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ToggleBitcoin (BTC) could consolidate its strength to surpass the $120,000 mark, while ETH, BNB, LINK, and UNI are expected to continue the altcoin market's upward momentum.
BTC's strong rejection near the all-time high of $123,218 indicates that bears will not easily give up without a fight. BTC's failure to establish a new record high has led to a decline in some altcoins, though some have shown good recovery.
Some analysts are cautious after Monday's rejection. The ZAYK Charts account noted on X that, according to the Wyckoff method, BTC may have entered a distribution phase, and if this scenario is confirmed, the price could drop significantly to the $95,000 area.
Compared to Bitcoin, Ethereum (ETH) continues to show stable strength. According to data from Farside Investors, ETH ETFs recorded a record net capital inflow of $1.01 billion on Monday, the highest ever.
The questions are: Can BTC unexpectedly break out and rise again? And can ETH lead the altcoin surge? Let's examine the chart analysis of 5 top cryptocurrencies with strong prospects in the near future.
Bitcoin (BTC) Price Forecast
Sellers successfully blocked buyers' efforts to push BTC above the historical peak of $123,218 on Monday.
The 20-day Simple Moving Average (SMA 20) at $116,779 is moving sideways, indicating relatively balanced supply and demand, while the RSI remains in a positive zone, reflecting buying momentum. If the price maintains above the 20-day SMA, buyers will continue to push the BTC/USDT pair above the $123,218 threshold. Success here could open a strong upward movement towards $135,000.
Conversely, if the price falls below the 20-day SMA, it would indicate profit-taking by short-term traders, potentially pulling the price back to the 50-day SMA at $114,366 and forming a sideways accumulation zone. Sellers would need to push the price below $110,530 to regain trend control.
On the 4-hour chart, the BTC/USDT pair bounced from the 20-day SMA, with moving averages trending upward and RSI in a positive zone, indicating buyer advantage. If the $123,218 resistance is broken, the price could surge to $127,735 and potentially $135,000. However, sellers might pursue an alternative scenario, attempting to pull the price below the downward trend line. If successful, Bitcoin could enter a range-bound phase between $123,218 and $111,920 for a period.
(The translation continues in the same manner for the rest of the text)Sellers tried to block the increase at the 22.70 USD zone, but buyers broke through this resistance level on Tuesday. If maintained, the LINK/USDT pair may advance to 27 USD, where sellers are expected to establish a strong defense line. However, if the 27 USD mark is penetrated, the upward momentum could extend to 30 USD.
This optimistic scenario will become invalid in the short term if the price sharply reverses and breaks below 20.83 USD, at which point Chainlink could retreat to 20 USD and further to the strong support zone around 18 USD.
The correction rhythm bounced from the 20 SMA line on the 4-hour frame, showing buying pressure emerging when prices slightly drop. Both moving averages are pointing upward, while the RSI is in the overbought zone, reflecting that buyers are still dominant.
For support, the first level to monitor is the 22.70 USD breakout zone, followed by 21 USD. If the price breaks and closes below 21 USD, it will indicate buyers are retreating, with the next stop point below being the 50 SMA line.
Uniswap (UNI) Price Prediction
Uniswap (UNI) surged from the 50-day SMA at 9.05 USD on August 3rd, showing strong buying pressure when prices retreated to lower zones.
UNI's upward momentum is facing selling pressure at the 12 USD zone, but positively, buyers are not giving much ground to sellers, suggesting expectations of continued upward trend. If the price breaks above 12 USD, the UNI/USDT pair could target 15 USD.
Conversely, the first support lies at the 20-day SMA (10.19 USD). If this level is penetrated, UNI's price might retreat to the 50-day SMA. Breaking below the 50-day SMA would be a warning signal of a potential short-term trend reversal.
The UNI/USDT pair was blocked at the 12 USD resistance zone, but a positive sign is buyers are trying to defend the 20 SMA on the 4-hour frame. If maintained and successfully pushing above 12 USD, the pair could target 14 USD and then 15 USD.
Conversely, sellers will attempt to pull the price below the 50 SMA. If this occurs, UNI could drop to 10 USD and further to 9.50 USD, potentially opening the possibility of forming a sideways trading zone between 8.50 – 12 USD for some time.
This article does not contain investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their own research when making decisions.
