As the bears take over the night, Bitcoin and altcoins face a tremendous increase in supply pressure. This resulted in a sell-off of nearly $900 million this Friday, according to Coinglass.
Amid the decline, Bitcoin lost dominance over the critical $70,000 level and began a domino fall in the altcoin market. The total cryptocurrency market capitalization, excluding Bitcoin, fell 8.13% last night, briefly falling below the billion-dollar mark.
Currently, the markets are recovering and the ratio between long and short accounts presents an optimistic future. By glass coinThe long/short ratio on the largest exchange, Binance, favors bulls with 66% long accounts.
With one-sided market optimism rising again, Bitcoin and altcoins could find a reversal point over the weekends.
Bitcoin price prediction
Despite the drop below $70,000, BTC price maintains a bullish flag on the daily chart. Furthermore, the market value is well above the average line of the 50D EMA with a lower price rejection candle.
The intraday candle shows a Doji candle rising above the 23.60% Fibonacci level. This reinforces speculation of a morning star pattern at a crucial support level to kick off a bull run next week.
Therefore, next week promises a potential spark in buying pressure to break above the overall trend line. With this, the BTC price could reach the $76,000 mark next week.
Dogecoin (DOGE)
The largest meme coin is holding firm with an ascending channel in action. The 10% overnight drop, followed by a 2.65% intraday drop, challenges the ascending support trend line.
Furthermore, the rapid decline tests the dynamic average line of the 50D EMA. Therefore, multiple bullish supports combine to stop the bear's decline.
If the largest meme coin returns next week with a bullish turn, meme coins could find additional momentum. Therefore, meme altcoins could rally next week.
Binance (BNB)
With just a 1.49% drop last night, Binance's native token BNB remains resilient to the market decline. BNB price action maintains an ascending triangle pattern by avoiding a decline below the support trend line.
With the upper ceiling at the psychological barrier of $650, BNB price is eyeing a big rally next week. The long tail candles reflect high reversal possibilities, which reinforces the possibility of a breakout.
Based on the trend-based Fibonacci levels, the rally could easily reach the $743 level.
Solana (SUN)
On a less fortunate day than Binance, Solana's market price fell by 11% during the crash. The altcoin is down 25% in the last two weeks, missing the 61.80% Fibonacci level.
With the decline, SOL price trend is approaching the 50% Fibonacci level, a crucial support level at $130. Currently, the altcoin is at a crucial stage as it is at the psychological mark of $150.
If the uptrend manages to recover next week, the altcoin may re-emerge above $200. However, a bearish profit of $130 will prove fatal for the altcoin.
Bitcoin Cash (BCH)
Well-known Bitcoin alternative, BCH price, lost 21% of its market value this week, with a 13% drop last night. The drop creates an evening star pattern on the weekly chart, threatening Bitcoin Cash's recovery.
The evening star breaks the 38.20% Fibonacci level and even the $550 mark. Currently, the BCH price is trading at $535 and struggling to find a support zone. With the next level in sight at $500 or $410, downside risk is high in Bitcoin Cash.
However, a bounce in Bitcoin may fuel a reversal in BCH to reach the psychological mark of $1000.
