Urgent Bitcoin Price Prediction: Market Plunges, Altcoins Face Crucial Tests Today (8/29)

The cryptocurrency market faces a critical juncture. Bitcoin, the leading digital asset, recently dropped below $108,000. This move sent ripples across the entire crypto ecosystem. Investors are now keenly watching for the next major price action. Will Bitcoin find support, or will it continue its descent towards the $100,000 mark? Understanding these shifts is vital for any market participant. Our comprehensive Bitcoin price prediction and analysis will shed light on these pressing questions. We examine key support and resistance levels for BTC and major altcoins, offering a detailed crypto market outlook for today, August 29th.

Bitcoin Price Prediction: Bulls Lose Grip

Bitcoin (BTC) recently fell near $108,100. This marks its lowest level since July 8. Such a drop suggests bulls are losing their grip on the market. Veteran trader Peter Brandt highlighted this concern. He noted that BTC needs to climb above $117,570. This would discount the past seven weeks as a possible double top. Despite this near-term weakness, network economist Timothy Peterson remains bullish. He points to historical data. BTC has risen 70% of the time in the four months leading up to Christmas. It records an average gain of 44% during this period. Therefore, a recovery could still be on the horizon for the top cryptocurrency. However, immediate challenges remain.

Bitcoin began a recovery from $108,666 on Tuesday. However, this recovery soon fizzled out. It stalled near the 20-day exponential moving average ($113,977) on Thursday. The price then turned down sharply on Friday. It fell below the $108,666 support level. If BTC stays below this point, the BTC/USDT pair could plummet. Targets include $105,000 and eventually the psychological support at $100,000. Bulls must push the price back above the moving averages. This action would signal reduced selling pressure. After that, Bitcoin could challenge its all-time high of $124,474.

Ethereum Price Analysis: ETH Attracts Inflows

Bitcoin’s uncertainty seems to drive investors toward Ether (ETH). Since August 21, BTC exchange-traded funds (ETFs) recorded about $350 million in inflows. In contrast, ETH ETFs saw a significant $1.87 billion in inflows. This data comes from CoinGlass. Nansen research analyst Nicolai Sondergaard suggests a reason for this shift. Investors are booking profits from BTC’s upward move. They are then “moving into other tokens to catch potential upside.” This trend highlights Ether’s growing appeal.

ETH turned up from the 20-day EMA ($4,378) on Tuesday. However, bears stalled this recovery at $4,663. The price subsequently turned down. It broke below the 20-day EMA on Friday. If the ETH/USDT pair closes below this EMA, its next stop could be $4,094. This is a crucial breakout level. Buyers will likely defend the zone between $4,094 and the 50-day SMA ($3,939) aggressively. A break below this range could deepen the pullback to $3,354. Conversely, if the price rebounds from $4,094, it shows strong buying interest on dips. Bulls would then attempt to drive Ether above the $4,788 to $4,868 zone. Success here could see the pair soar to $5,000 and then to $5,662. This demonstrates the potential for a significant upside in our Ethereum price analysis.

XRP Price Forecast: Key Support Holds

Bulls have struggled to push XRP (XRP) above the 20-day EMA ($3) recently. This signals fierce defense by bears at this level. Sellers will now try to strengthen their position. They aim to pull the XRP price down to the solid support at $2.73. Buyers are expected to defend this $2.73 level with all their might. A close below it could open the gates for a fall to $2.20.

The first sign of strength for XRP would be a break and close above the 20-day EMA. This suggests that selling pressure might be reducing. The XRP/USDT pair could then climb towards the downtrend line. This line will likely act as a stiff barrier. Buyers must pierce this downtrend line. This action would indicate that the correction might be over. Our XRP price forecast emphasizes the importance of these levels for future movement.

