A drop in Bitcoin price could spur large purchases of BNB, AVAX, NEAR, and OKB.

Bitcoin (BTC) fell below $96,000 on November 24, suggesting short-term traders are taking profits near $100,000. Corrections are part of every bullish phase that causes novice traders to panic, while experienced traders see dips as buying opportunities.

Prediction markets predict it will hit $100,000 in 2024. There is an 81% chance that Bitcoin will be above $100,000 on December 31, according to data from betting platform Kalshi. Mid-term forecasts predict Bitcoin will reach $122,000 by the new year.

Another optimistic voice is that of Georgii Verbitskii, founder of the TYMIO decentralized finance platform. He told Cointelegraph that Bitcoin could rise to between $100,000 and $120,000 by late 2024 or early 2025. As more traders join the party, Verbitskii expects Bitcoin to continue to rise. It will rise to $180,000 by the end of 2025.

What are the critical support levels for Bitcoin and altcoins that can attract buyers? Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.

Bitcoin Price Analysis

Bitcoin faces resistance near the psychologically important level of $100,000, but a positive sign is that the bulls have not given up much ground to the bears.

Rising moving averages and the Relative Strength Index (RSI) in overbought areas indicate an uptrend at the level of least resistance. If buyers push the price above $100,000, the BTC/USDT pair is likely to gain momentum and surge towards $113,331 and later $125,000.

The first support to the downside is at the uptrend line, followed by the 20-day exponential moving average ($88,386). If the price bounces off the 20-day EMA, the bulls will try to resume the uptrend again. If the pair falls below $85,000, it signals a near-term high.

On the 4-hours chart, the pair has fallen below the 20-EMA, indicating that the bears are attempting a bounce. The next support below is the uptrend line. If the price bounces off the rising trend line, the bulls will try to rise above $100,000 again. That could send the pair skyrocketing to $113,331.

Alternatively, a downward breakout of the rising trend line signals a lack of demand at lower levels. The pair could fall to $85,000.

BNB price analysis

BNB (BNB) bounced back above the $667 resistance on November 23 and again on November 24, but the long wicks of the candlesticks indicate selling at higher levels.

The 20-day EMA ($619) is an important support level to watch out for on the downside. If the price breaks out of the 20-day EMA, bulls will again try to push the BNB/USDT pair towards $722. This level could again act as a huge hurdle, but if it is crossed, the rally could reach $810.

If you want to stop a downtrend, you need to get the price below the moving average quickly. Doing so would mean that the market has refused to break through. A currency pair may fall towards an upward trend line.

Buyers bought the dip to the breakout level of $635 and pushed the price above the 20-EMA. Buyers will attempt to push the price towards $688, which is expected to act as strong resistance again. However, if buyers overcome this barrier, the price can rise to $722.

Conversely, if the price declines and falls below $635, it means that sellers are selling on any relief rally. The pair may fall to the 50-SMA and later to $600.

Avalanche Price Analysis

Avalanche (AVAX) broke the resistance line of an ascending channel pattern on November 22, but bulls are selling at higher levels.

The AVAX/USDT pair may retest the breakout level on the channel. If the price bounces back strongly from the resistance level, it indicates that the bulls have switched to support. The pair could then attempt a rally up to $50.

Alternatively, if the price falls below the resistance line, it means that the bullish trend is losing strength. The pair could fall to the 20-day EMA ($34.34), which could attract buyers again.

The two are witnessing a tough fight between bulls and bears near 20-EMA. If the price rises above the 20-EMA, the bulls will again try to push the pair up to the psychological level of $50.

Meanwhile, the bears likely have other plans. They will try to sell the rally and pull the pair below the 50-SMA. If successful, the pair could fall to $32 and then to $31.

relevant: Bitcoin ‘spoofing’ sends BTC price to $97,000 amid record profit taking

NEAR Protocol Price Analysis

NEAR Protocol (NEAR) broke through the overhead resistance of $6.50 on November 24th, but the bulls were unable to sustain the breakout.

The price may fall towards the 20-day EMA ($5.48), which is an important support level to watch out for. If the price bounces strongly from the 20-day EMA, bulls will attempt to push the NEAR/USDT pair higher to $8.58 and then to $9.01.

The downside is that if the price closes below the 20-day EMA, a break above $6.50 may have been a bulltrap. The pair could plunge to the 50-day SMA ($4.86) and remain within the $3.42-$6.50 range for some time longer.

Price has bounced off the moving average on the 4-hour chart, which indicates bulls are continuing to buy bears. If the price rises above $6.50, the bulls will attempt to initiate the next upward leg by clearing the overhead hurdle of $6.80.

Conversely, if the price falls from $6.50 or $6.80, it signals a sell during the rally. This increases the risk of falling below the moving average. The pair may fall towards the rising trend line and then fall to $5.

OKB price analysis

OKB (OKB) is attempting a trend change by forming a series of highs and lows.

The OKB/USDT pair accelerated after breaking above $48 on November 23, paving the way for a rebound to $62 and then $68.

The $48 level is expected to act as support during the downtrend. If the price bounces from the $48 level, it is a sign that sentiment is still positive and traders are buying on the dip.

However, if the $48 support is broken, the pair could fall towards the 20-day EMA ($44.79). The deeper the fall, the longer the time required to resume upward movement.

The bears are trying to halt the rally at $56.74, but the bulls are in no mood to capitulate. The pair is likely to find support at $51 and the 20-EMA. If the price rises from the current level or the 20-EMA, it means buying on the dip. This would improve the prospects of a rally above $56.74.

This bullish view will be invalidated in the near term if the price falls below the 20-EMA. The pair may then fall towards the 50-SMA.