Crypto Price Prediction 4/19 As Bitcoin Hints Bottom Formation at $60K

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Despite increasing geopolitical conflict in the Middle East, cryptocurrency markets have displayed remarkable strength, with Bitcoin serving as a safe haven asset. On April 19th, when Israel carried out strikes against Iranian territory, Bitcoin’s price dipped to $57,600 before swiftly recovering to reach $65,000.

Many significant altcoins have experienced a rise in value lately, leading some to believe that uptrends are forming for these coins. However, with Bitcoin’s halving happening within the next day, market uncertainty is likely to persist.

Further information from Wu Blockchain indicates an upcoming significant options expiry, involving 21,564 Bitcoin options worth $1.4 billion in total, and a Put/Call ratio of 0.64 with a Maxpain point at $65,000. Moreover, there are 298,415 Ethereum options approaching expiry, valued at $930 million collectively, and featuring a Put/Call ratio of 0.42 and a Maxpain point at $3,125.

On the 19th of April, approximately 21,564 Bitcoin options will expire. The put-call ratio for these options is 0.64, meaning there are 64 put options for every 100 call options. The maximum pain point, which represents the price level that would cause the most option contracts to reach their intrinsic value, stands at $65,000, and their total notional value amounts to $1.4 billion.

— Wu Blockchain (@WuBlockchain) April 19, 2024

Traders may cause market fluctuations to grow, as they reposition themselves near these important expiration dates.

1) Bitcoin (BTC)

Crypto Price Prediction 4/19 As Bitcoin Hints Bottom Formation at $60K

In simple terms, Bitcoin’s groundbreaking digital currency is on the verge of undergoing a significant change called “The Halving” within the next day. This essential aspect of Bitcoin’s economic structure aims to curb inflation by decreasing Mining rewards in half. This marks the fourth occurrence of this event, and it is anticipated that the block reward will be lowered from 6.25 to 3.125 bitcoins.

In the face of upcoming advancements, Bitcoin’s price has moved back and forth between $73,800 and $60,000 since early March. This support level continues to hold firm despite geopolitical turmoil in the Middle East, suggesting a potential chance for buying at lower prices.

Currently, the price of Bitcoin is at $64,864 with a 2.03% increase for the day. Its market capitalization amounts to $1.275 trillion, and the trading volume in the past 24 hours reached $50.9 billion.

According to a study conducted by IntoTheBlock, a well-known cryptocurrency analysis company, there is a consistent pattern of Bitcoin’s price increasing after every halving event. Their graph shows that this bullish run usually continues for approximately one year following the halving.

This chart shows $BTC price performance after each Bitcoin halving
Generally speaking, following a cryptocurrency halving event, there is often a prolonged uptrend that can last around a year. I’m curious to hear your perspective on this recurring trend in the market.
— IntoTheBlock (@intotheblock) April 19, 2024

Thus, a potential rebound could challenge immediate resistance of $61750 and $73800.

2) Dogwifhat (WIF)

Crypto Price Prediction 4/19 As Bitcoin Hints Bottom Formation at $60K

The Shiba Inu meme coin called Dogwifhat, or WIF, has gained significant following within the Solana blockchain community. This digital currency brings a touch of playfulness to the world of cryptocurrencies by displaying an image of a Shiba Inu donning a pink hat.

For about a week, WIF‘s price has mirrored Bitcoin’s price stability, hovering between $3.17 and $1.95. At present, this memecoin is priced at $2.87. With an increase of 12% in a single day, it aims to surpass the downward trendline of $3.173 once more.

Currently ranked as the 40th largest cryptocurrency, Dogfiwhat Coin boasts a market capitalization of $2.89 billion. Notably, trading volume for this digital currency has significantly increased to reach approximately $724.5 million over the past day.

If the price breaks above the current trendline, it may indicate that the correction is over and the uptrend will resume. After the breakout, the price might reach targets around $4.34 or $4.85.

3) Celestia (TIA)

Crypto Price Prediction 4/19 As Bitcoin Hints Bottom Formation at $60K

The decentralized network Celestia, identified by its symbol TIA, is constructed with a modular design, prioritizing optimal data accessibility. By distinctly dividing the consensus and data availability functions from processing tasks, it offers a more flexible and expandable structure than conventional blockchains, enabling better adaptability and scalability.

Since early February, the TIA price has seen an ongoing correction. This is evident in the two descending trendlines on the chart. The price peaked at $21.4 before falling to a low of $7.28, representing a significant decrease of approximately 65.6%.

Despite the ongoing price consolidation, Celestia’s value has bounced back to $10.92 and could test the resistance line at $11.5. A successful breakthrough at this level might be an initial indication of a trend change, encouraging buyers to push the cost above $15 and $18.5 once more.

Key Takeaway

During the approaching Bitcoin halving and expiration of significant Bitcoin and Ethereum options contracts, the cryptocurrency market is likely to stay unpredictable on Friday. Even after the recent market downturn that pushed Bitcoin’s price below $60,000 for the third time within two months, the overall trend remains bullish. Consequently, the current dip might serve as a potential local bottom or the last correction before Bitcoin resumes its ongoing upward trend.

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2024-04-19 14:36