Crucial Bitcoin Price Prediction: Navigating a Challenging Crypto Market

The cryptocurrency market faces a pivotal moment. Bitcoin, for the first time in seven years, risks ending October in the red. This signals a challenging period for investors. Institutional caution is also evident. Net outflows from spot Bitcoin ETFs are increasing. Traders now watch key support levels across the board. This comprehensive analysis delves into the **Bitcoin price prediction** for October 31st. We also examine major altcoins.

Unpacking the Latest Bitcoin Price Prediction

Bitcoin bulls recently defended the $107,000 level. However, net outflows from spot Bitcoin exchange-traded funds (ETFs) are increasing. Farside Investors’ data shows $959.1 million in outflows over two days. This increases the risk of a breakdown in the near term. For the first time in seven years, Bitcoin is at risk of ending October in the red. This dismal performance sets a cautious tone. All eyes are now on November. Historically, November has an average return of 46.02%, according to CoinGlass data. Several analysts are turning bearish on BTC. They signal a potential cycle peak based on its four-year halving cycle. Conversely, others like BitMEX’s Arthur Hayes believe BTC’s four-year cycle is dead. This uncertainty drives much of the current **Bitcoin price prediction** discussion.

Comprehensive Crypto Market Analysis: Key Support Levels

It remains difficult to predict with certainty whether the four-year cycle is truly over. Nevertheless, institutional investors show clear caution. This is evident from the significant ETF outflows. Moreover, several altcoins have dropped to crucial support levels. This indicates sustained selling pressure on rallies. A thorough **crypto market analysis** reveals critical junctures for major assets. Understanding these levels is vital for navigating the current market volatility. We will now analyze the charts of the top 10 cryptocurrencies. This will help identify these crucial support levels.

Crypto market data daily view. Source: Coin360

Detailed BTC Price Movements and Technical Outlook

Bitcoin (BTC) bounced off the bottom of the range near $107,000 on Thursday. This action indicates that bulls are aggressively defending this level. The relief rally, however, is expected to face selling pressure. This resistance point is at the 20-day exponential moving average (EMA) ($111,557). If the price turns down sharply from the 20-day EMA, it increases the likelihood of a break below $107,000. If this scenario unfolds, the BTC/USDT pair will complete a double-top pattern. It may then dive to $100,000. Conversely, a break and close above the 20-day EMA suggests stability. The **BTC price** may then remain inside the $107,000 to $126,199 range for a while longer. Understanding these levels is vital for any **BTC price** strategy.

BTC/USDT daily chart. Source: Crypto News Insights/TradingView

Ethereum Price Analysis: Navigating the Descending Channel

Ether (ETH) bounced off the support line of its descending channel pattern on Thursday. This signals buying interest at lower levels. The recovery could face selling at the moving averages. If this occurs, bears will again attempt to sink the **Ethereum price** below the support line. If they succeed, the ETH/USDT pair could plummet to $3,350. Buyers must push the price above the moving averages. This action will keep the pair inside the channel. The next leg of the up move is likely to begin on a break and close above the resistance line. Monitoring the channel is key for the **Ethereum price** trajectory.

ETH/USDT daily chart. Source: Crypto News Insights/TradingView

Altcoin Predictions: Beyond Bitcoin and Ethereum

Our **altcoin predictions** now turn to several other significant cryptocurrencies. These include BNB, XRP, SOL, DOGE, ADA, HYPE, LINK, and BCH. Each asset faces unique technical challenges and opportunities. We will examine their current market positions. We will also identify critical support and resistance levels. This detailed look provides a broader perspective on the market’s health.

BNB Price: Battle at the Moving Averages

BNB (BNB) is witnessing a tough battle. Bulls and bears clash at the 50-day simple moving average (SMA) ($1,084). If the price turns down from the 20-day EMA ($1,113) and closes below the 50-day SMA, it signals a deeper correction. The BNB/USDT pair could drop to $1,021. It may later fall to $932. On the contrary, if the price closes above the 20-day EMA, it suggests bulls are attempting a comeback. The BNB price could then rally to the 38.2% Fibonacci retracement level of $1,156. This level could attract sellers. A close above $1,156 clears the path for a rally to the 61.8% retracement level of $1,239.

