Price Predictions 11/7: Btc, Eth, Bnb, Xrp, Sol, Doge, Ada, Hype,...
Bitcoin bulls have held the price above the critical $100,000 support level, but a shallow bounce increases the risk of a breakdown. Will altcoins gain ground while BTC searches for direction?
Bitcoin has remained above the $100,000 level on a closing basis, but the risk of a breakdown remains until the price rises above $108,000.
Several major altcoins are holding onto their support levels, but a weak bounce heightens the risk of a breakdown.
Bitcoin (BTC) has risen above $101,000, indicating that the bulls are aggressively defending the $100,000 support. Several analysts say that BTC may bottom near $100,000, but Bloomberg analyst Mike McGlone said in a post on X that BTC could collapse to $56,000.
However, not everyone is bearish on BTC. JPMorgan analysts said in a report that BTC is trading below its fair value based on the bitcoin-to-gold volatility ratio. The analysts project BTC to rally to about $170,000 over the next six to 12 months.
Another positive for BTC could be the strong underlying demand for BTC exchange-traded funds (ETFs). Brokerage giant Schwab Asset Management said in a recent report that 45% of its respondents expressed interest in buying a crypto ETF, matching the number of investors who wanted to buy a bond ETF.
What are the crucial support levels to watch for in BTC and the major altcoins? Let's analyze the charts of the top 10 cryptocurrencies to find out.
BTC bulls have successfully defended the $100,000 level on a closing basis, but the bears have continued to exert pressure.
Buyers will have to swiftly push the price above the 20-day exponential moving average (EMA) ($107,925) to signal strength. If they manage to do that, the BTC/USDT pair could climb to the 50-day simple moving average (SMA) ($112,464).
The bears are likely to have different plans. They will sell on rallies and attempt to yank the Bitcoin price below the $100,000 support. If that happens, the pair could start a deeper correction toward $87,800.
Source: CoinTelegraph
