Bitcoin (BTC) is currently trading around the $69,000 mark, indicating a fierce battle between the bulls and the bears. Some analysts believe that the upcoming Bitcoin halving will have a significant impact on the price, but new research from CryptoQuant suggests that the halving effect is diminishing as the new issuance of Bitcoin decreases relative to the selling from long-term holders.
BitMEX co-founder Arthur Hayes has a negative outlook for risky assets until May 1, but he is optimistic about the medium term as he expects the Bitcoin halving to drive prices higher.
According to Bitfinex analysts, if investors can navigate the short-term volatility, Bitcoin could potentially surge by 160% post halving, reaching a price range of $150,000 to $169,000 in the next 14 months.
The question remains whether the Bitcoin bulls will assert their dominance and push the price higher, or if the bears will make a comeback. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
Bitcoin recently broke above a symmetrical triangle but was quickly pulled back in by the bears, indicating their attempt to trap the aggressive bulls. However, there is a minor positive sign for the buyers as they are trying to buy the dip and bounce off the 20-day exponential moving average ($68,497). If the price rebounds from this level, the BTC/USDT pair will make another attempt to rise above the $73,777 overhead resistance. If successful, the pair could rally to $80,000 and then $84,000. On the other hand, if the price breaks below the 20-day EMA, it could signal a corrective phase towards $60,000 and the 61.8% Fibonacci retracement level of $54,298.
Ether Price Analysis:
Ether turned sharply lower from the overhead resistance of $3,679, indicating the bears’ unwillingness to give up. However, the bulls are trying to stall the decline at the 20-day EMA ($3,479). If they succeed and the price turns up from the moving averages, the bulls will have another chance to break above $3,679 and potentially rally to $4,100. Conversely, if the price slips below the moving averages, it could prolong the range-bound action between $3,056 and $3,679. A break below $3,056 would favor the bears.
BNB Price Analysis:
BNB turned lower from the downtrend line, but the bulls managed to hold the price above the 20-day EMA ($574), indicating buying on dips. The gradually sloping up 20-day EMA and positive RSI suggest that the path of least resistance is to the upside. If buyers can maintain the price above the triangle, the BNB/USDT pair could rise to $692 and potentially rally to $795. However, the bears will likely try to defend the downtrend line and push the price down to the uptrend line. A break below this support would signal a correction towards $460.
Solana Price Analysis:
The bulls are facing resistance in pushing Solana above the 20-day EMA ($178), indicating the bears’ attempt to turn this level into resistance. The bears may try to sink the SOL/USDT pair below the 50-day SMA ($159), but the bulls are expected to vigorously defend this level. If the price rebounds and rises above the 20-day EMA, it could suggest a consolidation phase between $162 and $205. On the other hand, a continued decline and a break below the 50-day SMA could complete a double-top pattern and send the pair to the next strong support at $126.
XRP Price Analysis:
Buyers attempted to extend XRP’s recovery above the moving averages, but encountered selling pressure. The flattish moving averages and the near midpoint RSI suggest a balance between supply and demand, indicating a potential range-bound action between $0.56 and $0.69. A break above $0.69 could clear the path for a rally to the formidable level of $0.74, while a drop below $0.56 could send the pair to $0.48.
Dogecoin Price Analysis:
Dogecoin’s relief rally faced heavy selling pressure near $0.21, but the bulls bought the dip to the 20-day EMA ($0.19), indicating demand at lower levels. Buyers will attempt to push the DOGE/USDT pair above $0.21, and if successful, the pair could climb to $0.23 and potentially resume the uptrend towards $0.30. However, if the bears sustain the price below the 20-day EMA, the pair could descend to the 50-day SMA ($0.16).
Toncoin Price Analysis:
Toncoin has been trading within an ascending channel pattern, gaining momentum after breaking above $5.69. The bears are trying to halt the upward move at the resistance line, and if they succeed, the pair could drop to the channel’s support line. The bulls are expected to fiercely defend this support line, as a break below it could trigger a deeper correction. On the other hand, a break and close above the channel would signal the start of a vertical rally, with potential targets at $8.56 and $10.
Cardano Price Analysis:
Cardano’s recovery was halted at the 20-day EMA ($0.61), indicating negative sentiment and selling on rallies. The price dipped to the strong support at $0.57, which will be an important level to watch in the near term. A rebound from this level and a rise above the 20-day EMA could suggest a range-bound action between $0.57 and $0.68. However, a break below $0.57 could complete a bearish head-and-shoulders pattern, leading to a downward move towards the critical support of $0.46.
Avalanche Price Analysis:
Avalanche turned lower from the downtrend line, indicating continued selling pressure from the bears. The AVAX/USDT pair is currently stuck between the downtrend line and $42. A break above the downtrend line would suggest a reduction in selling pressure and a potential rally to $60. However, if the price breaks below $42, it could indicate the start of the next leg of the downtrend, with potential support at $35.
Shiba Inu Price Analysis:
Shiba Inu’s attempt to break above the downtrend line was met with resistance from the bears. However, the bulls have managed to hold the price above the 61.8% Fibonacci retracement level of $0.000023. The flattish 20-day EMA ($0.000028) and the near midpoint RSI suggest a balance between buyers and sellers. A break and close above the downtrend line could open the doors for a rise to $0.000033 and $0.000039. On the other hand, a drop below $0.000023 could signal the bears taking charge and a potential decline to $0.000017.
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.