Crypto Price Prediction: After the completion of the fourth Bitcoin Halving, the cryptocurrency market saw a new relief rally as Bitcoin regained its value above $65000. This upturn promotes local bottom formation for a majority of major coins and restores bullish momentum for the post-halving rally.
However, as Coingape mentioned in the previous analysis, the Bitcoin price often takes several months before it leads to a sustained upward trend. So, crypto investors can be patient and use the time to strategize their investments.
In addition, the impending release of US first-quarter GDP and March PCE data is closely watched, with the latter a significant inflation indicator for the Federal Reserve. As highlighted by Wu Blockchain, there is a high probability – 96.3% – that interest rates will remain unchanged at the upcoming FOMC meeting on May 1st. Market participants are eagerly awaiting these numbers, as they could greatly influence the Fed’s monetary policy direction.
Also Read: Bitcoin and Ethereum Bleed $226 Million in Outflows, CoinShares Report
1) Bitcoin (BTC)
Bitcoin, the original cryptocurrency, stands as the forerunner of blockchain technology. Its decentralized nature, powered by a secure and transparent ledger system, enables peer-to-peer transactions without the need for a central authority.
Over the past seven weeks, the BTC price has traded sideways, resonating within two converging trend lines of daily charts. Amidst the recent halving, the coin price bounced back from the $60,000 psychological support to $65790, registering a 10% upside.
Bitcoin’s current market capitalization stands at $1.294 trillion, while the 24-hour trading volume is recorded at $24.6 billion. IntoTheBlock reports that the BTC price is at a potential support level, with 1.66 million addresses bought at an average of $64,800. This could indicate a key demand zone, providing strong support amid market declines.
However, for buyers to get better confirmation of recovery, they need to break the triangle’s upper boundary.
Also Read: Peter Schiff Discredits Bitcoin As Digital Currency, Says Post Halving Flaws
2) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a meme cryptocurrency that came to life on the cultural wave of Pepe the Frog, a famous internet meme. After the Bitcoin halving, the meme sectors gained significant momentum, evidenced by consecutive greens in the daily chart.
In the last four days, the PEPE price jumped from $0.0000046 to $0.00000646, registering a growth of 40%. This surge lifted this memecoin’s market capitalization to $2.73 billion and maintained its position among the top largest cryptocurrencies.
If the bullish momentum continues, the PEPE price may breach the resistance trend line of the descending channel pattern – leading the current corrective trend. The post-breakout rally could strengthen buyers to chase a potential target of $0.0000092, followed by $0.0000108.
3) Polka Dot (DOT)
Polkadot (DOT) is a signature blockchain protocol that connects multiple blockchains into one unified network, designed to be fast and scalable. It is built to facilitate cross-chain transfers of any type of data or asset, not just tokens, enabling a high degree of interoperability – an outstanding feature in the blockchain ecosystem.
Amidst the pre-halving consolidation, the DOT price managed to hold above the $6 psychological level but struggled to surpass the $7.33 resistance. These horizontal levels created a narrow range that reflected uncertainty.
Up 4%, the Polkadot price broke above the resistance level, indicating a shift to a bullish recovery trend. Polkadot is currently valued at $7.44, reflecting a market cap of $10.63 billion.
Sustaining this breakout will strengthen buyers to challenge overhead resistances at $8.13, followed by $9.13 and $10.
Key takeaways
The analysis of previous halving sessions indicates that the Bitcoin price tends to consolidate for several months before starting a stable recovery. Thus, the altcoin market may follow a similar trend that reflects no clear dominance of buyers or sellers. However, with a broader trend bullish, this sideways can provide some of the best accumulation periods for crypto investors.
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Disclaimer for Uncirculars, with a Touch of Personality:
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.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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