Bitcoin has yet to find its lowest point, with recent activities showing that buyers were keenly interested during a downturn to $80,000. Various altcoins are inching closer to significant discount levels.

Key Takeaways:

• Bitcoin faces intense selling pressure, potentially heading towards vital support at $73,777.
• A number of significant altcoins have dipped below their support thresholds, implying strong bear influence.

Bitcoin attempted to rebound on Friday, although selling pressures persisted, driving prices down to $80,000 on Binance. Overall sentiment remains gloomy as the US stock market struggles with a downturn, influenced by exaggerated valuations in the AI sector. Furthermore, expectations for a rate cut by the Federal Reserve before December have plunged from 98.1% to 33.1% as observed via the CME FedWatch Tool.

The crucial question now is: how low will BTC fall? As stated by Bitwise’s European head of research, André Dragosch, Bitcoin may stabilize between BlackRock’s IBIT cost-basis of $84,000 and Strategy’s cost-basis around $73,000.

Crypto market data daily view Crypto market data daily view. Source: TradingView

Veteran trader Peter Brandt confidently remarked that the current correction is the “best thing” that could happen to Bitcoin. He maintains a long-term bullish stance, predicting a price rally to $200,000 by the third quarter of 2029.

Major Alerts for Bitcoin Price

BTC recently broke through multiple short-term support barriers, dropping to $80,600, which shows aggressive selling by bears. The next essential support lies at $73,777, which buyers will fiercely defend to prevent a drop to $53,500.

After significant corrections come potential sharp rallies. The overbought levels indicated by the relative strength index (RSI) suggest a possible short-term price relief, potentially lifting the BTC/USDT trading pair to the 20-day exponential moving average (EMA) of $97,319.

Analyzing Altcoin Forecasts

Ether Price Prediction

Ether fell below $3,000 on Thursday, paving the path for a potential drop to $2,500. Rising RSI signifies that a temporary rebound is feasible.

XRP Price Prediction

XRP has dropped below its descending support channel, showing bearish control. Failure to hold the $1.61 support may lead to a drop to $1.

BNB Price Prediction

BNB remains under intense selling pressure, with potential declines to $818 if a close occurs below $860.

Conclusion

Analysts will continue to evaluate the most significant resistance levels to watch in BTC and the major altcoins. Comprehensive analysis of the top cryptocurrencies is essential to grasp the evolving market dynamics.