Key points:
Bitcoin holds on to its recent gains, increasing the possibility of a retest of the all-time high at $109,588.
BlackRock’s spot Bitcoin ETF records 19 days of successive inflows, showing solid demand.
Select altcoins are showing strength, having broken out of their large basing patterns.
Bitcoin (BTC) made a decisive move above the psychologically crucial $100,000 level during the week, signaling that the bulls are back in the game. Buyers are trying to hold on to the 10% weekly gains over the weekend.
Bitcoin’s rally has been backed by solid inflows into the BlackRock spot Bitcoin exchange-traded fund (IBIT). According to Farside Investors’ data, the fund stretched its inflows streak to 19 days, with the latest trading week attracting $1.03 billion in inflows.
The rally was not limited to Bitcoin alone, as several altcoins also moved higher. That has prompted analysts to announce the start of an altseason, with some predicting sharp rallies in altcoins over the next few months. However, not everyone believes that an altseason has started because the altcoins have only made modest moves compared to the massive price erosion from their respective all-time highs.
Could Bitcoin break out to a new all-time high and maintain it? If it does, let’s study the charts of the cryptocurrencies that may move higher in the near term.
Bitcoin price prediction
Bitcoin has been gradually inching toward the all-time high of $109,588, indicating that the bulls are in no hurry to book profits.
The rally has pushed the relative strength index (RSI) into the overbought zone, suggesting a correction or consolidation in the near term. Any pullback is expected to find support between $100,000 and the 20-day exponential moving average ($96,626). If the price rebounds off the support zone, it increases the possibility of a break above $109,588. If that happens, the BTC/USDT pair could surge toward $130,000.
Time is running out for the bears. If they want to make a comeback, they will have to swiftly yank the price below the 20-day EMA. If they succeed, the pair could plunge to the 50-day simple moving average ($88,962).
The pair continues to climb higher, but the bears are expected to fiercely defend the $107,000 to $109,588 zone. If the price turns down from the overhead zone, the 20-EMA is likely to act as strong support. A bounce off the 20-EMA signals that the bullish momentum remains intact. That enhances the prospects of a breakout above $109,588.
Sellers will have to tug the price below $100,000 to weaken the positive momentum. That opens the doors for a fall to $93,000 and subsequently to $83,000.
Ether price prediction
Ether (ETH) skyrocketed from $1,808 on May 8 to $2,600 on May 10, indicating aggressive buying by the bulls.
The up move pushed the RSI into the overbought territory, indicating a minor pullback or consolidation is possible in the near term. The first support on the downside is $2,320 and then $2,111. If the price turns up from the support levels, the ETH/USDT pair could extend the rally to $2,850 and later to $3,000.
The optimistic view will be invalidated in the near term if the price breaks below $2,111. That could result in a range formation between $1,754 and $2,600.
The bulls pushed the price above the $2,550 resistance but could not sustain the higher levels. A minor positive in favor of the bulls is that they have not ceded much ground to the bears. That suggests the bulls are holding on to their positions as they anticipate the up move to continue. If the price turns up from the current level of the 20-EMA and breaks above $2,609, the rally could reach $3,000.
A deeper correction could begin if the price continues lower and plummets below the 20-EMA. That could sink the pair toward the solid support at $2,111.
Dogecoin price prediction
Dogecoin (DOGE) soared above the $0.21 overhead resistance on May 10, indicating a change in the short-term trend.
The rally is facing selling at $0.26, which could result in a retest of the breakout level of $0.21. If the price rebounds off $0.21 with strength, it suggests a change in sentiment from selling on rallies to buying on dips. That increases the likelihood of a rally to $0.31.
If buyers want to prevent the upside, they will have to pull the price below the 20-day EMA ($0.19). If they do that, the DOGE/USDT pair could swing inside a large range between $0.26 and $0.14 for a while.
The pair has turned down from $0.26, with immediate support at $0.22 and then at $0.21. If the price rebounds off the support zone, it suggests a positive sentiment where dips are being purchased. The bulls will then again try to resume the uptrend by pushing the price above $0.26.
Conversely, a drop below $0.21 signals that the bulls are rushing to the exit. That could pull the price to the 50-day SMA.
Related: Ethereum to $10K ‘can’t be ruled out’ as ETH price makes sharp gains vs. SOL, XRP
Pepe price prediction
Pepe (PEPE) rallied sharply from the 50-day SMA ($0.000008) and broke above the $0.000011 overhead resistance on May 8.
The rally has pushed the RSI into the overbought zone, signaling a pullback may be around the corner. The PEPE/USDT pair could drop to the breakout level of $0.000011. If the price rebounds off $0.000011, it suggests that the bulls have flipped the level into support. That improves the prospects for a rally to $0.000017 and then to $0.000020.
This optimistic view will be negated in the near term if the price turns down and breaks below the 20-day EMA ($0.000009).
The 4-hour chart shows that the bears are aggressively defending the $0.000014 level. That could pull the price down to the 20-EMA, which is a vital level to keep an eye on. If the price rebounds off the 20-EMA, the bulls will make another attempt to shove the pair above $0.000014. If they can pull it off, the pair could ascend to $0.000017.
On the contrary, a break and close below the 20-EMA could sink the pair to $0.000011. Buyers are expected to defend the $0.000011 level with all their might because a slide below it may extend the pullback to the 50-SMA.
Cosmos price prediction
Cosmos (ATOM) broke out of the large base when it closed above $5.15 on May 10. That signals a potential trend change.
However, the bears are unlikely to give up easily. They will try to pull the price back below the $5.15 level. If they manage to do that, the aggressive bulls may get trapped, pulling the price to the moving averages.
Alternatively, if buyers sustain the price above $5.15, the ATOM/USDT pair could pick up momentum and rally to $6.50. Sellers will try to halt the up move at $6.50, but if the bulls prevail, the pair could rally to $7.50.
The sharp rally has pushed the RSI into the overbought zone on the 4-hour chart, suggesting a short-term correction or consolidation. The bulls will have to defend the critical $5.15 level if they want to keep the positive momentum intact. If they manage to do that, the pair could rally to $6.60.
Contrarily, a break and close below $5.15 could pull the price down to the 20-EMA. This is an important level to watch out for because a break below it may sink the pair to $4.70.
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.
