Has Bitcoin’s Pre-Halving Correction Bottomed?

Crypto Price Forecast: The cryptocurrency market extends its correction trend in the third week of April amid the geopolitical issue in the Middle East and FUD surrounding Bitcoin Halving. During Asian trading hours on Tuesday, leading digital assets Bitcoin (BTC) and Ethereum (ETH) fell 1.5% to $62530 and $3055 respectively. Furthermore, the other top altcoins Solana(SOL) and Binance coin(BNB) fell by 3. -4% while XRP was down 2%.

However, Bitcoin stakeholders have shown remarkable steadfastness regarding their investments amid the current market uncertainty. According to analytics firm Santiment, despite Bitcoin’s market cap falling to a low of $61.5K this past weekend, major holders of the cryptocurrency remain undaunted.

Santiment’s data reveals that significant whaling groups have accumulated significant amounts of Bitcoin since March 1: wallets with more than 100 to 1K BTC have collected 43.489 BTC ($2.75 billion), wallets with 1K to 10K BTC have 80.5414 BTC ($5. and those with 10K to 100K BTC added 91,732 BTC ($5.80 billion) to their holdings, indicating strong bullish sentiment among key players despite the volatility.

🐳 Key stakeholders of #Bitcoin are not budging on their holdings, despite alarming volatility that saw the top market cap #cryptocurrency’s market cap drop as low as $61.5K over the weekend.

With #FUD circulating among traders as markets close on April 19 #halving, … pic.twitter.com/TYmvQA6WBc

— Santiment (@santimentfeed) April 15, 2024

So, with the Bitcoin Halving just around the corner, the BTC price may develop a significant local bottom to signal the end of the correction trend.

Also Read: China To Export Bitcoin, Ethereum, XRP Price Inflation: Report

1) Ethereum (ETH)

Ethereum stands as a fundamental pillar in the field of blockchain technology, distinguished by its pioneering implementation of smart contracts that automate and execute agreements without the need for intermediaries.

For more than a month, the Ether coin is under correction with a price of $4095 to $3065 registering 27.55%. Additionally, the formation of a new lower high at $3730 and a breakdown below the swing low of $3053 in daily charts indicates seller dominance over this asset.

At press time, the Ethereum price was trading at $3070, while maintaining its market cap of $367.8 billion.

Amid the current market correction, well-known trader ali_charts points to a critical support zone for Ethereum between $2,000 and $2,430. Within this range, nearly 9.37 million addresses hold nearly 53 million ETH, a concentration of holdings that could serve as a crucial area for Ethereum’s price stability.

If the downtrend continues, watch the critical support zone for #Ethereum between $2,000 and $2,430. In this series, about 9.37 million addresses hold nearly 53 million $ETH. pic.twitter.com/pJBygzggOv

— Ali (@ali_charts) April 16, 2024

Also Read: Ethereum Price: ETH Key Support Level To Watch Amid Mass Selloff

2) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a meme cryptocurrency that emerged as a decentralized community building experiment. It quickly gained popularity as a ‘Dogecoin killer’ and distinguished itself with the creation of a dedicated ecosystem.

In the daily price chart, the Shiba Inu coin shows a steady retracement under the influence of a descending wedge pattern. The covering trend line encapsulated the SHIB price for more than six weeks and reinforced a 60% decline from $0.000045 to $0.0000183.

However, with current market uncertainty, this memecoin price bounced back to $0.000022 and recorded a jump of 22% within three days. Furthermore, Shiba Inu’s market capitalization has returned to $13 billion, while the 24-hour trading volume is recorded at $930 million.

The margin buyers should wait for an upside breakout of the wedge pattern that could strengthen the asset price to challenge the overhead resistance at $0.00003285 and $0.00004.

Also Read: Shiba Inu Community Burns 774M SHIB Despite Market Crash, What’s Next?

3) Solana (SUN)

Solana (SOL) is a high-performance blockchain known for its incredibly fast transaction speed and low cost, attributed to its unique hybrid consensus model that combines Proof of History (PoH) with Proof of Stake (PoS).

The mid-term trend in SOL price is bullish, evident from the rising trend line in daily time. The altcoin has bounced back from this dynamic support three times, marking an important accumulation point for investors during the market decline.

The current market correction has seen the SOL value fall from $210 to $136, registering a monthly loss of 35%. However, with a market capitalization of $60 billion, Solana holds its position as the fifth largest cryptocurrency asset.

With continued​​​​ sales, the SOL price may review the above trendline and restore bullish momentum. A potential recovery from this support reinforces buyers to revisit the $162 resistance.

Also Read: Solana Memecoins Jump 28%: Will It Last?

Key takeaways

The ongoing pre-halving correction in Bitcoin is increasing supply pressure across the cryptocurrency market. Although most major coins are experiencing significant pullbacks, the aggressive buying by BTC whales indicates a promising chance for a market rebound.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong understanding of technical analysis, he keeps a watchful eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil has enthusiastically embraced the burgeoning realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.