Crypto Price Prediction: On Friday night, the Bitcoin network marked a significant milestone by performing its fourth Halving event at block 840,000, reducing the mining reward from 6.25 new bitcoin per block to 3.125. After the update, the cryptocurrency market saw a modest rise in response to positive market sentiment, but struggled to sustain the buying pressure.
Thus, the Bitcoin price fell to a low of $63,000 on Saturday, recording a loss of 1.1%. With supply pressure intact, the majority of major altcoins could extend their sideways action for the coming week.
The recent data from crypto analysis firm IntoTheBlock revealed that miners’ holdings of BTC fell to a 12-year low. The trend suggests that miners have consistently sold their Bitcoin holdings leading to the halving. These sales may indicate a cautious or bearish sentiment from miners about the potential price movement after halving or a need to cover operating costs before the event.
Traditionally, halvings are considered bullish catalysts due to the reduced rate of new Bitcoin entering circulation, which can lead to a supply shock. However, the miners’ recent selling activity may temper short-term expectations as the market adjusts to this change.
Also Read: Bitcoin Halving Is Over. Will Bitcoin Price Fall?
1) Ethereum (ETH)
Ethereum stands as a pioneer in the blockchain sector, known for introducing smart contracts that power decentralized applications (dApps). The second largest cryptocurrency is currently trading at $3052 and has a market cap of $366 million.
Along with the Bitcoin sustainability above $60,000, the ETH price resilience is above the $2850 level despite recent geopolitical tensions in the Middle East. This demand pressure moved the Ethereum price sideways to form a tight range between $2850 and $3274.
According to IntoTheBlock, Ethereum saw a record withdrawal of $500 million from centralized exchanges in a week, the highest since February. This mass exodus may signal a bullish trend, suggesting investors are holding on for potential future gains or strike opportunities.
Thus, with a high potential bullish reversal, the ETH price could breach the overhead $3274 resistance, reinforcing buyers to chase a potential target of $3700 followed by $4100.
Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving
2) Cardano (ADA)
Cardano (ADA) distinguishes itself in the blockchain ecosystem with a research-driven approach, prioritizing peer-reviewed scientific methods. Its layered architecture, designed for scalability and interoperability, enables seamless functionality for smart contracts and dApps.
The recent market correction particularly affected ADA’s value as it saw a sharp drop from $0.81 to $0.4, registering over 50% loss. The downfall has currently bottomed out at 61.8% Fibonacci retracement level at $0.445 looking for suitable support for fresh recovery.
The Cardano price is currently trading at $0.478, with an intraday gain of 2.2%. The asset’s market capitalization also returned to $17 billion, maintaining its position as the 10th largest cryptocurrency.
However, for buyers to regain better control of this altcoin, they need to breach the pattern’s resistance trendline. The rally after the breakout could push the ADA price to chase a potential target of $0.8.
Also Read: Crypto Whales View KangaMoon (KANG), Ethereum (ETH) and Cardano as Best Buys Before BTC Halving Event
3) Arweave (AR)
Arweave (AR) functions as a new data storage blockchain protocol, which aims to provide a decentralized and permanent web where users can store data forever. Performing the broader market uncertainty, the AR price saw a notable inflow this week, retrieving the combined support of $22 and 100-day EMA.
Using the above level as base support, the Arweave price develops a bullish reversal pattern called a double bottom. Amid the formation and positive market sentiment around Bitcoin Halving, this altcoin has risen 27% in four days to currently trade at $29.2.
At press time, the Arweave coin shows a market capitalization of $1.96 billion, while the 24-hour trading volume is at $97 million.
If the reversal continues, the AR price is likely to surpass the immediate resistance of $35 and challenge the high of $46.8 again.
Key takeaways
Despite the pre-halving consolidation and recent geopolitical tensions between Iran and Israel, the Bitcoin price held its ground above the $60,000 psychological level. As the Bitcoin network marked a significant milestone by executing its fourth Halving event late Friday night, the asset is expected to provide short-term supply and accelerate demand for US-listed Bitcoin ETFs. Thus, the BTC could develop a local bottom at $60k and strengthen the altcoin market for a renewed recovery.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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