In the upcoming few days before Bitcoin‘s halving event, the cryptocurrency market is showing increased volatility. This can be seen in Bitcoin’s price movements on the daily chart, which feature thin bodies in the candlesticks and longer wicks, indicating large price swings in both directions.
Despite the uncertainty present in the market, causing many to consider selling, significant drops have been observed in the prices of major cryptocurrencies over the past two weeks. Specifically, Bitcoin has experienced a correction amounting to 12%, and Ethereum has seen its price decrease by 16%.
Based on recent figures from the cryptocurrency tracking platform Spot On Chain, Bitcoin ETFs have seen a troubling pattern with a total outflow of $58 million on April 16, 2024. This is the third straight day of decreased investment, raising concerns about Bitcoin’s price trend as it continues to decline.
$BTC #ETF Net Inflow Apr 16, 2024: -$58M!
For the past three business days, more funds have flowed out of the market than in, reflecting the downward momentum in Bitcoin’s ($BTC) value.
• Both #Grayscale Bitcoin Trust $GBTC and #BlackRock iShares Bitcoin Trust $IBIT reduced their respective…
— Spot On Chain (@spotonchain) April 17, 2024
According to Spot On Chain’s findings, the decrease in transactions at Grayscale Bitcoin Trust (GBTC) and BlackRock iShares Bitcoin Trust (IBIT) indicates a growing reluctance among investors. These major trusts have experienced a notable reduction in daily transactions, with both reporting inflows and outflows below $100 million – a level considered indicative of robust activity.
In simple terms, the approaching Bitcoin halving has the potential to spark a significant price increase in the cryptocurrency market.
1) Crypto Price Prediction: Bitcoin (BTC)
Bitcoins represent a unique blend of technology and money, allowing for secure, direct transactions between individuals without the need for intermediaries or a centralized institution. Transactions are documented on an intricate network of computers through blockchain technology, guaranteeing both security and transparency.
For the last six weeks, the Bitcoin price on the daily chart has been moving back and forth between the $60000 lower boundary and the $73800 upper barrier. This could suggest a sideways trend. But upon closer inspection, the price has formed an ascending trendline as its foundation, indicating a more bullish outlook.
The price of Bitcoin dips by $1.23 to reach $63,048, touching the support trendline once more. Boasting a market capitalization of $1.24 trillion, Bitcoin is the most valuable cryptocurrency asset currently in circulation. Over the past 24 hours, its trading volume amounted to an impressive $36.2 billion.
In simpler terms, if Bitcoin (BTC) drops below this level of support, it may signal the end of its uptrend during the distribution phase and the beginning of a more extended price correction.
Based on the assessment of trader @alicharts, Bitcoin is currently hovering around a significant support point of $62,000. A breach below this level could lead to a potential slide down to $51,500. Conversely, if Bitcoin manages to surpass the resistance level at $66,250, it might be an indication of an impending bull market. Keep a close eye on these crucial benchmarks.
Based on the URPD’s assessment, the price level of $62,000 holds great significance for Bitcoin. Should this mark be surpassed, attention may shift toward the next potential buying zone near $51,500.
In other words, if Bitcoin’s price goes back up over $66,250, it might greatly increase the likelihood of another bull market.
— Ali (@ali_charts) April 16, 2024
2) Toncoin (TON)
Toncoin (TON), originally envisioned by Telegram’s founders, distinguishes itself in the realm of blockchain with an ambitious mission to merge the ease of instant messaging with the security and decentralization benefits of blockchain tech. By doing so, it aims to deliver lightning-fast transactions and accommodate a large number of decentralized apps.
The Toncoin price has demonstrated significant strength against the ongoing market downturn and has sustained a robust uptrend for the previous two months. Leveraging an upward trendline in the daily chart, the TON price has fluctuated between $2 and $7.67, representing a remarkable increase of 271%.
Despite the persistent selling in the larger market causing a 19.2% drop in Toncoin’s price to $6.19, it remains the ninth biggest cryptocurrency with a market value of $21.5 billion.
If the Bitcoin halving sparks renewed buying activity in the cryptocurrency market, the TON price might bounce back from its support line at $5.8 and potentially reach a target of $10.
3) Cardano (ADA)
Cardano is a scientifically grounded blockchain platform, setting it apart as one of the pioneers built on published research and honed through proven techniques.
The pre-halving adjustment caused a substantial drop in Cardano’s value, indicating a potential V-shaped reversal from $0.81. This correction began in mid-March and led to a decline of approximately 30%, resulting in the current price of $0.441.
According to the Fibonacci sequence, this price correction measured approximately 61.8%. This is a significant level because it’s believed that at this point, some buyers may start to question their confidence in the market and could potentially sell off, contributing to a longer downtrend.
Meanwhile, the cost of ADA hovers around $0.45 as a support level, with prices fluctuating in an attempt to find stability prior to the projected post-halving surge. At the moment of writing, Cardano’s price remains at this point.
The potential rebound could allow buyers to challenge resistance at the $0.51 and $0.624 mark.
Key Takeaway
For the next two days, it’s expected that the cryptocurrency will continue moving slowly due to market participants holding off on major moves until after the upcoming halving event. This anticipated price shift may mark a temporary low point for Bitcoin prices and ignite renewed optimism among traders.
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2024-04-17 16:38