Market Insights: Predictions for Bitcoin, Ethereum, and Major Altcoins
Bitcoin recently reached a 15-month low at $72,169, causing analysts to speculate that it may revisit its realized price near $56,000 in the upcoming months. Will there be a rebound rally before the weekend?
Key Highlights:
- Bitcoin remains under pressure as bears push the price below the significant $74,508 level.
- Several notable altcoins seem unable to recover from their support levels, raising the chances of a continued downtrend.
Bitcoin bulls tried to initiate a recovery, but the bears managed to pull prices down to $72,169. Alex Thorn from Galaxy Digital mentioned that there could be a drop to Bitcoin’s realized price of $56,000 due to a lack of catalysts to change the current trajectory.
Not all analysts view Bitcoin pessimistically. Matt Hougan from Bitwise shared his insights on X, suggesting that the crypto markets could witness a resurgence sooner than expected.
Price Analysis
Crypto market data daily view. Source: TradingView
As per historical trends, Bitcoin’s recovery may be gradual. Brett stated that Bitcoin has been below the 100-week simple moving average (SMA), a scenario that often leads to long periods below this threshold. Previous instances show durations between 182 to 532 days.
Can Bitcoin and these significant altcoins initiate a recovery, or will the support levels ultimately fail? Let’s analyze the market trends for the leading cryptocurrencies.
Bitcoin Price Prediction
Buyers are finding it challenging to maintain Bitcoin above the critical $74,508 support, suggesting aggressive selling from bears.
If Bitcoin drops below $72,945, it would signal a continuation of the downtrend. The BTC/USDT pair could then fall to around $60,000, while the RSI indicates the market may be oversold, hinting at a possible relief rally if the price crosses above $79,500 resistance.
Ether Price Prediction
Ether has found support around $2,111 but the weak bounce indicates limited demand from buyers.
If sellers succeed in driving the price below this support, Ether could plunge to $1,750.
Additional Price Predictions
- BNB may face downward risks if it trades below $730.
- XRP has shown signs of vulnerability, likely retesting the support at $1.25.
- Solana, after narrowly breaking below $95, could indicate further declines.
- Dogecoin is showing weak recovery signs, and a fall below $0.10 may lead to a deeper downturn.
- Cardano is attempting to gain momentum from its support line, although the effort seems weak.
- Bitcoin Cash is under pressure, especially near the $535 resistance point, while Hyperliquid showed resilience piercing through the $35.50 resistance.
- Monero faces selling pressure at $412; an upward move above this level might indicate bullish trends.
Disclaimer: This article expresses no investment advice. Readers should conduct thorough research when making trading decisions.
