Bitcoin Price Drop Could Trigger Increase in BNB, AVAX, NEAR, and OKB Purchases
Bitcoin’s price has dipped below $96,000, hinting that traders are taking profits near the milestone of $100,000. This is a common occurrence in bull markets, causing panic among new traders but providing a buying opportunity for the experienced ones.
According to prediction markets, there is an 81% chance of Bitcoin surpassing $100,000 by the end of the year. Some experts, like Georgii Verbitskii, founder of the TYMIO decentralized finance platform, believe Bitcoin could even hit $120,000 by early 2025.
Despite facing resistance near $100,000, Bitcoin’s bulls are still holding ground. If the price breaks above this level, we could see a surge to $113,331 and potentially $125,000. On the downside, crucial support lies at the uptrend line and the 20-day exponential moving average around $88,386.
Moving on to altcoins, BNB has rallied above $667 but faces resistance at higher levels. The 20-day EMA at $619 is a critical support to watch, with $722 being the next target if bulls succeed. On the downside, a break below the moving averages could push the price to the uptrend line.
Avalanche (AVAX) recently broke out of an ascending channel pattern but is struggling with selling pressure. A retest of the breakout level may lead to a rally to $50, while a break below the resistance line could signal a drop to the 20-day EMA at $34.34.
NEAR Protocol broke above $6.50 but failed to sustain the breakout. A dip to the 20-day EMA at $5.48 could provide buying opportunities, with targets set at $8.58 and $9.01. Conversely, a break below the 20-day EMA may lead to a drop to the 50-day SMA around $4.86.
Lastly, OKB has shown signs of a trend change, aiming for higher highs. Breaking above $48 could pave the way for a rally to $62 and $68. For support, traders look to the $48 level, while a break below could push the price to the 20-day EMA at $44.79.
In conclusion, despite Bitcoin’s pullback, the overall sentiment remains optimistic for both Bitcoin and altcoins like BNB, AVAX, NEAR, and OKB. Buyers are eyeing potential buying opportunities as the market dynamics continue to evolve.
