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Bitcoin (BTC) soared above $35,000 on Nov. 2 and that may have sucked in the aggressive bulls who speculated that the next leg of the up-move was beginning. However, the price quickly turned around and fell back below $35,000 signaling that the breakout may have been a fake move.

A mild correction during an uptrend does not signal a trend change. It is generally a healthy sign as it shakes out weak hands. When markets are trending higher, dips are viewed as a buying opportunity, but it is better to wait for the price to find a bottom before buying. Strong support levels could be watched as potential places where buyers step in to arrest the decline.

MicroStrategy founder and executive chairman Michael Saylor said in an interview with CNBC that if traders hold a 12-month to 48-month time horizon, the current level is “a pretty ideal entry point into the asset.”

Bitcoin’s weakness has pulled several altcoins lower. What are the important support levels where the decline could end?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

2023 was anticipated to be the comeback year for Bitcoin. Experts predicted that the King of Crypto would soar to $50,000 or more, but it has only bounced back to about $26,000 since the bear market started in late 2021. Cointelegraph Markets Pro, despite the bearish trends ruling the space, has sent investors more than 150 winning alerts so far this year. 

Smart investors are not sitting on the sidelines and waiting for legacy coins to pop. Instead, they rely on Markets Pro — the breakthrough AI-powered crypto trading dashboard — to spot market-moving events before they drive select crypto prices up. As a result, they had the opportunity to jump ahead of gains like 50%, 61%, 80%, and even 88%.

Those gains were spotted by just one of the AI indicators — Newsquakes™ which is considered the fastest and most actionable newsfeed in crypto — built into the dashboard to track crypto market developments known to impact prices and create “flash” breakouts within hours.

PEPE — 50.35% in 5 hours!

On May 5, 2023, the listing of the PEPE token made headlines. The popular memecoin built on the Ethereum blockchain was launched in April 2023 and quickly became one of the most traded cryptocurrencies in the market.

News of the Binance listing hit the market at around 7:00 UTC. By 12:00 UTC, the coin grew 50.35% in just five hours. Most traders missed the move, while those with access to alerts from Markets Pro got the opportunity to take advantage of the surge.

Arthur Hayes, the former CEO of crypto derivatives exchange BitMEX, has “admitted” to buying Solana’s SOL (SOL) at its possible local top, stressing his bullish outlook for the cryptocurrency.

SOL’s price has rallied 500% in 11 months

Hayes’ self-admitted SOL purchase occurred after it had already rebounded 500% from its market bottom near $8 in December 2022.

In addition, the purchase came days after VanEck, an asset management firm supervising $76.4 billion worth of assets, predicted a 10,600% SOL price rally by 2030, citing Solana’s ability to capture the market share of its top layer-1 blockchain rival, Ethereum.

In addition, an analyst from FieryTrading predicted that once Solana breaks the resistance at $38, it could be headed for another 150% increase.

In October 2023 alone, SOL price gained an impressive 80% and recently reached its 14-month high of around $46.75. 

Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer.

SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows.

Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether (ETH) which posted under 11% gains in the past month.

SOL-related investment products have also seen millions of dollars worth of inflows over the past weeks according to CoinShares. SOL is, however, still down around 84% from its Nov. 6, 2021, all-time high of almost $260.

On Oct. 31 at Solana’s Breakpoint conference, Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer which Web3 development firm Jump Crypto has been building since last August.

Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to Bitcoin (BTC) breaking above $34,000 on Oct. 24.

One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market's excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to analysts from Bloomberg, the ongoing amendments to the spot Bitcoin ETF proposals can be seen as a “good sign” of progress and impending approvals. This development is expected to drive the entire cryptocurrency market to higher price levels.

Interestingly, comments issued by the U.S. SEC Chair Gery Gensler's in 2019 reveal his perspective. During the 2019 MIT Bitcoin Expo, Gensler termed the SEC's position at the time as "inconsistent" because they had denied multiple spot Bitcoin ETF applications, while futures-based ETF products that do not involve physical Bitcoin had been in existence since December 2017.

Another potential factor in the optimism of Ethereum investors using derivatives may be the pricing of the Dencun upgrade scheduled for the first half of 2024. This upgrade is set to enhance data availability for layer-2 rollups, ultimately leading to reduced transaction costs. Moreover, the upgrade will prepare the network for the future implementation of sharding (parallel processing) as part of the blockchain's "Surge" roadmap.

Ethereum co-founder Vitalik Buterin highlighted in his Oct. 31 statement that independent layer-1 projects are gradually migrating and potentially integrating as Ethereum ecosystem layer-2 solutions. Buterin also noted that the current costs associated with rollup fees are not acceptable for most users, particularly for non-financial applications.

Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?

Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.

While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.

Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

A new contract deployed on Oct. 29 by Unibot, a popular Telegram bot used to snipe trades on the decentralized exchange Uniswap, was reportedly exploited for roughly $560,000 in various memecoins from users.

On Oct. 31, blockchain analytics firm Scopescan alerted Unibot users about an ongoing hack on Unibot that went undetected. An exploit on a newly deployed contract by Unibot drained the crypto holdings of several users.