Altcoin Market Update: BNB, SOL, DOGE, ADA, LINK, HYPE, SUI

The broader altcoin market update shows mixed signals. BNB (BNB) is currently witnessing a tough battle. Buyers and sellers are contending at the breakout level of $861. The upsloping moving averages favor buyers. However, negative divergence on the RSI suggests weakening bullish momentum. Sellers need to tug the price below the 20-day EMA ($844). This would give them the upper hand. The BNB/USDT pair might then tumble to the 50-day SMA ($794). Conversely, if the price rebounds from the 20-day EMA and breaks above $900, buyers remain in control. The rally could extend to $1,000.

Solana (SOL) rebounded off the 20-day EMA ($193) on Tuesday. It rose above the $210 barrier on Thursday. However, bears sold at higher levels. They pulled the price back below $210. If the price stays below $210, aggressive bulls might get trapped. This could trigger long liquidation. It would pull the price to the uptrend line. A break below this line could see the SOL/USDT pair remain range-bound between $155 and $210. On the other hand, a strong bounce off the 20-day EMA ($193) signals demand. Bulls will try to drive Solana’s price towards $240 and eventually $260.

Dogecoin, Cardano, and Chainlink Insights

Dogecoin (DOGE) bounced off the $0.21 support on Tuesday. Yet, bulls could not push the price above the moving averages. The price turned down sharply. This indicates bears are selling on every minor rally. This increases the risk of a break below $0.21. If this happens, Dogecoin’s price may tumble to $0.19 and then to $0.16. Bulls must push and maintain the price above the moving averages. This would suggest the DOGE/USDT pair might remain in the $0.21 to $0.26 range.

Cardano (ADA) turned down from the 20-day EMA ($0.85). It has now reached critical support at the 50-day SMA ($0.82). If the 50-day SMA breaks, the short-term advantage shifts to bears. The ADA/USDT pair risks falling to $0.76 and then to $0.68. Buyers are expected to defend the $0.68 level fiercely. Conversely, a rise above the 20-day EMA suggests bulls are attempting a comeback. Cardano’s price may then reach the downtrend line. Bears are expected to step in there. A close above the downtrend line would signal the correction is over.

Chainlink (LINK) bounced off the 20-day EMA ($23.56) on Thursday. However, bulls could not maintain higher levels. Bears are trying to strengthen their position. They aim to pull the price below the 20-day EMA. If successful, the LINK/USDT pair could deepen its correction. It would head towards the 50-day SMA ($20.23). Buyers must defend the 20-day EMA fiercely. They must also swiftly push the price back above $27 to remain in control. If they do, Chainlink’s price could start its next upward leg. Targets include $31 and then $36.

HYPE and SUI: Emerging Altcoins Under Pressure

Hyperliquid (HYPE) broke above the $49.88 resistance on Wednesday. Yet, bulls could not sustain these higher levels. The price has since returned to the moving averages. This is a crucial support area. If the price rebounds forcefully, bulls will attempt to drive the HYPE/USDT pair above $51.19. Success could see Hyperliquid’s price rally towards its pattern target of $64.25. However, this positive view would be invalidated if the price breaks below the uptrend line. That could sink the pair to $40 and later to $36.

Sui (SUI) has oscillated within a large range. This range lies between $3.26 and $4.44 for several days. The price rebounded off the $3.26 support on Tuesday. But bulls could not overcome the obstacle at the 20-day EMA ($3.57). This renewed selling pressure from bears. It pulled the SUI/USDT pair back to $3.26. Repeated retests of a support level often weaken it. If the $3.26 level cracks, SUI price could plunge towards $3. To extend its stay within the range, buyers must drive and maintain the price above the moving averages.

Navigating the Current Crypto Market Outlook

The cryptocurrency market is clearly experiencing significant volatility. Bitcoin’s recent dip below $108,000 has put pressure on the entire ecosystem. While some altcoins like Ether show resilience through strong inflows, others face critical support tests. Investors must remain vigilant. Monitoring key technical levels is essential. The potential for further declines in BTC to $100,000 is a real concern. However, historical data suggests a potential for recovery towards the end of the year. This dynamic environment requires careful consideration of each asset’s unique position. Therefore, always conduct your own research before making investment decisions.

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.