Price analysis 10/11: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, DOT, MATIC
Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5% for the month versus expectations for a 0.3% increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy.
The uncertain near-term environment has shifted analysts’ focus to November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, then Bitcoin may turn up by November 21 and start its journey higher to the next halving.
Going further ahead to 2026, BitMEX founder Arthur Hayes is even more bullish. While speaking as a guest on Impact Theory with Tom Bilyeu, Hayes said that Bitcoin’s price could reach $750,000 to $1 million by 2026. Hayes argues that incessant money printing by the U.S. government to avoid a financial crisis will trigger a massive bull market in several asset classes.
Several analysts are bullish about the long-term but the near-term remains uncertain due to various headwinds. Could Bitcoin and altcoins stage a recovery or will they continue moving lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
After finding support at the 20-day exponential moving average ($27,227) for the past two days, Bitcoin broke below the level on Oct. 11. This shows that the bears are trying to seize control.
The next support to watch on the downside is the 50-day simple moving average ($26,615). If this level cracks, it will suggest that the traders are rushing to exit. The BTC/USDT pair could then slump to $26,000 and eventually retest the support at $24,800.
If the price rebounds off the 50-day SMA,
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