After the fourth Bitcoin halving event, Bitcoin’s price bounced back, surpassing $65,000 once more. This uptrend has led to the creation of local bottoms for many major cryptocurrencies and restored the bullish energy that drove the market following the halving.
According to Coingape’s past assessment, Bitcoin’s price usually requires several months to initiate a solid upward trend. Consequently, cryptocurrency investors might benefit from exhibiting patience and utilizing this period to plan their investment moves.
Additionally, the approaching publication of the U.S. first-quarter GDP and March Personal Consumption Expenditures (PCE) data is generating considerable interest. The PCE data serves as a key inflation gauge for the Federal Reserve. According to Wu Blockchain’s analysis, there is a strong likelihood, approximately 96.3%, that interest rates will remain unchanged at the upcoming Federal Open Market Committee (FOMC) meeting on May 1st. Market players are eagerly anticipating these numbers as they have the potential to significantly impact the Fed’s monetary policy decisions.
This week, the United States will make public the first-quarter GDP figure and March PCE data, which the Federal Reserve has expressed worry over. With just nine days remaining until the FOMC meeting on May 1, there’s a strong likelihood that the interest rate will remain unchanged at its current level (96.3% probability).
— Wu Blockchain (@WuBlockchain) April 22, 2024
1) Bitcoin (BTC)
Bitcoins, being the first type of cryptocurrency, paved the way for the development of blockchain technology. Due to its decentralized feature, it operates without the necessity of a central power, instead relying on a secure and open ledger system that allows direct transactions between individuals.
For the past seven weeks, Bitcoin’s price has moved back and forth between two trendlines on the daily charts. Just after the recent halving event, Bitcoin bounced back from the significant support level of $6000, reaching a high of $6579, marking a 10% price increase.
The current market value of Bitcoin is $1.294 trillion, and in the past 24 hours, there have been $24.6 billion worth of transactions. According to IntoTheBlock, the price of Bitcoin is now approaching a potential support level. This means that approximately 1.66 million investors purchased Bitcoin at an average price of $64,800. This significant number of buyers could indicate a strong demand area and offer stability during market downturns.
Bitcoin currently sits at a significant buying point, with approximately 1.66 million wallets holding it after spending an average of $64,800 per bitcoin.
If the market faces additional downturn, this price level could serve as a solid base for buying and preventing further drops.
— IntoTheBlock (@intotheblock) April 22, 2024
To be more certain about the market’s recovery, purchasers need to surpass the triangle’s upper limit.
2) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency inspired by the popular internet meme, Pepe the Frog. After the Bitcoin halving, there’s been a surge of interest in meme-based coins, as seen in the consistent daily price increases.
Over the last four days, the price of PEPE surged from $0.0000046 to $0.00000646, representing a substantial 40% increase. As a result, this memecoin now boasts a market capitalization of $2.73 Billion, keeping it among the leading cryptocurrencies in terms of size.
If the bullish trend continues strongly, the price of PEPE may break through the resistance line of its falling channel, reversing the current downtrend. After breaking out, the price could potentially surge towards $0.0000092 and even reach $0.0000108 as buyers jump in to capitalize on the rally.
3) Polkadot (DOT)
Polkadot (DOT) is a unique blockchain system that links multiple blockchains into a single, unified network. Its primary goal is to be both fast and efficient. With Polkadot, it’s possible to transfer various types of data or assets, not just tokens, between these linked chains. This feature sets it apart in the blockchain world by promoting seamless interoperability.
During the time before the halving event, the DOT price stayed above the $6 mark but had trouble breaking through the $7.33 barrier. These flat lines formed a tight range, indicating doubt and hesitation among investors.
The price of Polkadot has risen by 4%, moving past its resistance point and suggesting that the coin may be on the mend in the bull market. Currently, Polkadot is worth $7.44, giving it a total market value of $10.63 billion.
Maintaining the current price surge may encourage buyers to test the resistance levels at $8.13, then $9.13, and eventually $10.
Key Takeaway
Based on past Bitcoin halving events, it appears that the price will likely stay relatively stable for several months before beginning a sustained recovery. This trend might also influence the altcoin market, as there seems to be no clear advantage for buyers or sellers at the moment. However, with the overall market sentiment being bullish, this period of sideways movement could provide excellent opportunities for crypto investors to accumulate assets.
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2024-04-22 16:48