Bitcoin’s rise above $62,000 could pull APT, WIF, FTM, and BGB higher

Bitcoin (BTC) is trying to close the week above $62,500, well above the intra-week low of just under $60,000. This suggests buying at lower levels. Although the start to October, generally the strongest month of the year, has been slow, analysts expect things could pick up going forward.

One positive for the cryptocurrency markets is that the CME Group’s FedWatch Tool is pricing in a 97% probability of the Federal Reserve cutting rates by 25 basis point in their Nov. 7 meeting. Expectations are that a rate cut would boost a risk-on sentiment.

Another possible trigger for a recovery could be the reduction in Bitcoin held on centralized exchanges. According to CryptoQuant data, centralized exchanges hold more than 2.8 million Bitcoin, the lowest number since November 2018. The drop in the balance reduces the available liquidity, and such occurrences are sometimes followed by bullish price movements.

Could a recovery in Bitcoin act as a catalyst for an altcoin recovery? Let’s study the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin bounced off the 50-day simple moving average ($60,589) on Oct. 4, indicating that the bulls are trying to form a higher low.

If buyers maintain the price above the 20-day exponential moving average ($62,237), the momentum could pick up, and the BTC/UDST pair could jump to $66,500. This level may attract sellers, but the rally may extend to $70,000 if buyers bulldoze their way through. 

If bears want to prevent the upside, they will have to swiftly drag the price below the 50-day SMA. If they manage to do that, the pair could plummet to $57,500 and later to the crucial support at $54,000.

The bulls successfully defended the 20-EMA on the 4-hour chart. The relative strength index (RSI) has jumped into the positive territory, indicating that the momentum has turned positive. If the price closes above the 50-SMA, the likelihood of a rally to $65,000 increases.

On the contrary, if the price turns down and breaks below the 20-EMA, it will suggest that the bears have not given up. The pair may then slump to the psychologically important level of $60,000. If this support cracks, the pair may descend to $57,500 and later to the vital support at $54,000.

Aptos price analysis

Aptos (APT) broke out of an inverted head-and-shoulders pattern on Sept. 21 and successfully held the retest of the breakout level on Oct. 2.

The 20-day EMA ($7.89) has started to slope up, and the RSI is in the positive territory, indicating that the bulls have the upper hand. The APT/USDT pair will then try to move up to the pattern target of $11. 

This optimistic view will be negated in the near term if the price turns down and plunges below $7.65. Such a move would suggest that it was a fake breakout. The pair could then decline to $5.66.

The price has pulled back to the 20-EMA on the 4-hour chart, which is an important level for the bulls to defend. If the price bounces off the 20-EMA and breaks above $9.32, it will signal that the trend has turned positive.

Contrarily, if the price turns down and breaks below the 20-EMA, it will suggest that the bulls are booking profits. The pair could drop to the 50-SMA and, after that, to the breakout level of $7.65. This level is expected to attract solid buying by the bulls.

Dogwifhat price analysis

The bears are fiercely defending the downtrend line in Dogwifhat (WIF), but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($2.09).

Both moving averages have started to turn up, and the RSI is in the positive territory, indicating that bulls have the edge. Buyers will have to maintain the price above the downtrend line to signal a potential trend change. The bears will try to stall the up move in the $2.64 to $2.89 zone, but if the bulls prevail, the rally could reach $3.50.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that the bulls have given up. The WIF/USDT pair may then skid to the 50-day SMA ($1.77).

The 4-hour chart shows the formation of an ascending triangle pattern, which has a target objective of $2.93. Buyers purchased the dip to the breakout level of $2 and have pushed the price above the immediate resistance at $2.40. The pair could rally to $2.60, which is expected to act as a strong resistance.

On the downside, a break and close below $2 will signal that the bears are back in the game. The pair may then slump to the uptrend line of the ascending triangle.

Related: Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Fantom price analysis

Fantom (FTM) completed an inverted head-and-shoulders pattern on Sept. 17 when it broke above $0.55. Usually, after the price breaks out from a crucial level, it tends to retest the level.

The bulls are trying to arrest the correction at the 20-day EMA ($0.62). If the price turns up and breaks above $0.70, it will signal the resumption of the up move. The FTM/USDT pair could rally to the pattern target of $0.83 and eventually to $0.93.

This positive view will be invalidated in the near term if the price turns down and breaks below the breakout level of $0.55. If that happens, it will suggest that the markets have rejected the breakout.

The bulls are trying to form a local bottom at $0.58. If they push the price above the 50-SMA, it will indicate solid demand at lower levels. The pair could start its journey to $0.76 and later go to $0.83.

Instead, if the price turns down from the 50-SMA, it will signal that the bears are trying to gain control. The pair could fall to $0.60 and thereafter to $0.55. A break and close below this level will tilt the advantage in favor of the bears.

Bitget Token price analysis

Bitget Token (BGB) has formed successively higher lows and higher highs, indicating the start of a strong recovery.

The 20-day EMA ($0.99) has started to turn up, and the RSI is in the positive zone, signaling that the bulls have the upper hand. If buyers push the price above $1.08, the BGB/USDT pair could rise to $1.14 and thereafter to $1.22.

Contrary to this assumption, if the price turns down from $1.08 and breaks below $1.02, it will suggest that bears remain active at higher levels. The pair could then slide to the uptrend line.

The 4-hour chart shows that the pair has turned down from the resistance line of the ascending channel pattern, indicating that the bears continue to sell on rallies. If the price slips below the moving averages, it will signal that the pair may remain inside the channel for a while longer.

Conversely, if the price rises from the current level or the 20-EMA, the bulls will again attempt to propel the pair above the resistance line. If they succeed, the momentum could pick up, and the pair may surge to $1.22.