Crypto Market Prediction For Coming Week: What’s in Store For Bitcoin and Altcoins
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As the bears take over the night, Bitcoin and altcoins face a tremendous increase in supply pressure. This resulted in a massive liquidation of almost $900 Million this Friday, per Coinglass.
Amidst the crash, Bitcoin lost dominion over the $70,000 critical level and started a domino fall in the altcoin market. The total crypto market cap, excluding Bitcoin, fell by 8.13% last night, dipping under the $1 Billion mark for a moment.
Currently, the markets are bouncing back, and the long-to-short accounts ratio presents an optimistic future. Per Coinglass, the long/short ratio on the biggest exchange, Binance, favors the bulls with 66% long accounts.
With the market’s one-sided optimism rising back, Bitcoin and altcoins could find a reversal spot over the weekends.
Bitcoin Price Prediction
Despite the drop under $70K, the BTC price sustains a bullish flag in the daily chart. Further, the market value is well above the 50D EMA average line with a lower price rejection candle.
The intraday candle shows a Doji candle rising above the 23.60% Fibonacci level. This bolsters the speculation of a morning star pattern at a crucial support level to ignite a bull run next week.
Hence, the coming week promises a potential spark in buying pressure to surpass the overhead trendline. With this, the BTC price could hit the $76,000 mark next week.
Dogecoin (DOGE)
The biggest meme coin stands its ground with a rising channel in action. The 10% downfall overnight, followed by a 2.65% intraday drop, challenges the ascending support trendline.
Further, the quick drop tests the dynamic average line of the 50D EMA. Hence, multiple bullish supports are combined to halt the bear crash.
If the biggest meme coin makes a comeback next week with a bullish turnaround, the meme coins could find an additional boost. Hence, the meme altcoins might see a bounce back in the coming week.
Binance (BNB)
With just a 1.49% drop last night, Binance’s native token, BNB, stays resilient in the market-wide crash. The BNB price action sustains an ascending triangle pattern by avoiding a crash under the support trendline.
With the overhead ceiling at the psychological barrier of $650, the BNB price eyes a breakout rally next week. The long-tail candles reflect high reversal chances, bolstering the breakout possibility.
As per the trend-based Fibonacci levels, the breakout rally could easily snatch the $743 level.
Solana (SOL)
With a less fortunate day than Binance, Solana’s market price dropped by 11% in the crash. The altcoin is down by 25% in the last two weeks, losing the 61.80% Fibonacci level.
With the downfall, SOL price trend approaches the 50% Fibonacci level, a crucial support level at $130. Currently, the altcoin is at a pivotal stage as it stands at the psychological mark of $150.
If the uptrend manages to bounce back next week, the altcoin can resurface above $200. However, a bearish win at $130 will prove fatal for the altcoin.
Bitcoin Cash (BCH)
The well-known Bitcoin alternative, BCH price lost 21% of its market value this week, with a 13% drop last night. The downfall creates an evening star pattern in the weekly chart, threatening the recovery rally in Bitcoin Cash.
The evening star fractures the 38.20% Fibonacci level and even the $550 mark. Currently, the BCH price trades at $535 and struggles to find a support zone. With the next level in sight at $500 or $410, the downside risk is high in Bitcoin Cash.
However, a bounce back in Bitcoin can fuel a reversal in BCH to reach the psychological mark of $1000.
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Filed under: Bitcoin - @ April 14, 2024 12:00 am