Key points:
Bitcoin has reached a crucial support, as a break below the $79,000 level may deepen the pullback.Several major altcoins are facing selling pressure, indicating that the bears remain in the game.
Bitcoin (BTC) extended its pullback on Wednesday and slipped below the $80,000 level. However, analysts remain optimistic about BTC’s prospects in the near term.
Analyst CRG said in a post on X that BTC did not break above the Ichimoku cloud even once during the previous bear market, and when it did, a new bull market started. Interestingly, BTC has risen comfortably above the Ichimoku cloud, weakening the comparison with the previous bear market cycle.
Another bullish projection came from Maelstrom chief investment officer Arthur Hayes, who said in a Substack post that BTC “retaking the $126,000 is a foregone conclusion.” He expects BTC to pick up momentum after breaking above $90,000, where “many call over-writers will rush to cover as their strike gets taken out.”
Hayes expects the AI sector race with China and the ongoing war with Iran to result in money printing, benefitting the crypto ecosystem.
BTC’s bullish view is not shared by everyone. A BTC whale, known by the moniker ‘pension-usdt.eth,’ is short 1,000 BTC, worth roughly $81 million, with 3x leverage. The trade, which was opened when BTC was at $67,990, is down about $13 million, but the trader confirmed on X that he was still short as “the trade makes sense.”
Could BTC and the major altcoins rebound off their support levels? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin price prediction
BTC has dipped to the 20-day exponential moving average ($79,092), which is a critical near-term support to watch.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
If the price rebounds off the 20-day EMA with strength, the bulls will try to push the BTC/USDT pair above the $84,000 resistance. If they succeed, the BTC price is expected to pick up momentum and skyrocket toward $92,000 and subsequently to $97,924.
This bullish view will be invalidated in the near term if the price continues lower and breaks below…
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