Key points:
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Sellers pulled the price below $115,000, but are struggling to sustain the lower levels.
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Several altcoins have pulled down toward their respective support levels, which are likely to hold.
Bitcoin (BTC) dipped below the $115,000 support on Friday, but the downside could be limited. Bitcoin treasury companies have been on a buying spree, having amassed more than 791,662 BTC worth about $93 billion, according to a Galaxy Research report released Thursday.
BTC rose more than 8% in July, and the analysts expect the up move to continue, despite August recording average monthly gains of just 1.61%. The reason for the bullish sentiment is that BTC’s performance in August, a year after halving, saw sharp gains of 30%, 65% and 14% in 2013, 2017 and 2021. If history repeats itself, BTC could rally to a new all-time high above $123,218 over the next month.
Additionally, Ether (ETH) has garnered significant institutional interest. US spot ETH exchange-traded funds (ETFs) recorded net inflows of $5.43 billion in July, a massive increase over June’s inflows of $1.16 billion, according to ETF tracker SoSoValue.
What are the crucial support levels to watch out for in BTC and the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC price has pulled back to the neckline of the inverse head-and-shoulders pattern, which is a critical level to watch out for.
If the price rebounds off the neckline with force, it signals that the bulls are trying to flip the level into support. A break above the 20-day simple moving average (SMA) ($118,106) enhances the prospects of a rally to $123,218. Sellers are expected to aggressively defend the $123,218 level, but if the buyers prevail, the BTC/USDT pair could soar to $135,000.
The zone between the neckline and $110,530 is likely to attract solid buying by the bulls, as a break below it could intensify selling. The pair may then plummet to $105,000 and eventually to $100,000.
Ether price prediction
ETH closed below the $3,745 support on Thursday, reflecting profit-booking by short-term traders.
The price has reached the 20-day SMA ($3,590), which is a crucial support to watch. If the price rebounds off the 20-day SMA with strength, the bulls will attempt to shove the ETH/USDT pair above $3,941. If they can pull it off,…
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