Bitcoin’s drop below $104K caps the start of altcoin season

Key factors:

Bitcoin’s bullish momentum has weakened, elevating the probability of a correction to $100,000.

Altcoins are more likely to comply with Bitcoin value and consolidate close to their most quick assist ranges.

Bitcoin’s (BTC) failure to rise above $109,588 could have tempted short-term consumers to ebook income. That has pulled the value below $104,000 on May 30. US spot Bitcoin exchange-traded funds recorded a internet outflow of $347 million on May 29, its first outflow since May 13, based on CoinGlass.

Derive founder Nick Forster advised Cointelegraph that Bitcoin is more likely to enter a consolidation section, which can be “a healthy pause” earlier than one other “significant upward movement.”

Analyst Willy Woo had the same opinion. In a submit on X, Woo mentioned that the present week was vital as a scarcity of follow-through may lead to one other consolidation.   

The near-term pullback has not altered the long-term view. Trading account Stockmoney Lizards mentioned in a submit on X that Bitcoin may rally as much as $200,000 in 2025 and probably prolong the up transfer to $250,000 subsequent 12 months.

What vital assist ranges may arrest the decline in Bitcoin and altcoins? Let’s analyze the charts of the high 10 cryptocurrencies to seek out out.

Bitcoin value prediction

Bitcoin has pulled again to the 20-day exponential shifting common ($105,485), which is more likely to witness a troublesome battle between the bulls and the bears.

If the value closes below the 20-day EMA, the BTC/USDT pair may unload towards the $100,000 degree. Buyers are anticipated to fiercely defend the zone between $100,000 and the 50-day easy shifting common ($97,775). If the value rebounds off the assist zone, the bulls will attempt to push the pair to $109,588.

Alternatively, if the value turns up from the 20-day EMA, it alerts a optimistic sentiment. That will increase the probability of a break above the $111,980 resistance. The pair may then surge towards $130,000.

Ether value prediction

Buyers pushed Ether (ETH) above the $2,738 resistance on May 29 however couldn’t maintain the increased ranges. Profit reserving pulled the value to the uptrend line on May 30.

The upsloping 20-day EMA ($2,497) and the RSI in the optimistic territory point out a bonus to consumers. If the value rebounds off the uptrend line with pressure, the bulls will once more attempt to clear the impediment at $2,738. If they’ll pull it off, the pair will full an ascending triangle sample. The ETH/USDT pair could then rally to $3,000 and ultimately to the sample goal of $3,153.

Conversely, a break and shut below the 20-day EMA invalidates the bullish setup. That may sink the pair to $2,323 after which to the 50-day SMA ($2,098).

XRP value prediction

XRP (XRP) slipped below the 50-day SMA ($2.25) on May 30, indicating that the bears have overpowered the bulls.

The XRP/USDT pair may drop to the strong assist at $2. Buyers are anticipated to defend the $2 degree with all their would possibly as a result of a break below it will increase the threat of a downtrend. The pair may first retest the $1.61 assist and later plunge to $1.27.

Instead, if the value rebounds off $2, it means that the bulls try to maintain the pair inside the vary for just a few extra days. The bulls must shove the value above $2.65 to grab management.

BNB value prediction

Buyers didn’t kick BNB (BNB) above the $693 resistance on May 29, leading to a pullback to the uptrend line.

A bounce off the uptrend line signifies a optimistic sentiment. Buyers must obtain a detailed above $693 to finish the bullish ascending triangle sample. If they do this, the BNB/USDT pair may rally to $732 and later to the sample goal of $752.

Contrarily, a break below the 20-day EMA ($661) invalidates the bullish setup. That may entice the aggressive bulls, pulling the pair all the way down to the $644 assist and later to the 50-day SMA ($626).

Solana value prediction

Solana (SOL) broke below the 20-day EMA ($168) on May 29, signaling profit-booking by short-term merchants.

The SOL/USDT pair may drop to the $153 assist, which is more likely to entice consumers. If the value rebounds off the $153 degree and breaks above the 20-day EMA, it suggests a variety formation in the close to time period.

The subsequent trending transfer is anticipated to start on a break above $180 or below $153. If the bulls propel the value above $180, the pair may rally to the $210 to $220 resistance zone. On the different hand, a break below $153 may sink the pair to $141 and subsequently to $133.

Dogecoin value prediction

Dogecoin (DOGE) plunged below the $0.21 assist on May 30, bringing the giant $0.26 to $0.14 vary into play.

There is assist at the 50-day SMA ($0.19), but when the degree cracks, the DOGE/USDT pair may drop to $0.16. Buyers are anticipated to fiercely defend the zone between $0.16 and $0.14, as a break below it may sink the pair to $0.10. A strong rebound off the assist zone may preserve the pair caught inside the vary for some extra time.

Buyers must drive the value above the $0.26 resistance to sign the start of the subsequent leg of the up transfer. The pair may then surge towards $0.34.

Cardano value prediction

Cardano (ADA) fell below the neckline of the inverse Head and Shoulders (H&S) sample on May 29, and the bears pulled the value below the 50-day SMA ($0.71) on May 30.

If the value sustains below the 50-day SMA, it means that the bulls are dashing to the exit. The ADA/USDT pair may descend to $0.60, the place the consumers are anticipated to step in. A bounce off $0.60 may level to a doable vary formation in the close to time period.

The bulls must push and preserve the value above the 20-day EMA ($0.74) to sign energy. The pair may rise to the overhead resistance of $0.86, which is a vital degree to be careful for. A break and shut above $0.86 may catapult the pair to $1.01.

Related: How low can the Bitcoin value go?

Sui value prediction

Sui (SUI) has bounced off the 50-day SMA ($3.30) on May 30, indicating that decrease ranges proceed to draw consumers.

The bulls must push and preserve the value above the 20-day EMA ($3.64) to sign energy. The SUI/USDT pair may climb to the $3.90 to $4.25 resistance zone. 

Contrary to this assumption, if the value turns down from the 20-day EMA, it means that the sentiment has turned damaging and merchants are promoting on rallies. That will increase the threat of a break below the 50-day SMA. The pair may then plummet to the robust assist at $2.86.

Hyperliquid value prediction

Hyperliquid (HYPE) is making an attempt to bounce off the 20-day EMA ($30.32), however the lengthy wick on the candlestick alerts promoting on rallies.

The bulls must push the value above the $35.73 overhead resistance to clear the path for a rally to $40 and subsequently to $42.50. Sellers are anticipated to mount a robust protection at $42.25, but when the bulls prevail, the HYPE/USDT pair may surge to $50.

This optimistic view can be invalidated in the close to time period if the value turns down and breaks below the 20-day EMA. That may pull the pair all the way down to $28.50 and, after that, to the 50-day SMA ($23.33).

Chainlink value prediction

Chainlink’s (LINK) failure to maintain above the resistance line could have tempted short-term consumers to ebook income.

The bears try to maintain the value below the neckline of the inverse H&S sample. If they succeed, it means that the markets have rejected the breakout from the bullish setup. That may sink the LINK/USDT pair to $13.20, extending the keep inside the descending channel sample for some extra time.

The first signal of energy can be a break and shut above $18. Such a transfer suggests strong shopping for at decrease ranges and opens the doorways for a rally to the sample goal of $20.50.

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.