Bitcoin Price Capped At $117K, Will Altcoins Rally?

Key points:

• Bitcoin faced significant resistance at $117,500, indicating that the bears are unlikely to give up easily.

• Several major altcoins tried to break above their overhead resistance levels, but the bears held their ground, signaling selling on rallies.

Bitcoin (BTC) continues to face significant resistance near $117,500, but a positive sign is that the bulls have kept up the pressure. That suggests the buyers are not rushing to the exit as they anticipate a move toward the all-time high of $124,474.

BTC researcher Axel Adler Jr. said in a post on X that the “market is neither overheated nor oversold” at the current level. That could result in one to two weeks of consolidation before BTC rises to a new all-time high.

Several analysts expect BTC to hit a new all-time high. Into The Cryptoverse founder Benjamin Cowen said in an interview that the rally could peak quickly after making a new high. Once the top is in, Cowen does not rule out a 70% fall in the next bear market.

Could BTC break out of its overhead resistance, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC pierced the $117,500 overhead resistance on Thursday, but the bulls could not sustain the higher levels.

The upsloping 20-day exponential moving average ($114,457) and the relative strength index (RSI) in the positive territory suggest the path of least resistance is to the upside. A close above $117,500 opens the gates for a rally to $124,474.

Contrary to this assumption, a break below the 20-day EMA signals that the bulls are closing their positions in a hurry. The BTC/USDT pair could then drop to $110,000, remaining inside the $107,000 to $117,500 range for a while longer.

Ether price prediction

Ether (ETH) has formed a symmetrical triangle pattern, indicating indecision between the buyers and sellers.

If the price turns down and breaks below the support line, it signals that the uncertainty has resolved in favor of the bears. The ETH/USDT pair could collapse to $4,060 and, after that, to the pattern target of $3,426.

Buyers will be back in the driver’s seat if they kick the price above the resistance line. That improves the prospects of the resumption of the uptrend. The Ether price could then rally toward the pattern target of $5,586.

XRP price prediction

XRP (XRP) turned up from the 20-day EMA ($2.99) on Tuesday, but the bulls could not clear the overhead barrier at $3.20.

The bears are striving to pull the price below the moving averages to seize control. If they succeed, the XRP/USDT pair could descend toward the strong support at $2.73. Such a move suggests the breakout above the downtrend line was a bull trap. A close below $2.69 will complete the bearish descending triangle pattern, clearing the path for a fall to $2.20.

The bulls will have to push and sustain the price above $3.20 to signal a short-term trend change. The XRP price may then ascend to $3.40 and eventually to $3.66. 

BNB price prediction

BNB (BNB) jumped over the psychological level of $1,000 on Thursday, indicating sustained demand from the bulls. 

The bears will try to defend the $1,000 level, but if the buyers prevail, the BNB/USDT pair could extend the rally to $1,090.

The 20-day EMA ($915) is the critical support to watch out for on the downside. If the price rebounds off the 20-day EMA, the bulls will again try to resume the up move.

Sellers will have to pull and sustain the price below the 20-day EMA to signal strength. The BNB price may then collapse to the 50-day SMA ($855).

Solana price prediction

Solana (SOL) turned down from $253 on Thursday, indicating that the bears are aggressively defending the $260 level.

The pullback is likely to find support at the 20-day EMA ($225). If the price rebounds off the 20-day EMA with force, the bulls will again attempt to clear the overhead hurdle at $260. If they manage to pull it off, the SOL/USDT pair could skyrocket toward $295.

Contrarily, a break and close below the 20-day EMA suggests the bulls are booking profits. That could pull the Solana price to the uptrend line, which is likely to attract buyers.

Dogecoin price prediction

Dogecoin (DOGE) turned up from the $0.26 level on Tuesday, but the bulls are facing stiff resistance from the bears at $0.29.

If the price rebounds off the $0.26 level again, it shows that the bulls are buying on every minor dip. That increases the likelihood of a break above $0.31. If that happens, the DOGE/USDT pair could start a new up move to $0.35 and subsequently to $0.44.

Alternatively, a break below the 20-day EMA ($0.25) suggests that the bulls have given up. The Dogecoin price may then tumble to the 50-day SMA ($0.23). That could keep the pair range-bound between $0.21 and $0.29 for some time. 

Cardano price prediction

Cardano (ADA) turned down from the resistance line of the symmetrical triangle pattern, signaling that the bears are fiercely defending the level.

If the price rebounds off the 20-day EMA ($0.87), it shows buying on dips. That enhances the prospects of a break above the resistance line. If that happens, the ADA/USDT pair could surge to $1.02 and later to $1.17.

This positive view will be invalidated in the near term if the Cardano price turns down sharply and plunges below the support line. That indicates the bears have overpowered the bulls. The pair may then slump toward $0.68. 

Related: Why Ether’s price may surge 75% versus Bitcoin by New Year’s

Hyperliquid price prediction

Hyperliquid (HYPE) surged to a new all-time high of $59.41 on Thursday, but the bulls are struggling to sustain the higher levels.

The RSI is showing early signs of forming a bearish divergence, signaling that the bullish momentum may be weakening. Sellers will gain the upper hand if they pull the Hyperliquid price below the 20-day EMA ($52.30). That opens the doors for a fall to $49.88 and thereafter to the 50-day SMA ($46.41).

Buyers are likely to have other plans. They will attempt to defend the 20-day EMA on the way down. If the HYPE/USDT pair turns up sharply from the 20-day EMA, the bulls will try to start the next leg of the uptrend toward the pattern target of $64.25.

Chainlink price prediction

Chainlink (LINK) turned up from the 50-day SMA ($22.69) on Wednesday, but the bulls are facing stiff resistance at the downtrend line.

The 20-day EMA ($23.71) is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. Buyers will have to thrust and sustain the Chainlink price above the downtrend line to clear the path for a rally toward the $27 level.

On the downside, a break and close below the 50-day SMA signals that the bears are back in the game. The LINK/USDT pair could then plummet to the uptrend line, where the buyers are expected to step in.

Avalanche price prediction

Avalanche (AVAX) broke out of the large $15.27 to $27.38 range on Sept. 10, indicating the start of a new uptrend. 

The rally pushed the RSI into the overbought zone, signaling a possible consolidation or correction in the near term. Sellers are trying to halt the up move at the overhead resistance of $36.17. 

A shallow pullback will suggest that the bulls are holding on to their positions as they anticipate the up move to continue. If buyers pierce the $36.17 level, the AVAX/USDT pair could rally toward the pattern target of $39.49 and then to $45. This optimistic view will be negated in the near term if the Avalanche price turns down and breaks below the 20-day EMA ($28.78).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.