Unibot later confirmed the hack by revealing initial details:

“We experienced a token approval exploit from our new router and have paused our router to contain the issue.”

Amid ongoing investigations from Unibot and blockchain investigators, Scopescan advised users to revoke the approvals for the exploited contract (0x126c9FbaB3A2FCA24eDfd17322E71a5e36E91865) and move the funds to a new wallet.

Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.

However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged.

A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases the risk of a short-term pullback.

What are the important support levels on Bitcoin and altcoins that need to hold for the sentiment to remain bullish? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) remains in a strong downtrend. The price is close to the strong support zone between 4,050 and 4,100.

Hopes of approval for a spot Bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.

Bloomberg senior ETF analyst Eric Balchunas highlighted in a post on X (formerly Twitter) that ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get regulatory consent in the U.S. in 2021, saw its second biggest trading week ever at $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp uptick in volume in the existing instruments shows that spot Bitcoin ETFs are likely to witness huge volumes when they see the light of the day.

When the leader starts performing, it generally lifts the entire sector. That is seen in the strong performance of altcoins, which have risen sharply from their multi-year lows.

However, after the initial rally, some altcoins will struggle to maintain their up-move while a few will lead the markets higher. It is better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.

Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.

Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying.

That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out.

The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the cryptocurrency space and select altcoins may join the party soon.

Veteran trader Peter Brandt said in a post on X (formerly Twitter) on Oct. 26 that Bitcoin’s bottom is in but he warns that new all-time highs may not happen until the third quarter of 2024. Meanwhile, Brandt predicts Bitcoin to enter a “chop fest.”

Will Bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins join the party higher?

Chainlink’s LINK (LINK) token surged by a substantial 61.3% from Oct. 20 to Oct. 25, reaching a peak of $11.78 and marking its highest point since May 2022. LINK’s price then stabilized around $10.50, prompting investors to question the sustainability of this new level.

It’s worth noting that this surge coincided with Bitcoin’s (BTC) 23% gain during the same period. However, LINK’s performance stands out compared with Ether’s (ETH) 14% increase and SOL’s (SOL) 28% rally, suggesting increased bullish sentiment toward Chainlink’s leading oracle and decentralized computing solutions.

Chainlink partnerships and integrations back the rally

Several recent developments have contributed to LINK’s outperformance of its peers. Notably, the announcement of Chainlink’s upcoming native staking upgrade set for release in the next couple of months garnered significant attention. The initial staking pool was a resounding success, filling up in less than three hours, and the planned expansion promises greater flexibility through staking withdrawals, improved security guarantees and dynamic rewards.

Additionally, Chainlink’s integration into various blockchain networks has fueled optimism among LINK investors. For instance, on Oct. 15, Chainlink revealed its provision of services to Advanced Crypto Strategies DAO, a multichain yield optimizer and automated liquidity manager, and Equilibria, a yield booster for Pendle Finance.

By Oct. 22, Chainlink services had been integrated into Cobo Global, an institutional-grade digital custody solution, StaFi Protocol’s liquid staking solution for proof-of-stake chains, Ethereum’s on-chain derivatives platform Thales Market, and Xena Finance, which offers 50x perpetual futures on Coinbase’s Base chain.

Bitcoin’s (BTC) rise to as high as $35,000 this week has also lifted a number of memecoins, including Floki (FLOKI), which has beaten its top rivals in percentage gains.

FLOKI price up 140% amid Bitcoin ETF hype, TokenFi launch

As of Oct. 27, FLOKI had surged over 140% to $0.00004261, its highest level in five months. The memecoin, known for its controversial marketing tactics, rallied after New York-based Grayscale Investments filed for a new spot Bitcoin exchange-traded fund (ETF) on NYSE Arca, as shown below.

Looking at the past 24 hours, FLOKI’s gains have picked an additional boost from the launch of its tokenization platform, TokenFi, with its own native token, TOKEN, on Oct. 27. Notably, users will be allowed to stake their FLOKI holdings to receive TOKEN.

Where is FLOKI price going next?

FLOKI’s ongoing price rally has brought its daily relative strength (RSI) to its most overbought level since January 2023.

An overbought RSI typically precedes a correction period. In FLOKI’s case, its earlier stint with overbought RSIs has followed up with strong price declines, thus raising the possibility of a similar downside reaction in the coming days or weeks.

Could Bitcoin (BTC) be headed for an imminent pullback? Some crypto market observers believe the answer could be hiding within the price action of a frog-themed memecoin.

In an Oct. 27 post on X (formerly Twitter), Onchain Capital co-founder and Crypto Banter host Ran Neuner suggested that memecoin Pepe (PEPE) is a strong indicator of overblown crypto market fever.

“If you want to know when a pull back is coming, just watch PEPE. It’s literally an index for when the market is getting overheated,” said Neuner.

“When people are confident enough to go there and it pumps, that’s your sign to exit. Works every time.”

Pepe recently witnessed a more than 100% gain, growing from $0.00000064 on Oct. 20 to a peak of 0.00000134 on Oct. 27. Around the same time Pepe reached its peak, Bitcoin had already begun sliding downward from a recently attained yearly high.