Key takeaways:
- Bitcoin has hit a key support zone, and a drop below $79,000 could push the correction further.
- Several leading altcoins are under selling pressure, showing that bears are still active.
Bitcoin (BTC) continued its decline on Wednesday, falling below $80,000. Still, analysts remain hopeful about BTC’s short-term outlook.
Analyst CRG noted in an X post that during the last bear market, BTC never managed to break above the Ichimoku cloud—and when it finally did, a fresh bull run began. Notably, BTC is now trading well above the Ichimoku cloud, making the current setup look very different from the previous downturn.
Another optimistic forecast came from Maelstrom’s chief investment officer Arthur Hayes. In a Substack article, he stated that BTC “reclaiming $126,000 is inevitable.” He believes BTC will gain steam once it breaks past $90,000, as “many call option writers will scramble to hedge their positions once their strike prices are breached.”
Hayes also expects that the AI competition with China and the ongoing conflict in Iran will lead to increased money printing, which could benefit the crypto market.
Not everyone shares this bullish sentiment. A BTC whale using the alias ‘pension-usdt.eth’ is currently short 1,000 BTC—worth around $81 million—with 3x leverage. The position was opened when BTC was at $67,990 and is now down roughly $13 million. However, the trader confirmed on X that they’re still holding the short because “the trade still makes sense.”
Can BTC and major altcoins bounce back from their support levels? Let’s examine the charts of the top 10 cryptocurrencies to assess the possibilities.
Bitcoin price forecast
BTC has pulled back to the 20-day exponential moving average ($79,092), a crucial level to monitor in the near term.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price bounces strongly off the 20-day EMA, bulls will likely attempt to push the BTC/USDT pair above the $84,000 resistance. A successful breakout could trigger a rally toward $92,000 and then to $97,924.
This positive outlook would be invalidated if the price keeps falling and closes below the 20-day EMA. That would signal profit-taking by traders and could lead to a deeper correction toward the 50-day simple moving average ($74,571), followed by a test of the support line.
Ether price forecast
Ether (ETH) tried to recover from the 50-day SMA ($2,245), but the long upper wick on the candlestick indicates strong selling at higher prices.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
A break and close below the 50-day SMA could open the door to a decline toward the ascending channel’s support line. Buyers are expected to defend this level aggressively, as a close below it might send the ETH/USDT pair down to $1,916.
The first sign of bullish strength would be a break and close above the $2,465 resistance. From there, the ETH price could climb toward the channel’s resistance line—a key level to watch. A breakout above that line may propel the pair toward $3,050.
BNB price forecast
BNB (BNB) bounced off the 20-day EMA ($643) on Tuesday and reached the $687 overhead resistance on Wednesday.
BNB/USDT daily
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA ($41.50) has started to turn downward, and the RSI has dipped into negative territory, suggesting that bears currently hold the advantage. If the price fails to reclaim the 50-day SMA, the HYPE/USDT pair could slide toward the $37 support level. A break below $37 may trigger a further decline to $33.
On the flip side, if buyers push the price back above the 50-day SMA, it would indicate that the recent dip was merely a pullback within an ongoing uptrend. In that scenario, the pair may attempt a rally toward $45 and potentially higher.
HYPE/USDT daily chart. Source: Cointelegraph/TradingView
Should the price drop below $38.70, it would indicate that the HYPE/USDT pair has likely reached a short-term peak. From there, the HYPE price could decline to $34.45.
Buyers face a challenging road ahead. Any attempt to recover is likely to encounter resistance at the 20-day EMA ($41.56) and again within the $43.76 to $45.77 range. For the bulls to regain control and signal a continuation of the upward trend, they will need to push and hold the price above $45.77. Once that level is cleared, the pair could rally toward $50.
Related: Bitcoin to $100K in Q2? Strategy’s STRC unlocks potential to buy 3K BTC in two days
Cardano price prediction
Cardano’s (ADA) pullback is testing support at the 20-day EMA ($0.26), but sellers continue to apply downward pressure.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
If the price keeps falling and drops below the moving averages, it implies that the ADA/USDT pair may continue trading within the $0.22 to $0.31 range for several more days.
Buyers must strongly protect the moving averages and initiate a bounce from that level to demonstrate strength. The ADA price could then climb to $0.29 and subsequently to $0.31. Sellers are likely to defend the $0.31 level, since a close above it would mark the beginning of a new upward move. The pair may then rally to $0.36 and ultimately reach the pattern target of $0.40.
Zcash price prediction
Zcash (ZEC) rebounded from the $560 level on Tuesday, but the bulls were unable to maintain momentum on Wednesday.
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