Bitcoin Tops $114K, Altcoins Follow. Are New Highs Incoming?

Key points:

Bitcoin could challenge the $117,500 level if buyers secure a daily close above $114,000.

Altcoins are trying to start a relief rally, but are still expected to face selling at higher levels.

Bitcoin (BTC) extended its recovery above $114,000 on Monday, indicating aggressive buying by the bulls. BTC remains stuck in a range, with analysts divided about the next directional move. Some expect BTC to start a bear phase, while others project a rally to a new all-time high.

Market participants have turned cautious due to BTC’s near-term uncertainty. BTC exchange-traded products (ETPs) recorded $719 in net outflows last week, per CoinShares’ weekly report. The altcoin picture was mixed; Ether (ETH) ETPs witnessed $409 million in outflows, but Solana (SOL) recorded $291 million in inflows.

Crypto market data daily view. Source: Coin360

As September comes to a close, BTC traders look positively toward October, which has historically seen an average rise of 21.89% since 2013, according to CoinGlass data. Bitcoin network economist Timothy Peterson said in a post on X that BTC’s bull phase spans from Oct. 11 to June 11, which gives a 50% chance of BTC surging to $200,000 by June 2026.

Could BTC break above its overhead resistance, pulling altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

S&P 500 Index price prediction

The S&P 500 Index (SPX) pulled back from 6,699 on Tuesday but found support at the 20-day exponential moving average (6,586) on Thursday.

SPX daily chart. Source: Cointelegraph/TradingView

The upsloping moving averages and the relative strength index (RSI) in the positive territory indicate that bulls are in control. If buyers thrust the price above 6,700, the index could resume its uptrend toward the 7,000 level.

Sellers will have to tug the price below the 20-day EMA to weaken the bullish momentum. The index may then plummet to the 50-day simple moving average (6,459). The bulls are expected to defend the 50-day SMA with all their might because a drop below it may trigger a deeper correction to 6,147.