Crypto Price Prediction: With less than three days to Bitcoin halving, the cryptocurrency market is experiencing a surge in volatility as evidenced by the Bitcoin price fluctuating with narrow-bodied candles and higher pips in a daily chart.
However, this uncertainty currently favors selling, as a majority of the major coins show a notable downturn in April. Over the past two weeks, Bitcoin has seen a 12% correction, while the ETH price has fallen by 16%.
According to the latest data from Spot On Chain data tracker, Bitcoin ETFs are seeing an alarming trend, with a net outflow of $58 million recorded on April 16, 2024. This is the third consecutive day of negative inflows, casting a shadow over Bitcoin’s price trajectory as it continues to decline.
Spot On Chain’s analysis indicates a wider trend of investor hesitancy, as major trusts such as Grayscale Bitcoin Trust (GBTC) and BlackRock iShares Bitcoin Trust (IBIT) show a significant slowdown in daily transactions. Both entities reported that their one-day outflows and inflows shrank below $100 million, a threshold considered a measure of healthy activity.
So, the upcoming Bitcoin halving is the key event that could bring a directional rally back to the crypto market.
1) Crypto Price Prediction: Bitcoin (BTC)
Bitcoin is both a technology and a currency, providing a decentralized system for peer-to-peer transactions without a central authority. Its underlying blockchain technology records all transactions across a network of computers, ensuring security and transparency.
The daily chart may indicate the BTC price moving sideways between the $60000 support and $73800 resistance for the past six weeks. However, as deeper analysis shows, the coin price has maintained a higher formation, evidenced by an ascending support trendline.
With a loss of $1.23, the Bitcoin price is trading at $63048 and revisiting the support trend line. The largest cryptocurrency asset shows a market capitalization of $1.24 trillion, while the 24-hour trading volume is $36.2 billion.
Thus, a break below this support would signal the BTC’s fall from the spread phase and the start of a prolonged correction.
According to trader @alicharts, Bitcoin is at a critical support level of $62,000. If this level breaks, we could see a drop to $51,500. On the other hand, a rise above $66,250 could signal the start of a bull run. Traders should keep a close eye on these key thresholds.
2) Toncoin (TON)
Toncoin (TON), initially conceptualized by the creators of Telegram, stands out in the blockchain world with its ambitious goal of blending the convenience of instant messaging with the secure, decentralized capabilities of blockchain technology. This project is designed to facilitate ultra-fast transactions and scalable decentralized applications.
The Toncoin price is showing notable resilience against the current market correction and has had a sustained rally over the past two months. Using a rising support trend in the daily chart, the TON price is $2 to $7.67, registering 271%.
However, with constant selling pressure from the broader market, the Toncoin price has seen a 19.2% pullback to currently trade at $6.19. Despite the downturn, this altcoin maintains its position as the 9th largest cryptocurrency with a market cap of $21.5.
If the upcoming Bitcoin halving renews the buying interest in the crypto market, the TON price may recover from the support trendline at $5.8 and may race towards the potential target of $10.
3) Cardano (ADA)
Cardano is a blockchain platform underpinned by a philosophy of rigorous scientific inquiry, distinguishing itself as one of the first to be founded on peer-reviewed research and developed through evidence-based methods.
The pre-halving correction took a significant toll on Cardano’s price, projecting a V-top reversal of $0.81. The correction that started in mid-March caused a 30% drop to reach the current trading price of $0.441.
According to the Fibonacci retracement level, this correction was recorded as 61.8%, a level often cited as a weakness in buyers’ belief that they allowed such a long fall.
However, the ADA price is currently teetering above the $0.45 support and trying to stabilize ahead of the expected post-halving rally. At press time, Cardano
The potential pullback could allow buyers to challenge resistance at the $0.51 and $0.624 mark.
Also Read: SingularityNET Partners Cardano DEX Minswap, AGIX and ADA Price Recovery Ahead?
Key takeaways
The cryptocurrency is likely to remain sluggish for the next two days as market participants will wait for the halving event to trigger a directional rally. This prospect could trigger a local bottom for Bitcoin price and fuel new recovery sentiment among traders.
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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.
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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.
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