Crypto Market Prediction For Coming Week: What’s in Store For Bitcoin and Altcoins

As the bears take over the night, Bitcoin and altcoins face a tremendous increase in supply pressure. This resulted in a massive liquidation of almost $900 Million this Friday, per Coinglass. 

Amidst the crash, Bitcoin lost dominion over the $70,000 critical level and started a domino fall in the altcoin market. The total crypto market cap, excluding Bitcoin, fell by 8.13% last night, dipping under the $1 Billion mark for a moment. 

Currently, the markets are bouncing back, and the long-to-short accounts ratio presents an optimistic future. Per Coinglass, the long/short ratio on the biggest exchange, Binance, favors the bulls with 66% long accounts. 

With the market’s one-sided optimism rising back, Bitcoin and altcoins could find a reversal spot over the weekends. 

Bitcoin Price Prediction

Despite the drop under $70K, the BTC price sustains a bullish flag in the daily chart. Further, the market value is well above the 50D EMA average line with a lower price rejection candle. 

The intraday candle shows a Doji candle rising above the 23.60% Fibonacci level. This bolsters the speculation of a morning star pattern at a crucial support level to ignite a bull run next week. 

Hence, the coming week promises a potential spark in buying pressure to surpass the overhead trendline. With this, the BTC price could hit the $76,000 mark next week. 

Dogecoin (DOGE)

The biggest meme coin stands its ground with a rising channel in action. The 10% downfall overnight, followed by a 2.65% intraday drop, challenges the ascending support trendline. 

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Further, the quick drop tests the dynamic average line of the 50D EMA. Hence, multiple bullish supports are combined to halt the bear crash. 

If the biggest meme coin makes a comeback next week with a bullish turnaround, the meme coins could find an additional boost. Hence, the meme altcoins might see a bounce back in the coming week. 

Binance (BNB)

With just a 1.49% drop last night, Binance’s native token, BNB, stays resilient in the market-wide crash. The BNB price action sustains an ascending triangle pattern by avoiding a crash under the support trendline. 

With the overhead ceiling at the psychological barrier of $650, the BNB price eyes a breakout rally next week. The long-tail candles reflect high reversal chances, bolstering the breakout possibility. 

As per the trend-based Fibonacci levels, the breakout rally could easily snatch the $743 level. 

Solana (SOL)

With a less fortunate day than Binance, Solana’s market price dropped by 11% in the crash. The altcoin is down by 25% in the last two weeks, losing the 61.80% Fibonacci level. 

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With the downfall, SOL price trend approaches the 50% Fibonacci level, a crucial support level at $130. Currently, the altcoin is at a pivotal stage as it stands at the psychological mark of $150. 

If the uptrend manages to bounce back next week, the altcoin can resurface above $200. However, a bearish win at $130 will prove fatal for the altcoin. 

Bitcoin Cash (BCH)

The well-known Bitcoin alternative, BCH price lost 21% of its market value this week, with a 13% drop last night. The downfall creates an evening star pattern in the weekly chart, threatening the recovery rally in Bitcoin Cash. 

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The evening star fractures the 38.20% Fibonacci level and even the $550 mark. Currently, the BCH price trades at $535 and struggles to find a support zone. With the next level in sight at $500 or $410, the downside risk is high in Bitcoin Cash. 

However, a bounce back in Bitcoin can fuel a reversal in BCH to reach the psychological mark of $1000.