$87,129
attempted a recovery on Friday, but the bears continued to exert pressure, bringing the price as low as $80,000 at Binance. The sentiment remains weak as US stock markets deepened their correction this week amid concerns about excessive valuations in the artificial intelligence sector. Additionally, expectations of a December rate cut by the Federal Reserve have dropped to 33.1% from 98.1% on Oct. 21, according to the CME FedWatch Tool.
The question on everyone’s mind is how low could BTC go? Bitwise European head of research André Dragosch said in a post on X that BTC is likely to bottom out in the zone between BlackRock’s IBIT cost-basis of $84,000 and Strategy’s cost-basis near $73,000.
Crypto market data daily view. Source: TradingView
Select analysts view the current dip as a positive development. Veteran trader Peter Brandt said in a post on X that the correction was the “best thing” that could have happened to BTC. He said he remains long-term bullish on BTC, expecting the price to rally to $200,000 around the third quarter of 2029.
What are the crucial overhead resistance levels to watch out for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC sliced through several short-term support levels and plunged to $80,600, signaling aggressive selling by the bears.
The next major support on the downside is at $73,777. Buyers are expected to defend the $73,777 level with all their might, as a break below it opens the gates for a collapse to $53,500.
Sharp corrections are followed by an equally sharp rally. The oversold levels on the relative strength index (RSI) indicate a potential relief rally in the near term. That could push the BTC/USDT pair to the 20-day exponential moving average (EMA) ($97,319), where the bears are expected to mount a strong defense.
Ether price prediction
Ether
ETH
$2,824
closed below the $3,000 level on Thursday, clearing the path for a collapse to $2,500.
The fall has pushed the RSI into the oversold zone, signaling that a relief rally is possible in the near term. If the Ether price turns up from the current level or rebounds off $2,500, the ETH/USDT pair could reach the breakdown level of $3,350.
On the contrary, a shallow bounce off $2,500 suggests weak demand from the bulls. That increases the risk of the continuation of the downward trend. The pair could then tumble to the $2,111 level.
