Originally published on: November 15, 2024
After a brief pause, Bitcoin bulls resumed their buying spree on November 15, propelling the price near $89,500. MicroStrategy founder and Bitcoin advocate Michael Saylor confidently stated that Bitcoin is unlikely to dip to $60,000, contrary to some analysts’ predictions. Saylor anticipates Bitcoin hitting $100,000 before the year’s end.
VanEck’s head of digital assets research, Matthew Sigel, supported a bullish outlook for Bitcoin, foreseeing potential repeated all-time highs in the next two quarters. Sigel predicted Bitcoin hitting $180,000 in the upcoming year. Despite these positive forecasts, market volatility can’t be ignored as bull markets often witness sharp intermittent dips.
While the United States dollar’s strength isn’t favorable for Bitcoin, Real Vision’s chief crypto analyst Jamie Coutts remains bullish in the long run but recommends caution in the short term. With the uncertainty in the market, the question on everyone’s mind is whether Bitcoin will reach $100,000 or face a correction soon.
Let’s delve into the price analysis of the top 10 cryptocurrencies and explore their potential movements in the coming days.
Bitcoin (BTC): Indecision Amid Bullish Momentum
Bitcoin formed inside-day candlestick patterns on November 14 and 15, indicating indecision between bulls and bears. The uptrend is supported by the upsloping moving averages and a relatively overbought RSI. A break above $93,265 could trigger the next leg of the uptrend towards the crucial $100,000 mark.
On the downside, a breach below $85,000 might lead to sharp selling, potentially pushing BTC to the 20-day EMA.
Ethereum (ETH): Bullish Momentum Intact
Ether’s pullback hit the 38.2% Fibonacci retracement level at $3,028, attracting buyers. If the price moves upwards, Ethereum could potentially target $3,800 and $4,084. However, a drop below $3,028 might indicate continued selling pressure, with a support level at the 20-day EMA.
Solana (SOL): Bulls Focused on $225 Resistance
Solana has been trading above the breakout level of $210, hinting at bullish sentiment. With resistance at $225, a successful breach could lead SOL to rally towards $260. On the downside, breaking below the 20-day EMA may signal rejection of the breakout, with a potential drop to the 50-day SMA.
Binance Coin (BNB): Resistance at $667
BNB is finding support at the 20-day EMA, suggesting bullish interest. To trigger a new uptrend, BNB needs to surpass the $667 resistance level, potentially rallying towards $722 and $810. Conversely, a break below moving averages might weaken the bullish momentum.
Dogecoin (DOGE): Holding Near Support
DOGE’s pullback found support near the 38.2% Fibonacci retracement level. Establishing a foothold above $0.44 could push DOGE to $0.50 and $0.59, while a drop below $0.35 may lead to a decline towards $0.32.
XRP: Uptrend Continues with Key Resistance at $0.74
XRP broke out of its previous range, signaling a new uptrend. However, the overbought RSI suggests a potential correction or consolidation. Maintaining the breakout level at $0.74 could propel XRP towards $1.07, while a break below this level might test support at $0.64.
Stay tuned for more insights on Cardano, Shiba Inu, Toncoin, and Avalanche in our upcoming analysis. Subscribe to our Markets Outlook newsletter for weekly updates on investment opportunities and trading strategies. Remember, every move in the market involves risk, so conduct thorough research before making any decisions.
