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Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

Press Releases Crypto News Cointelegraph Price analysis 8/16: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT

Bitcoin continues to trade inside a narrow range with no clear signs of a breakout from it. Trading platform QCP Capital said in its latest market update that Bitcoin (BTC) may remain quiet for a few more weeks before making its move in September.

Delphi Digital co-founder Kevin Kelly believes that the cryptocurrency markets are in the early stages of a new bull cycle. Based on a study of Bitcoin’s four-year cycle patterns, Kelly expects Bitcoin to hit a new all-time high by the fourth quarter of 2024 and a new cycle peak by Q4 2025.

*Daily cryptocurrency market performance. Source:* *Coin360*

Similarly, Bitcoin investor and author Jesse Myers also maintains a bullish view for the long term, but he does not expect Bitcoin to reach $100,000 before the next halving. Myers believes that the market will take 12-18 months after the halving to price in the effects.

Will Bitcoin and the major altcoins remain range-bound in the near term, or is a breakout on the horizon? What are the important levels to watch out for? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin rose above the 20-day exponential moving average EMA of $29,383 on Aug. 14, but the long wick on the candlestick shows selling at higher levels.