Essential aspects:
The uptick in Bitcoin is bolstered by substantial institutional investments in spot BTC ETFs.
A surge beyond the $95,000 threshold may prove challenging, yet analysts’ year-end price forecasts now reach as high as $200,000.
Some alternative coins are reflecting indications of a price floor.
On April 23, Bitcoin (BTC) price surged close to the $95,000 resistance mark as the cryptocurrency receives support from increasing spot BTC ETF inflows and favorable macroeconomic developments in the United States. According to Farside Investors, the funds noted net inflows of $381.3 million on April 21 and $912.7 million on April 22.
Experts from Standard Chartered and Intellectia AI indicated that institutional appetite for Bitcoin ETFs and BTC’s role as a safeguard against macroeconomic fluctuations could drive its price to $200,000 by 2025.
Crypto market data daily overview. Source: Coin360
Not all analysts are persuaded about the ongoing rally. 10x Research head of analysis Markus Thielen raised concerns regarding the sustainability of the Bitcoin surge in a market report dated April 23, noting that the stablecoin minting metric had “yet to revert to active levels.”
Could Bitcoin surpass the $95,000 threshold, potentially lifting altcoins? Let’s examine the charts of the top 10 cryptocurrencies to discover.
Crypto market: Bitcoin price forecast
On April 23, Bitcoin exhibited a Doji candlestick formation, signifying a stalemate between buyers and sellers near the $95,000 ceiling resistance.
The 20-day exponential moving average ($85,773) is beginning to rise, and the relative strength index (RSI) is approaching the overbought territory, suggesting the pathway of least resistance leans upwards. If buyers maintain their position against the bears, the chances of a breakout above $95,000 improve. The BTC/USDT trading pair could then ascend to $100,000 and eventually to $107,000.
This optimistic outlook could be negated in the short term if the price sharply declines from $95,000 and dips below the moving averages.
Ether price forecast
Ether (ETH) experienced a significant uptick on April 22, climbing above the 20-day EMA ($1,676). Buyers will attempt to keep the momentum by elevating the price above the 50-day SMA ($1,830) on April 23.
If they are successful, the ETH/USDT pair might surge to the breakdown level of $2,111. Sellers will attempt to impede the recovery at $2,111; however, if the buyers reign supreme, the pair could ascend to $2,550, indicating that the corrective phase may be concluding.
Conversely, if the price sharply declines from $2,111, this suggests that sellers are active at elevated levels. This may confine the pair within the range of $2,111 and $1,368 for a while longer.
XRP price forecast
XRP (XRP) climbed above the 50-day SMA ($2.20), yet the long wick on the candlestick indicates selling pressure at higher prices.
Bears are anticipated to defend the resistance line vigorously, as a breach and closure above it could indicate a potential shift in trend. The XRP/USDT pair might then strive for a rise to $3.
In contrast, should the price retrace and break below the moving averages, it signifies that sellers are still in control. The pair may then retest the $2 support level, which is likely to entice buyers.
BNB price forecast
BNB (BNB) surged past the downward trend line on April 21, but higher price levels are eliciting significant selling from the bears.
The BNB/USDT pair could potentially decline towards the moving averages, which are an essential near-term support to monitor. If the price bounces back from the moving averages with vigor, the odds of a climb to $644 and then to $680 increase.
Alternatively, a break and close below the moving averages suggest that the breakout above the downward trend line may have been a bull trap. The pair then risks sliding to $566.
Solana price forecast
Solana (SOL) bounced off the 20-day EMA ($133) on April 22 and is making efforts to rise above the upper resistance of $153 on April 23.
The 20-day EMA is trending upward, and the RSI is positioned in the bullish zone, indicating an upper hand for buyers. A close above $153 would pave the route for a surge to $180. Such a movement brings the considerable $110 to $260 range into play.
Time is of the essence for bears. If they wish to regain momentum, they must act quickly to pull the price below the moving averages. If they succeed, the SOL/USDT pair could drop to the $120 to $110 support area.
Dogecoin price forecast
Dogecoin (DOGE) moved above the moving averages on April 22, suggesting that the bulls are making a comeback.
The price could surge toward the upper resistance at $0.21, where sellers are anticipated to step back in. If the price retreats from $0.21 and breaks below the moving averages, it signifies that price movement will be confined in the near term. The DOGE/USDT pair might oscillate between $0.21 and $0.14 for a period.
On the other hand, a breach and closure above $0.21 would complete a double-bottom pattern. The pair could then surge towards its target goal of $0.28.
Cardano price forecast
Buyers elevated Cardano (ADA) above the 20-day EMA ($0.64) on April 22 and are striving to maintain the price above the 50-day SMA ($0.68) on April 23.
The 20-day EMA remains relatively flat, while the RSI has surged into the positive zone, signifying a shift in momentum to an upward direction. A close above the 50-day SMA paves the way for a rise to $0.83.
It is anticipated that buyers will safeguard the area between the 20-day EMA and $0.58 on the downside. Sellers will regain control if they manage to drive the ADA/USDT pair below $0.58, which could lead to a drop towards $0.50.
Related: What is driving Bitcoin’s price increase today?
Chainlink price forecast
Chainlink (LINK) bounced back from the 20-day EMA ($13.16) and surged above the 50-day SMA ($13.62) on April 22.
The LINK/USDT pair has the potential to rise to $16, where bears may put up a strong defense. Should buyers prevent the price from falling back below the 20-day EMA, it enhances the chances of a rally towards the resistance line of the descending channel pattern. A trend reversal will be indicated by a breakout above the channel.
The 20-day EMA serves as critical support to monitor on the downside. A plunge below the 20-day EMA would open the path for a decline to $11.89, followed by the support line.
Avalanche price forecast
Avalanche (AVAX) broke free from the downtrend line on April 22, signaling that bearish forces are losing their strength.
Bears will attempt to curb the recovery at $23.50, as failure in this effort may allow the AVAX/USDT pair to form a double-bottom pattern. This bullish configuration has a target of $31.73.
Should the price retract from $23.50, the bulls are likely to purchase the dips towards the 20-day EMA ($19.72). A rebound from the 20-day EMA increases the likelihood of surpassing $23.50. Conversely, a decline below the moving averages indicates a range-bound condition between $15.27 and $23.50.
Crypto market: Sui price forecast
Sui (SUI) surged past the moving averages on April 22 and exceeded the overhead resistance at $2.86 on April 23.
The extended wick on the candlestick indicates selling pressure above $2.86, but if the bulls maintain their position, the chance of breaking above the overhead resistance rises. This could drive the SUI/USDT pair to $3.25 and subsequently to $3.50.
The 20-day EMA ($2.29) is expected to serve as robust support during any pullback. A close and break below the 20-day EMA suggests that bullish momentum has weakened, potentially resulting in a near-term range formation.
This article does not provide investment advice or endorsements. All investments and trading activities carry risks, and readers should perform their own research when making decisions.
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