Buyers face challenges as Bitcoin price slips
Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5% for the month versus expectations for a 0.3% increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy.
Analysts look to November and the upcoming halving event
The uncertain near-term environment has shifted analysts’ focus to November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, then Bitcoin may turn up by November 21 and start its journey higher to the next halving.
BitMEX founder predicts Bitcoin could reach $750,000 to $1 million by 2026
Going further ahead to 2026, BitMEX founder Arthur Hayes is even more bullish. While speaking as a guest on Impact Theory with Tom Bilyeu, Hayes said that Bitcoin’s price could reach $750,000 to $1 million by 2026. Hayes argues that incessant money printing by the U.S. government to avoid a financial crisis will trigger a massive bull market in several asset classes.
Long-term bullish sentiment, but near-term uncertainty
Several analysts are bullish about the long-term but the near-term remains uncertain due to various headwinds. Could Bitcoin and altcoins stage a recovery or will they continue moving lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
After finding support at the 20-day exponential moving average ($27,227) for the past two days, Bitcoin broke below the level on Oct. 11. This shows that the bears are trying to seize control.
Ether price analysis
Ether (ETH) has been finding buyers near the $1,531 support for the past two days, which is a positive sign. This suggests that the price will continue to swing between $1,531 and $1,746 for some more time.
BNB price analysis
BNB (BNB) fell below the uptrend line on Oct. 9 but bounced off the strong support at $203. This indicates that the price is range-bound between $203 and $220.
XRP price analysis
Buyers could not build upon the breakout above the symmetrical triangle and overcome the barrier at $0.56. This shows that XRP’s demand dries up at higher levels.
Solana price analysis
Solana (SOL) is one of the stronger major cryptocurrencies as it is trading above the immediate support at the 20-day EMA ($21.79).
Cardano price analysis
The bears dragged Cardano (ADA) back below the moving averages on Oct. 9, indicating a lack of demand at higher levels.
Dogecoin price analysis
Dogecoin (DOGE) plunged and closed below the $0.06 support on Oct. 9, indicating that the bears are in charge.
Toncoin price analysis
The bulls failed to sustain Toncoin (TON) above the 20-day EMA ($2.06) on Oct. 7, indicating that the bears are selling on relief rallies.
Polkadot price analysis
The bears made their move on Oct. 9 and yanked Polkadot (DOT) below the vital support at $3.91. The bulls tried to push the price back above the breakdown level on Oct. 10 but the bears held their ground.
Polygon price analysis
Polygon (MATIC) turned down and broke below the moving averages on Oct. 9, indicating that the $0.49 to $0.60 range remains intact.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
