Key points:
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Bitcoin’s rally is backed by solid institutional buying in the spot BTC ETFs.
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A rally above the $95,000 level could be difficult, but analysts’ end-of-year price projections now extend to $200,000.
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Select altcoins are showing signs of a price bottom.
Bitcoin (BTC) price rallied close to the $95,000 resistance level on April 23 as the cryptocurrency finds support from rising spot BTC ETF inflows and positive macroeconomic news in the United States. According to Farside Investors, the funds recorded net inflows of $381.3 million on April 21 and $912.7 million on April 22.
Analysts from Standard Chartered and Intellectia AI said that institutional demand for Bitcoin ETFs and BTC’s use as a hedge against macroeconomic risk could propel the price to $200,000 in 2025.
Not everyone is convinced about the current rally. 10x Research head of research Markus Thielen questioned the sustainability of the Bitcoin rally in an April 23 markets report, as the stablecoin minting indicator was “yet to return to high-activity levels.”
Could Bitcoin break above the $95,000 mark, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Bitcoin formed a Doji candlestick pattern on April 23, indicating indecision between the bulls and the bears near the $95,000 overhead resistance.
The 20-day exponential moving average ($85,773) has started to turn up, and the relative strength index (RSI) is near the overbought zone, suggesting that the path of least resistance is to the upside. If buyers do not cede much ground to the bears, it enhances the prospects of a rally above $95,000. The BTC/USDT pair may then skyrocket to $100,000 and subsequently to $107,000.
This positive view will be invalidated in the near term if the price turns down sharply from $95,000 and plunges below the moving averages.
Ether price prediction
Ether (ETH) turned up sharply on April 22 and rose above the 20-day EMA ($1,676). Buyers will try to retain the advantage by pushing the price above the 50-day SMA ($1,830) on April 23.
If they succeed, the ETH/USDT pair could jump to the breakdown level of $2,111. Sellers will try to stall the recovery at $2,111, but if the bulls prevail, the pair could soar to $2,550. Such a move suggests that the corrective phase may be over.
Conversely, if the price turns down sharply from $2,111, it indicates that the bears are active at higher levels. That could keep the pair range-bound between $2,111 and $1,368 for a while longer.
XRP price prediction
XRP (XRP) rose above the 50-day SMA ($2.20), but the long wick on the candlestick shows selling at higher levels.
The bears are expected to defend the resistance line with all their might because a break and close above it signals a potential trend change. The XRP/USDT pair could then attempt a rally to $3.
On the contrary, if the price turns down and breaks below the moving averages, it signals that bears remain in command. The pair may then retest the $2 support, which is likely to attract buyers.
BNB price prediction
BNB (BNB) broke out of the downtrend line on April 21, but higher levels are attracting solid selling by the bears.
The BNB/USDT pair could drop to the moving averages, an important near-term support to watch out for. If the price rebounds off the moving averages with strength, the prospects of a rally to $644 and thereafter to $680 increase.
Alternatively, a break and close below the moving averages indicates that the breakout above the downtrend line may have been a bull trap. The pair then risks falling to $566.
Solana price prediction
Solana (SOL) rebounded off the 20-day EMA ($133) on April 22 and is attempting to climb above the overhead resistance at $153 on April 23.
The 20-day EMA is sloping up, and the RSI is in the positive territory, indicating an advantage to buyers. A close above $153 clears the path for a rally to $180. Such a move brings the large $110 to $260 range into play.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly pull the price below the moving averages. If they do that, the SOL/USDT pair could plunge to the $120 to $110 support zone.
Dogecoin price prediction
Dogecoin (DOGE) broke above the moving averages on April 22, indicating that the bulls are on a comeback.
The price could rally to the overhead resistance at $0.21, where the bears are expected to step in. If the price turns down from $0.21 and breaks below the moving averages, it signals a range-bound action in the near term. The DOGE/USDT pair could swing between $0.21 and $0.14 for some time.
Contrarily, a break and close above $0.21 completes a double-bottom pattern. The pair could then rally toward its target objective of $0.28.
Cardano price prediction
Buyers pushed Cardano (ADA) above the 20-day EMA ($0.64) on April 22 and are trying to sustain the price above the 50-day SMA ($0.68) on April 23.
The 20-day EMA is flattish, but the RSI has jumped into positive territory, indicating that the momentum has turned positive. A close above the 50-day SMA opens the gates for a rally to $0.83.
Buyers are expected to defend the zone between the 20-day EMA and $0.58 on the downside. Sellers will be back in the driver’s seat if they sink the ADA/USDT pair below $0.58. The pair may then slump to $0.50.
Related: Why is Bitcoin price up today?
Chainlink price prediction
Chainlink (LINK) turned up from the 20-day EMA ($13.16) and rose above the 50-day SMA ($13.62) on April 22.
The LINK/USDT pair could rise to $16, where the bears may mount a strong defense. If buyers do not allow the price to dip back below the 20-day EMA, it improves the prospects of a rally to the resistance line of the descending channel pattern. A trend change will be signaled on a break above the channel.
The 20-day EMA is the crucial support to watch out for on the downside. A dive below the 20-day EMA opens the doors for a fall to $11.89 and later to the support line.
Avalanche price prediction
Avalanche (AVAX) broke out of the downtrend line on April 22, indicating that the bears are losing their grip.
The bears will try to halt the recovery at $23.50 because if they fail in their endeavor, the AVAX/USDT pair will complete a double-bottom pattern. This bullish setup has a target objective of $31.73.
If the price turns down from $23.50, the bulls will try to buy the dips to the 20-day EMA ($19.72). A bounce off the 20-day EMA increases the likelihood of a break above $23.50. Contrarily, a break below the moving averages signals a range formation between $15.27 and $23.50.
Sui price prediction
Sui (SUI) soared above the moving averages on April 22 and the overhead resistance at $2.86 on April 23.
The long wick on the candlestick shows selling above $2.86, but if the bulls do not give up much ground, the possibility of a break above the overhead resistance increases. That could propel the SUI/USDT pair to $3.25 and then to $3.50.
The 20-day EMA ($2.29) is expected to act as strong support on any pullback. A break and close below the 20-day EMA suggests the bullish momentum has weakened. That could result in a range formation in the near term.
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.
