Bitcoin closed October with gains of 24.8%. The last time the coin recorded a monthly growth of 20% and above was in January, when its value rose 39.2%. Following the recent rally, crypto investors are now closely monitoring the market to see whether Bitcoin and other digital currencies will continue with the bullish momentum or enter a correction phase.
On Wednesday, wealth manager Bernstein claimed that Bitcoin had the potential to reach $150,000 over the next two years. The company is optimistic that the US Securities and Exchange Commission (SEC) will approve several Bitcoin spot Exchange-Traded Funds (ETFs) before the end of the next quarter. According to Bernstein, the SEC’s approval will be the primary driver of a rally to $150,000.
Meanwhile, on-chain monitoring tool Material Indicators shows a weakening bullish momentum. With that said, will the crypto market continue to rally or turn red?
We now take a closer look at price charts to find answers.
Bitcoin Price Analysis
Bitcoin touched $35,700 on November 2. Its failure to grow further suggested an increased selling pressure at higher prices. The largest coin by market valuation is priced at $34,472 per data on CoinGecko. $33,382 is an important point to keep an eye on if BTC continues slumping. In case the bears pull the crypto asset below that level, we anticipate a dip to $32,102. On the other hand, a price jump to $40,240 looks likely if BTC bulls push and sustain the coin above $35,700.
Also read:Ethereum Price Analysis
The bulls have struggled to keep Ethereum above $1,810.43 since breaking the barrier at $1,746.92. This can only mean one thing: the bears are looking to make a comeback. If they do, we should watch what happens at $1,746.92. A break below this level will cause ETH to depreciate towards the 50-day Simple Moving Average of $1,647.29. On the positive side, a sustained rally above $1,810.43 could push Ethereum to $1,866.03. Overcoming the bears’ pressure at this level will lead to a new upward move to $1,970.26.
BNB Price Analysis
BNB broke above $230.18 earlier today, but this level has been challenging for the bulls to maintain. The token sells for $228.42 as of this writing. If the bulls keep BNB above the 20-day Exponential Moving Average (EMA) of $220.33 for longer, they may have another shot at thrusting the crypto asset above $230.18 for a sustained rally to $248.40 or even $264.82. Conversely, a drop below $220.33 invites intense selling pressure from the bears, which may drag BNB to the 50-day Simple Moving Average of $213.98.
XRP Price Analysis
XRP has continued to grow since breaking a stiff barrier at $0.569051 on October 29. The Relative Strength Index being in the overbought territory suggests that the buyers are in control of the market. To solidify their position, they will try to thrust the Ripple-issued crypto asset above $0.679032. On the contrary, the bears could make a comeback if the token reverses and slumps below $0.569051. In case this happens, XRP may touch the 50-day Simple Moving Average of $0.520608.
Dogecoin Price Analysis
The bulls’ attempts to push Dogecoin above $0.070371 over the past few days have been denied by the bears. The biggest memecoin by market capitalization now trades at $0.067724. A positive sign is that the price exceeds the 20-day EMA of $0.060328. The buyers will make another effort to push Dogecoin above the $0.070371 resistance level. If they defeat the bears this time, the memecoin could hit $0.079109. On the other hand, if the bulls fail to guard $0.060328, we predict a fall to $0.055002.
Polygon Price Analysis
Like DOGE bulls, MATIC bulls are still unable to sustain the token’s price above a key resistance level ($0.670920). Polygon is now valued at $0.663775. It is anticipated that the crypto asset might continue trading between the 20-day Exponential Moving Average of $0.596327 and $0.670920 for some time. However, a break above $$0.670920 may push MATIC to $0.770092, while a break below $0.596327 could cause a crash to $0.529934.
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