Bitcoin (BTC) continues to be locked in a battle between bulls and bears as it hovers around the $69,000 mark. While some analysts believe that the upcoming Bitcoin halving will trigger a major price increase, new research from CryptoQuant suggests that the halving effect is diminishing as the issuance of new Bitcoin decreases relative to selling from long-term holders.
BitMEX co-founder Arthur Hayes is also pessimistic about the near-term outlook for risky assets, predicting extreme weakness until May 1. However, Hayes remains positive for the medium term, expecting the Bitcoin halving to push prices higher.
According to Bitfinex analysts, investors who ride out the short-term volatility could see a significant rally in the long term. They predict that Bitcoin could surge 160% post-halving, reaching between $150,000 and $169,000 within the next 14 months.
The question remains whether 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 into the triangle by the bears. This indicates that the bears are attempting to trap aggressive bulls. However, there is a minor positive for the buyers, as they are trying to buy the dip to 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 overhead resistance at $73,777. A successful break above this level could lead to a rally to $80,000 and then $84,000. On the other hand, a break below the 20-day EMA could signal a correction towards $60,000 and eventually the 61.8% Fibonacci retracement level at $54,298.
Ether Price Analysis
Ether (ETH) faced strong resistance near the $3,679 level, indicating that the bears are not giving up. The bulls, however, are trying to defend the 20-day EMA ($3,479), and if they succeed, they could make another attempt to break above $3,679. If this resistance is breached, the ETH/USDT pair may rally towards the overhead resistance at $4,100. Conversely, if the price slips below the moving averages, it could extend 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 found support at the 20-day EMA ($574), indicating buying on every minor dip. 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 then attempt a rally to the pattern target at $795. However, if the bears defend the downtrend line and push the price down to the uptrend line, a break below this support could signal a correction towards $460.
Solana Price Analysis
Solana is struggling to break above the 20-day EMA ($178), indicating resistance from the bears. They will likely try to push the SOL/USDT pair below the 50-day SMA ($159), but the bulls are expected to defend this level. If the price rebounds from the 50-day SMA and rises above the 20-day EMA, the pair may consolidate between $162 and $205 for some time. However, if the price continues to decline and breaks below the 50-day SMA, it could complete a double-top pattern and drop to the next support at $126.
XRP Price Analysis
XRP’s recovery faced selling pressure on April 9, as indicated by the long wick on the candlestick. The flat moving averages and the RSI near the midpoint suggest a balance between supply and demand, which could keep the XRP/USDT pair range-bound between $0.56 and $0.69 in the coming days. A break above $0.69 could pave the way for a rally towards the strong resistance level at $0.74. On the downside, a drop below $0.56 could push the pair down to $0.48.
Dogecoin Price Analysis
Dogecoin’s relief rally was met with selling pressure near $0.21, but the bulls defended the 20-day EMA ($0.19), indicating demand at lower levels. Buyers will likely make another attempt to push the DOGE/USDT pair above $0.21. If they succeed, the pair may 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 decline to the 50-day SMA ($0.16).
Toncoin Price Analysis
Toncoin has been trading within an ascending channel pattern and gained momentum after breaking above $5.69 on April 8. The bears are trying to halt the upward move at the resistance line, and if they succeed, the TON/USDT pair could drop to the channel’s support line. The bulls are expected to defend this support because a break below it could lead to a deeper correction. On the other hand, a break above the channel would signal the start of a vertical rally, with targets at $8.56 and $10.
Cardano Price Analysis
Cardano’s recovery was stopped at the 20-day EMA ($0.61) on April 9, 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. If the price rebounds from this level and rises above the 20-day EMA, the ADA/USDT pair may remain range-bound between $0.57 and $0.68 for a while. However, a break below $0.57 could complete a bearish head-and-shoulders pattern and start a downward move towards the critical support at $0.46.
Avalanche Price Analysis
Avalanche turned lower from the downtrend line, suggesting that bears continue to sell on relief rallies. The AVAX/USDT pair is currently stuck between the downtrend line and $42. A break above the downtrend line would indicate reduced selling pressure and could lead to a rally towards $60. On the other hand, a break below $42 would signal the start of the next leg of the downtrend, with a potential drop to $35 as a strong support level.
Shiba Inu Price Analysis
Shiba Inu attempted to break above the downtrend line, but the bears held their ground. However, the bulls managed to prevent the price from dipping below the 61.8% Fibonacci retracement level at $0.000023. The flat 20-day EMA ($0.000028) and the RSI near the midpoint 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 subsequently $0.000039. On the other hand, a drop below $0.000023 would indicate bearish control, with a potential decline to $0.000017.
Please note that this article does not provide investment advice or recommendations. It is important to conduct your own research and analysis before making any investment decisions.