bought the 20-day EMA ($0.06) on the dip on October 31, but they were unable to build on it. Sellers are once again trying to pull the price back below the 20-day moving average. If they succeed, it will be a sign that the bulls are losing control. The DOGE/USDT currency pair may drop to $0.06.
Alternatively, if the price rebounds strongly off the 20-day EMA again, it would be a sign for bulls to buy the dip. The bulls will then make another attempt to clear the $0.07 overhead barrier and start a rise towards $0.08.
related: Bitcoin crash before halving?Stablecoin indicators flash warnings marking 2019 tops
Coin price analysis
Toncoin (TON) has formed a range between $1.89 and $2.31 over the past few days. The price fell from $2.27 on October 31, indicating that bears are continuing to sell near resistance.
The TON/USDT pair has fallen to immediate support at the moving averages. If the price rebounds strongly from this level, it means that market sentiment has turned positive and traders will view dips as a buying opportunity. This would improve prospects for a rebound above overhead resistance at $2.31. The pair could then surge to $2.59.
On the contrary, if the price continues lower and breaks below the moving average, it indicates that the range may continue for several days.
Chainlink Price Analysis
Bulls have been trying to push and hold Chainlink (LINK) above resistance at $11.50, but the long shadow on the candlestick suggests that bears are active at higher levels.
The decline on November 1 suggests that bears are trying to pull the price towards the 20-day EMA ($9.80), an important level to watch. If the price rebounds from this level, the bulls will once again try to push the LINK/USDT pair above $11.50. If they do, the pair could rise to $13.50 and then $15.
On the other hand, if sellers decline and sustain the price below $9.50, they will regain dominance. This could open the door for further declines to the 50-day moving average ($8.06).
Polygon price analysis
Buyers attempted to push Polygon (MATIC) above overhead resistance at $0.66 on October 31, but bears held their ground.
This suggests that the MATIC/USDT pair may consolidate within a tight range between $0.60 and $0.66 for some time. Rising moving averages and the RSI in positive territory indicate that bulls have the advantage.
If buyers push the price above $0.66, the pair may start the next phase of its recovery towards $0.77. However, the bears may have other plans. They will try to push the price back below $0.60 and trap the aggressive bulls.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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