Bitcoin (BTC) pulled back below $96,000 on Nov. 24, suggesting that short-term traders are booking profits near $100,000. Corrections are a part and parcel of every bull phase, where newbie traders panic, but experienced traders view the dips as a buying opportunity.
The prediction markets are projecting a breakout above $100,000 in 2024. Data from betting platform Kalshi suggests an 81% possibility of Bitcoin being at $100,000 or higher on Dec. 31. The median forecast is for Bitcoin to reach $122,000 by the new year.
Crypto market data daily view. Source: Coin360
Another bullish voice is that of Georgii Verbitskii, the founder of the TYMIO decentralized finance platform, who told Cointelegraph that Bitcoin could rally between $100,000 and $120.000 by the end of 2024 or early 2025. As more traders join the party, Verbitskii expects Bitcoin to extend its up move to $180,000 by the end of 2025.
What are the critical support levels in Bitcoin and altcoins that are likely to attract buyers? Let’s look at the top 5 cryptocurrencies that look strong on the charts.
Bitcoin price analysis
Bitcoin is facing resistance near the psychologically crucial level of $100,000, but a positive sign is that the bulls have not ceded much ground to the bears.
BTC/USDT daily chart. Source: TradingView
The rising moving averages and the relative strength index (RSI) in the overbought zone indicate the path of least resistance is to the upside. If buyers shove the price above $100,000, the BTC/USDT pair is likely to pick up momentum and dash to $113,331 and later to $125,000.
The first support on the downside is at the uptrend line and then at the 20-day exponential moving average ($88,386). If the price rebounds off the 20-day EMA, the bulls will again try to resume the uptrend. A short-term top will be signaled when the pair plunges below $85,000.
BTC/USDT 4-hour chart. Source: TradingView
The pair dipped below the 20-EMA on the 4-hour chart, indicating that the bears are attempting a comeback. The next support on the downside is the uptrend line. If the price rebounds off the uptrend line, the bulls will again attempt to propel the pair above $100,000. If they do that, the pair may surge to $113,331.
Alternatively, a break below the uptrend line will signal a lack of demand at lower levels. The pair may drop to $85,000.
BNB price analysis
BNB (BNB) rallied above the $667 resistance on Nov. 23 and again on Nov. 24, but the long wick on the candlestick shows selling at higher levels.
BNB/USDT daily chart. Source: TradingView
The 20-day EMA ($619) is the critical support to watch out for on the downside. If the price bounces off the 20-day EMA, the bulls will again try to propel the BNB/USDT pair to $722. This level may again act as a formidable hurdle, but if crossed, the rally could reach $810.
If bears want to prevent the upside, they will have to swiftly pull the price below the moving averages. If they do that, it will indicate that the markets have rejected the breakout. The pair may decline to the uptrend line.
BNB/USDT 4-hour chart. Source: TradingView
The bulls purchased the dip to the breakout level of $635 and pushed the price above the 20-EMA. Buyers will try to push the price to $688, which is again expected to behave as a stiff resistance. However, if buyers overcome this barrier, the pair may rally to $722.
On the contrary, if the price turns down and breaks below $635, it will suggest that the bears are selling on every relief rally. The pair may drop to the 50-SMA and later to $600.
Avalanche price analysis
Avalanche (AVAX) broke above the resistance line of the ascending channel pattern on Nov. 22, but the bulls are facing selling at higher levels.
AVAX/USDT daily chart. Source: TradingView
The AVAX/USDT pair could retest the breakout level from the channel. If the price rebounds off the resistance line with strength, it will indicate that the bulls have flipped the level into support. The pair may then attempt an upward move to $50.
Alternatively, if the price breaks below the resistance line, it will suggest that the bulls are losing their grip. The pair may drop to the 20-day EMA ($34.34), attracting buyers again.
AVAX/USDT 4-hour chart. Source: TradingView
The pair is witnessing a tough battle between the bulls and the bears near the 20-EMA. If the price rises above the 20-EMA, the bulls will again try to push the pair toward the psychological level of $50.
Meanwhile, the bears are likely to have other plans. They will try to sell the rallies and pull the pair below the 50-SMA. If they succeed, the pair may descend to $32 and subsequently to $31.
Related: Bitcoin 'spoofing' drives BTC price to $97K amid record profit-taking
NEAR Protocol price analysis
NEAR Protocol (NEAR) pierced the $6.50 overhead resistance on Nov. 24, but the bulls could not sustain the breakout.
NEAR/USDT daily chart. Source: TradingView
The price could dip to the 20-day EMA ($5.48), which is a crucial support to watch out for. If the price rebounds off the 20-day EMA with force, the bulls will try to propel the NEAR/USDT pair to $8.58 and then to $9.01.
On the downside, a break and close below the 20-day EMA will suggest that the breakout above $6.50 may have been a bull trap. The pair could plunge to the 50-day SMA ($4.86), extending the stay inside the large $3.42 to $6.50 range for some more time.
NEAR/USDT 4-hour chart. Source: TradingView
The price rebounded off the moving averages on the 4-hour chart, indicating that the bulls continue to buy the dips. If the price rises above $6.50, the bulls will try to start the next leg of the up move by clearing the overhead hurdle at $6.80.
Conversely, if the price turns down from $6.50 or $6.80, it will signal selling on rallies. That increases the risk of a break below the moving averages. The pair may tumble to the uptrend line and, after that, to $5.
OKB price analysis
OKB (OKB) has been attempting a trend change by forming a series of higher highs and higher lows.
OKB/USDT daily chart. Source: TradingView
The OKB/USDT pair accelerated after breaking out of $48 on Nov. 23, clearing the path for a possible rally to $62 and thereafter to $68.
The $48 level is expected to behave as a support during pullbacks. If the price rebounds off the $48 level, it will signal that the sentiment remains positive, and traders are buying on dips.
However, if the $48 support cracks, the pair could fall to the 20-day EMA ($44.79). The deeper the fall, the greater the time needed for the up move to resume.
OKB/USDT 4-hour chart. Source: TradingView
The bears are trying to halt the rally at $56.74, but the bulls are in no mood to surrender. The pair is likely to find support at $51 and then at the 20-EMA. If the price turns up from the current level or the 20-EMA, it will indicate buying on dips. That will improve the prospects of a rally above $56.74.
This optimistic view will be negated in the near term if the price dives below the 20-EMA. The pair may then drop to the 50-SMA.
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.