BNB/USDT daily chart. Source: Crypto News Insights/TradingView

XRP Price: Bears Maintain Control

XRP (XRP) fell below the 20-day EMA ($2.54) on Thursday. This signals that bears are trying to retain the advantage. Sellers will try to strengthen their position. They aim to pull the XRP price to the $2.32 to $2.19 support zone. Buyers are expected to defend this support zone with vigor. A close below it could intensify selling. The XRP/USDT pair may then plunge to $1.90. Time is running out for the bulls. They must swiftly push the price above the moving averages to gain strength. A potential trend change will be signaled on a close above the downtrend line.

XRP/USDT daily chart. Source: Crypto News Insights/TradingView

Solana Price: Indecision in a Symmetrical Triangle

Solana (SOL) has been trading inside a symmetrical triangle pattern. This indicates indecision about the next directional move. If the price skids below the uptrend line, the SOL/USDT pair could tumble to the solid support at $155. Buyers are expected to fiercely defend the $155 level. A break below it may sink the pair to $140. If the price turns up from the uptrend line and breaks above the 20-day EMA ($194), it suggests the pair may remain inside the triangle for some more time. Buyers will be back in the driver’s seat after they push the Solana price above the resistance line.

SOL/USDT daily chart. Source: Crypto News Insights/TradingView

Dogecoin Price: Holding Crucial Support

Buyers are attempting to maintain Dogecoin (DOGE) above the $0.17 support. However, the shallow bounce suggests that bears continue to exert pressure. If the $0.17 level cracks, the DOGE/USDT pair could descend to the $0.14 support. Buyers will try to keep the Dogecoin price inside the range by defending the $0.14 level. But if they fail, the pair could drop to the $0.10 level. The first sign of strength will be a break and close above the $0.21 overhead resistance. The pair may then climb to the 50-day SMA ($0.22) and later attempt a rally to the stiff overhead resistance at $0.29.

DOGE/USDT daily chart. Source: Crypto News Insights/TradingView

Cardano Price: Bears in Control Below $0.59

Cardano (ADA) continued lower and broke below the $0.59 support on Thursday. This signals that bears remain in control. If the price remains below the $0.59 level, the ADA/USDT pair could plunge to the solid support at $0.50. Buyers are expected to fiercely defend the $0.50 level. A drop below it may start a new downtrend. On the upside, a break and close above the 20-day EMA ($0.66) suggests that the bears are losing their grip. The Cardano price could then climb to the breakdown level of $0.75 and subsequently to the downtrend line.

ADA/USDT daily chart. Source: Crypto News Insights/TradingView

Hyperliquid Price: Resistance at $51.50

Sellers again thwarted attempts by bulls to push the Hyperliquid (HYPE) price above the $51.50 overhead resistance on Thursday. That action pulled the price down to the 20-day EMA ($43.10). Buyers are trying to defend the 20-day EMA. However, bears have kept up the selling pressure. If the price breaks below the 20-day EMA, the HYPE/USDT pair could descend to the neckline and then to $35.50. This negative view will be invalidated in the near term if the Hyperliquid price turns up and breaks above $51.50. The pair could then surge to the all-time high of $59.41.

HYPE/USDT daily chart. Source: Crypto News Insights/TradingView

Chainlink Price: Bears Maintain Dominance

Buyers tried to push Chainlink (LINK) above the 20-day EMA ($18.24) on Wednesday. However, the bears held their ground. The downsloping moving averages and the relative strength index (RSI) in negative territory suggest bears remain in control. The Chainlink price could then plummet to the $15.43 support. Bulls are expected to step in here. Buyers will have to push and maintain the price above the 20-day EMA to signal strength. The LINK/USDT pair could then climb to the resistance line. This is a critical level to watch out for.

LINK/USDT daily chart. Source: Crypto News Insights/TradingView

Bitcoin Cash Price: Range-Bound Movement

Bitcoin Cash (BCH) has been stuck between the 20-day EMA ($530) and the resistance line for the past few days. Bulls will have to push and maintain the Bitcoin Cash price above the resistance line. This action would signal a potential trend change. The BCH/USDT pair could then rally to $615 and later to $651. Instead, if the price turns down and breaks below the 20-day EMA, it suggests the pair may remain inside the falling wedge pattern for a few more days. The pair may slide to $500 and then to $475.

BCH/USDT daily chart. Source: Crypto News Insights/TradingView

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.