The Bitcoin market enthusiasts are eagerly targeting the $70,000 mark, but reaching this level could trigger a selloff, potentially causing a significant drop in BTC and altcoin prices.
Bitcoin’s recent surge to $67,690, surpassing the $66,500 threshold, cleared the final hurdle on its way to $70,000. According to Farside Investors, there were strong inflows into U.S.-based spot Bitcoin exchange-traded funds, with $555.9 million on 14 October and $371 million on 15 October.
In light of this rally, analysts have become more optimistic about Bitcoin’s potential to reach a new all-time high in 2024. Independent analyst Bitcoindata21 is especially bullish, predicting Bitcoin could soar to $233,000 as early as the first quarter of 2025.
While the bullish narrative is understandable, traders need to be watchful. Buyers will face significant heat from the bears as the price nears an all-time high. A strong rejection near the all-time high could tempt the short-term bulls to book profits. That could keep the price stuck inside the large $54,000 to $73,777 range for a few more days.
Could Bitcoin’s market rise to $70,000 trigger a strong buying in altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin surged above the $65,000 overhead resistance on Oct. 14 and followed that up with another strong up move above $66,500 on Oct. 15.
BTC/USDT daily chart. Source: TradingView
The critical support to watch on the downside is $65,000. If buyers flip this level into support, a rally to $70,000 is possible. Sellers are expected to fiercely defend the $70,000 to $73,777 zone.
The first sign of weakness will be a break and close below $65,000. The BTC/USDT pair could then drop to the 20-day exponential moving average ($63,417). If the price rebounds off the 20-day EMA, the bulls will again attempt to push the pair to $70,000.
On the other hand, a break below the 20-day EMA will suggest that the bulls have given up. The pair may then drop to the 50-day simple moving average ($61,023).
Ether (ETH) Market Analysis
The Ether market has reached the resistance line of the symmetrical triangle pattern, where the bears are trying to halt the up move.
ETH/USDT daily chart. Source: TradingView
If buyers do not give up much ground from the current level, the likelihood of a breakout above the resistance line increases. The ETH/USDT pair could rise to $2,850 and thereafter to $3,400.
This optimistic view will be negated in the near term if the price turns down from the resistance line and dives below the moving averages. The pair may extend its stay inside the triangle for some more time.
BNB Market Analysis
Buyers are trying to push BNB to the stiff overhead resistance of $635, where the bears are expected to mount a strong defence.
BNB/USDT daily chart. Source: TradingView
If the price turns down from the overhead resistance but finds support at the 20-day EMA ($575), it will suggest that the bulls remain buyers on dips. The bulls will then make one more attempt to clear the overhead hurdle. If they can pull it off, the BNB/USDT pair may rally to $722.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the range-bound action may continue for a few more days. The short-term advantage will tilt in favour of the bears on a break below the 50-day SMA.
Solana (SOL) Price Analysis
Solana is facing selling near the $164 overhead resistance, but bulls have not allowed the price to dip below the 20-day EMA ($147).
SOL/USDT daily chart. Source: TradingView
If the price turns up from the current level or the 20-day EMA, it will signal that the sentiment has turned positive. That will improve the prospects of a break above $164. If that happens, the bullish ascending triangle will complete, and the SOL/USDT pair could climb to $189 and eventually to $210.
On the contrary, if the price slips below the 20-day EMA, the pair could drop to the uptrend line. Sellers will have to yank the price below the uptrend line to invalidate the bullish setup.
XRP Price Analysis
The bulls have been trying to push XRP above the moving averages, but the bears have held their ground.
XRP/USDT daily chart. Source: TradingView
A minor positive for the bulls is that they have not ceded much ground to the bears. This suggests that the bulls may make one more attempt to propel the price above the moving averages. If they can pull it off, the XRP/USDT pair may rally to the overhead resistance of $0.64.
This positive view will be invalidated in the near term if the price turns down and breaks below $0.50. That could start a down move to $0.46.
Dogecoin (DOGE) Price Analysis
Dogecoin has reached the resistance line of the symmetrical triangle pattern, indicating that the bulls are attempting a comeback.
DOGE/USDT daily chart. Source: TradingView
If buyers pierce the resistance line, it will signal the start of a new uptrend. The DOGE/USDT pair could rise to $0.14 and thereafter to $0.17. The pattern target of the breakout from the triangle is $0.19.
Contrarily, if the price turns down sharply from the resistance line, it will suggest that the bears remain sellers on rallies. That could keep the pair stuck inside the triangle for a few more days.
Toncoin (TON) Price Analysis
Toncoin has been clinging to the moving averages, indicating that the bulls are trying to overcome the obstacle.
TON/USDT daily chart. Source: TradingView
If the bulls succeed, the TON/USDT pair could rise to $6. This level is likely to behave as a formidable hurdle, but if the bulls overcome it, the rally could extend to $7. Such a move will suggest that the pair may swing between $4.72 and $8.29 for a while.
Conversely, if the price turns down from the moving averages and breaks below $5, it will signal that the bears remain in command. The pair may then retest the $4.72 to $4.44 support zone.
Cardano (ADA) Price Analysis
Cardano has been clinging to the moving averages for the past few days, indicating a tough battle between the bulls and the bears.
ADA/USDT daily chart. Source: TradingView
If the price remains above the moving averages, the bulls will try to push the ADA/USDT pair to the overhead resistance of $0.40. This is an essential level for the bears to defend because a break above it could start a new up move. The pair may rise to $0.45 and subsequently to $0.50.
Alternatively, if the price is below the moving averages, the bears will try to sink the pair to $0.31 support. If this level gives way, the pair could descend to $0.27.
Avalanche (AVAX) Price Analysis
Avalanche has been trading inside the symmetrical triangle pattern for several days, indicating indecision about the next directional move.
AVAX/USDT daily chart. Source: TradingView
The AVAX/USDT pair turned down from the resistance line on Oct. 14, indicating that the bears protect the level. A break below the 20-day EMA ($27.24) could sink the pair to the support line.
If the price plummets below the support line, it will signal that the bears have overpowered the bulls. The pair may drop to $17. On the other hand, a break above the triangle will tilt the advantage in favour of the bulls. The pair may rise to $37 and later to $42.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has formed an inverse H&S pattern, which will complete on a break and close above $0.000020.
SHIB/USDT daily chart. Source: TradingView
The upsloping moving averages and the RSI in the positive territory indicate that the bulls have the edge. A break and close above $0.000020 could open the doors for a rally to the pattern target of $0.000028.
Sellers are likely to have other plans. They will try to defend the overhead resistance and pull the price below the 20-day EMA ($0.000017). If they do that, it will signal that the SHIB/USDT pair may remain inside the $0.000012 to $0.000020 range for some more time.
