Crypto Price Prediction 4/20: Key Altcoins to Watch Post-Bitcoin Halving

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Bitcoin Reaches Milestone: On Friday night, Bitcoin’s network achieved a major accomplishment with its fourth Halving at block 840,000. This event reduced the mining reward from 6.25 new bitcoins per block to 3.125. The cryptocurrency market reacted positively initially but had a hard time maintaining the buying momentum afterwards due to the market sentiment remaining favorable.

On Saturday, the Bitcoin price dropped to a low of $63,000 and decreased by 1.1%. Due to ongoing supply pressure, many significant altcoins could continue their price consolidation for the upcoming week.

According to IntoTheBlock’s latest crypto data, the amount of Bitcoin held by miners has dropped to a 12-year low. This downward trend implies that miners have been steadily selling off their Bitcoin supplies before the upcoming halving. The reason behind this could be either miners’ apprehension towards the price direction after the halving or a necessity to meet operational expenses prior to the event.

During Bitcoin’s upcoming halving event, the quantity of Bitcoins held by miners has reached a 12-year low. This finding suggests that miners have been offloading more Bitcoins than they’ve been mining in the lead-up to this event.

— IntoTheBlock (@intotheblock) April 19, 2024

Historically, bitcoin halvings have been considered bullish events because they decrease the production of new bitcoins, potentially causing a scarcity in the market. Yet, current mining sales may dampen initial optimism as investors and traders adapt to this shift.

1) Ethereum (ETH)

Crypto Price Prediction 4/20: Key Altcoins to Watch Post-Bitcoin Halving

In the realm of blockchain technology, Ethereum stands out as a trailblazer with its introduction of smart contracts, enabling the creation of decentralized applications (dApps). Currently valued at around $3052 per token and boasting a market capitalization of approximately $366 million.

Despite Bitcoin’s stability hovering above $60000 and geopolitical tensions in the Middle East, Ethereum’s price remains robust at levels above $2850. This demand pressure has caused Ethereum’s price to move sideways, forming a narrow range between $2850 and $3274.

Based on IntoTheBlock’s report, Ethereum experienced the largest withdrawal of approximately $500 million from centralized exchanges in a week’s time, marking the most significant exit since February. This substantial movement might indicate a bullish market trend, implying investors are keeping their assets for prospective price increases or exploring staking possibilities.

Half a billion $ETH was withdrawn from CEXs this week, the highest since February
— IntoTheBlock (@intotheblock) April 19, 2024

In other words, if Ethereum’s price shows strong signs of reversing its downtrend and reaching a new high, it may surpass the previous resistance level of $3274. This could encourage more buyers to join in, potentially pushing the price up towards $3700 as the next target. Further gains could then bring the price to around $4100.

2) Cardano (ADA)

Crypto Price Prediction 4/20: Key Altcoins to Watch Post-Bitcoin Halving

In the world of blockchain, Cardano (ADA) stands out with its research-focused strategy, giving emphasis to proven scientific techniques as confirmed through peer review. Its multi-layered construction is engineered for both scalability and compatibility, ensuring a smooth experience for smart contracts and decentralized applications.

ADA’s value was significantly affected by the recent market correction, leading to a sharp decline from $0.81 to $0.4, representing a loss of more than 50%. The price bottomed out at approximately $0.445, which is around the 61.8% Fibonacci retracement level, and may serve as a potential foundation for future growth.

Currently, the price of Cardano is at around $0.478, representing a 2.2% increase from earlier today. Furthermore, the total market value of Cardano assets has bounced back to approximately $17 billion, maintaining its place as the tenth largest cryptocurrency in terms of market capitalization.

To gain more influence over the price of this altcoin, ADA, for buyers, it’s necessary to surpass the resistance line of its current pattern. Once this is accomplished, the post-breakout surge could potentially propel the ADA price towards a goal of $0.8.

3) Arweave (AR)

Crypto Price Prediction 4/20: Key Altcoins to Watch Post-Bitcoin Halving

Arweave (AR) functions as a unique blockchain data storage protocol, striving to create a decentralized and permanent web where users can save information indefinitely. Amidst market instability, AR’s price saw a significant surge this week, bolstered by the combined backing of $22 and the 100-day moving average.

Based on the previous mentioned level, Arweave’s price has formed a bullish reversal pattern known as a double bottom. With the anticipation and optimistic market mood surrounding Bitcoin Halving, Arweave experienced a significant increase of 27% within just four days, and is now trading at $29.2.

At the time this article was published, the Arweave cryptocurrency had a market capitalization of $1.96 billion and a 24-hour trading volume of $97 million.

If the downward trend continues, the AR price may overcome the current barrier at $35 and attempt to reach its previous peak of $46.8 once more.

Key Takeaway

Despite the pause in Bitcoin’s price action before its halving event and the geopolitical tensions between Iran and Israel, Bitcoin managed to stay above the psychologically significant level of $60,000. With the Bitcoin network reaching a major achievement by carrying out its fourth halving last Friday night, there is expected to be a scarcity of supply in the near future and an increased demand from Bitcoin ETFs listed in the US. Consequently, Bitcoin could form a local bottom at $60,000 and boost the altcoin market for another wave of recovery.

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2024-04-20 16:33