Price Forecasts for BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, LINK, AVAX on October 1st
Bitcoin starts October strong, raising hopes for new all-time highs. Analysts predict potential rallies for major cryptocurrencies.
Price Forecasts for BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, LINK, AVAX on October 1st
Bitcoin opened the month of October with a robust increase, reaching $118,200. This breakthrough sets the stage for BTC to attempt new record highs. Which alternative cryptocurrencies might join the rally?
Price Analysis
Key Takeaways:
- Bitcoin has surpassed the $117,500 resistance, paving the way for a retest of the all-time high of $124,474.
- A variety of altcoins are exhibiting a strong recovery rally, indicating significant buying activity at lower price levels.
Bitcoin (BTC) finished September with over 5% gains, with the bullish momentum extending into the new month as the price broke through the formidable resistance at $117,500.
Data from CoinGlass indicates that a positive monthly close in September has historically yielded an average gain of over 53% in Q4. If past trends hold, BTC could ascend towards $170,000 by year’s end.
Crypto market data daily view
Crypto market data daily view. Source: Coin360
Analysts foresee BTC mirroring gold’s bullish trend. Crypto analyst Ted Pillows articulated on platform X that BTC trails gold by an eight-week timeframe, predicting a significant Q4 for BTC.
Could Bitcoin’s strength elevate other altcoins? Let’s examine the price charts of the top 10 cryptocurrencies to gain insights.
Bitcoin Price Forecast
BTC has successfully closed above its moving averages, with bulls further solidifying their stance by breaching the $117,500 resistance on Wednesday.
BTC/USDT daily chart
BTC/USDT daily chart. Source: Cointelegraph
The 20-day moving average, now at $113,527, is trending upward, and the relative strength index (RSI) over 61 suggests favorable momentum for buyers. If the price closes above $117,500, the BTC/USDT pair might challenge the all-time peak of $124,474. However, sellers are expected to try to defend this level fiercely; if buyers prevail, the rally may continue to $141,948.
The bullish sentiment could shift if Bitcoin declines below the $107,000 support.
Ether Price Forecast
Ether (ETH) has surged past the 20-day EMA (currently $4,262), indicating a waning selling pressure.
ETH/USDT daily chart
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The price is geometric towards the resistance line, a crucial threshold to monitor. If buyers push beyond this line, the ETH/USDT pair could revisit the all-time high of $4,957. Conversely, should the price retreat from this resistance point, it would imply that sellers remain active in the market. The sellers would need to drive ETH below the $3,745 support to signal a potential peak.
XRP Price Forecast
XRP bounced off the $2.69 support, reaching the moving averages, indicating significant buying interest at lower prices.
Sellers will attempt to keep the XRP price within a descending triangle pattern, guarding the downtrend line. If the price closes beneath $2.69, a bearish triangle pattern will complete, leading to an accelerated decline bringing the XRP/USDT pair to $2.20. Conversely, if the price breaks above the downtrend line, it indicates a bullish reversal, possibly triggering a rise to $3.20 and subsequently to $3.38.
BNB Price Forecast
BNB encountered a decline from $1,036 on Monday, yet bears have not managed to push the price below the 20-day EMA ($976).
BNB/USDT daily chart
BNB/USDT daily chart. Source: Cointelegraph/TradingView
If the price rebounds from the current level or the 20-day EMA convincingly, the probability of breaking above $1,036 increases, setting the stage for a rally towards $1,083. Sellers will vigorously defend the $1,083 level, as breaking through it could initiate a new upward trend towards $1,173. If, on the other hand, the BNB price dips and falls below $934, it will suggest a potential correction to $909 and subsequently $842.
Solana Price Forecast
Sellers are making efforts to stall Solana’s recovery at the 20-day EMA ($216), but the bulls continue to assert pressure.
SOL/USDT daily chart
SOL/USDT daily chart. Source: Cointelegraph/TradingView
If buyers can push the price above the uptrend line, it could mean the corrective phase is over. The SOL/USDT pair could then advance to $230 and eventually to $260. However, this positive outlook will be invalidated if the price falls below the $190 support, signaling a possible drop to $175 and suggesting that the price may oscillate between $110 to $260 for some time.
Dogecoin Price Forecast
Dogecoin’s price fluctuation between the uptrend line and the 50-day SMA ($0.23) resolved to an upward breakout on Wednesday.
DOGE/USDT daily chart
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
If the price closes above the 20-day EMA ($0.24), it might imply a bullish comeback for Dogecoin, as the price may rally to $0.26 and subsequently approach strong resistance at $0.29. However, sellers need to push the price below the uptrend line to gain control. If they succeed, the DOGE/USDT pair could decline to $0.21 and further drop to $0.19, indicating potential consolidation between $0.14 and $0.29 for additional days.
Cardano Price Forecast
Sellers attempted to drive Cardano (ADA) below $0.78 on Tuesday, but the bulls defended their position.
ADA/USDT daily chart
ADA/USDT daily chart. Source: Cointelegraph/TradingView
Buyers are working to strengthen their position by pushing the price above the moving averages. If successful, the ADA/USDT pair may rally toward the resistance line. Sellers will try to impede the recovery at this line; however, if buyers succeed, ADA could aim for $1.02. A dip and closing beneath $0.75 will complete a bearish triangle setup, opening the door for a fall to $0.68.
This article does not provide investment advice. All trading strategies come with inherent risks, and it is crucial for readers to conduct personal research prior to making any decisions.
