The war in the Middle East failed to push Bitcoin (BTC) below the $63,000 level. This could attract buyers trying to keep the price below $69,000. However, a quick recovery is unlikely. Macroeconomics newsletter Ecoinometrics said in a post on X that deep recessions would generally come gradually, advising “patience, not urgency.”
Data shared by Bitwise Europe head of research Andre Dragos shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%. Although BTC is down almost 50% from its highs, the 3-5 year price of $34,780 shows that investors who bought and held during this period are sitting on big profits.
The big question on traders’ minds is when to buy BTC. BitMEX founder Arthur Hayes said in a blog post that every US president’s military action in the Middle East since 1985 has led to an expansion of the Federal Reserve. If the current conflict drags on, the likelihood of similar action by the Fed increases.
Can buyers push BTC and major altcoins above their resistance levels? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
S&P 500 Index price forecast
The S&P 500 Index (SPX) continues to trade between support at 6,775 and resistance at 7,002, indicating bearish buying and selling in rallies.
The longer the time spent within the range, the stronger the final breakout will be. If the price breaks down and breaks below the 6,775 level, it means that the bears have defeated the bulls. This could initiate a deeper correction towards the 6,550 level.
Buyers should push the price above the 7,002 resistance and hold to signal the start of the next uptrend. The index may increase to the level of 7,290.
US dollar index price forecast
The US Dollar Index (DXY) broke above its 50-day moving average (97.91), indicating aggressive bull buying.
The index may rise to the level of 99.50 and then to the resistance of 100.54. Sellers are expected to fiercely defend the 100.54 level, as its approach signals the start of a new uptrend.
This bullish view will be negated in the near term if the price breaks down and breaks below the 20-day exponential moving average (97.67). This opens the door for a drop to the 96.21 to 95.55 support zone.
Bitcoin price prediction
BTC has formed a symmetrical triangle pattern, which shows the balance between supply and demand.
The bulls are trying to increase their position by pushing the price of Bitcoin above the resistance line. If they can do this, the BTC/USDT pair could rise to the $74,508 breakout level. A break below the $74,508 level would be the first sign that the pair could reach $60,000.
Alternatively, if the price breaks below the $74,508 level and breaks below the 20-day EMA, it indicates that the bears remain active at higher levels. This could lead to the formation of a range between $60,000 and $74,508.
Ether price forecast
Ether (ETH) remains limited between $1,750 and $2,111, indicating a fierce battle between bulls and bears.
The bulls need to close above the $2,111 resistance to gain control. If they are able to do so, the ETH/USDT pair could rise to the 50-day SMA ($2,427) and then to $3,045.
Contrary to this hypothesis, if the price of Ether falls below the level of $2,111, it means that the consolidation may continue for a few more days. Bears are back in the driver’s seat after breaking below $1,750. This clears the way for a decline to the $1,537 level.
XRP price prediction
XRP (XRP) is struggling to break above the 20-day EMA ($1.42), but a positive sign is that the bulls are continuing to press.
If buyers push the price of XRP above the 20-day EMA, the XRP/USDT pair may move to the 50-day SMA ($1.63) and then to the downtrend line. A close above the downtrend line indicates a potential trend reversal.
Instead, if the price breaks below the 20-day EMA and breaks below the support line, it indicates that the bears remain in control. There is support at $1.11, but if the level is lost, the decline could extend to $1.
BNB price forecast
BNB (BNB) has been trading in the range of $570 to $670 for some time, which indicates buying at lower levels.
The 20-day EMA ($633) is flattening and the relative strength index (RSI) is gradually rising. This suggests that selling pressure may be easing. The bulls are trying to push the BNB price above the $670 level. If they manage to pull it off, the BNB/USDT pair could rise to the 50-day SMA ($742).
Sellers probably have other plans. They will try to protect the $670 level and push the price below the $570 support. If they are successful, the pair can drop to psychological support at $500.
Solana price forecast
Buyers have pushed Solana (SOL) above the 20-day EMA ($86), indicating demand at lower levels.
Sellers are trying to stop the relief at $95, but if the bulls prevail, the SOL/USDT pair can rise to $117. Such a move suggests that the price of Solana may drop in the short term.
Contrary to this hypothesis, if the price breaks down from the upper resistance, the pair can fluctuate between $76 and $95 in the long term. A break of the $76 support would indicate a resumption of the downtrend at $67.
related to: Will Bitcoin crash if the price of oil hits $100 per barrel?
Dogecoin price prediction
Dogecoin (DOGE) has been trading between the 20-day EMA ($0.10) and support at $0.09 over the past few days.
If the $0.09 level gives way, the DOGE/USDT pair may retest the February 6 low of $0.08. Buyers are expected to strongly defend the $0.08 level, as a break below it could initiate the next downward leg to $0.06.
The bulls need to push the price of Dogecoin above the 20-day EMA to hold. The pair could then rise to the $0.12 breakout level, where the bears would enter.
Bitcoin Cash Price Prediction
Buyers are trying to hold Bitcoin Cash (BCH) above $443, but the bears kept the pressure.
Downward moving averages and RSI near the oversold zone increase the probability of a breakout. There is minor support at $423, but it is likely to be broken. After that, the BCH/USDT pair may fall to $377.
Any pullback from the $443 average is expected to hit the selloff. Buyers will have to push Bitcoin Cash above the 50-day SMA ($546) to gain the upper hand.
Cardano price prediction
Cardano (ADA) continues to trade within a descending channel pattern, indicating that the bears remain in command.
If the price of Cardano is below the 20-day EMA ($0.28), the bears will try to push the ADA/USDT pair below the $0.25 support. If they can do this, the pair can fall to the support line. A strong pullback from the support line indicates that the pair can remain inside the channel for a long time.
Bulls will have to push and hold the price above the downtrend line to signal a possible trend reversal. After that, the pair can go up to $0.43.
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