Crypto Price Prediction: Will Bitcoin Remain Range-Bound Until Halving?

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Bitcoins struggle to surpass the $72,000 mark continues, leading to prolonged uncertainty in the cryptocurrency market. On April 9th, Bitcoin experienced a nearly 3.5% price drop due to increased supply pressure, marking its second significant reversal within three weeks.

Yesterday, during US trading hours, the selling pressure for Bitcoin gained more force as the spot BTC ETF experienced significant outflows, amounting to $19 million on April 9, 2024. This trend continued a slight downward pattern reported by Spot On Chain. However, there were some positive signs: BlackRock’s iShares Bitcoin Trust saw an inflow of $128.7 million, though it was below its average. Grayscale Bitcoin Trust recorded lessened outflows, dropping from $303 million to $155 million.

Starting from March 6th, there was a significant surge in the trading volume of cryptocurrencies, according to Santiment’s data. However, since then, this volume has been decreasing. The reason behind this decline is the absence of clear market trends from mid-March, which has resulted in reduced trader confidence. According to Santiment’s analysis, once Bitcoin and Ethereum exhibit a clear direction, trading volumes are expected to pick up again.

The trading activity in cryptocurrencies reached its highest point on March 6th. Since then, it has been decreasing steadily. This trend can be attributed to some extent to the sideways price movement that started in mid-March, leaving traders uncertain about making the best moves. The top cryptocurrencies like Bitcoin, Ethereum, and others have seen similar volume declines.

— Santiment (@santimentfeed) April 9, 2024

1)Bitcoin (BTC)

Crypto Price Prediction: Will Bitcoin Remain Range-Bound Until Halving?

Bitcoins run on a decentralized blockchain system, providing a peer-to-peer network without requiring intermediaries such as banks for transactions. The total supply of Bitcoins is capped at 21 million coins, acting as a safeguard against inflation, and distinguishing it from conventional fiat currencies.

For about a month, the value of Bitcoin has been bouncing unpredictably between the $73,800 and $60,000 thresholds. At present, it’s priced at $68,737 and is experiencing a minor decrease, resulting in a 0.6% loss on the day. The market capitalization of Bitcoin amounts to an impressive $1.35 trillion, while its 24-hour trading volume fluctuates around $33.1 billion.

In the remaining nine days before Bitcoin undergoes halving, investor emotions could become more erratic due to the approaching event. Prices may encounter resistance around $72,000 and $73,800, while finding support near $64,500 and $60,000.

2) XRP

Crypto Price Prediction: Will Bitcoin Remain Range-Bound Until Halving?

XRP, developed by Ripple Labs, functions as a digital currency for seamless global payments. It distinguishes itself from Bitcoin by employing a consensus protocol instead of the standard proof-of-work system. This innovative approach noticeably expedites transactions and minimizes energy usage.

During the ongoing market compression, XRP‘s price has displayed remarkable strength above the $0.567 support level. This is evident through two bounces within a three-week timeframe. A recent rebound from this floor propelled the altcoin to reach $0.613, leading to a 9% surge in a single day. An examination of the daily chart reveals that this bounceback represents the emergence of a double bottom pattern.

The current market value of XRP coins amounts to $33.7 billion, with trading activity reaching $2.7 billion over the past day. Given the bullish trend, there’s a good chance that buyers could push the price beyond the $0.66 resistance level, potentially leading to a significant increase in value towards $0.75.

3) Bittensor (TAO)

Crypto Price Prediction: Will Bitcoin Remain Range-Bound Until Halving?

Bittensor is a protocol built on blockchain technology aimed at establishing a decentralized system for machine learning models. Its unique selling point is an incentive scheme that compensates participating nodes, referred to as “neurons,” for providing both processing capabilities and data to the collective global neural network.

In the second week of March, the price of TAO coin began following a correction trend after it dropped from its peak at $756. This trendline’s downward slope caused the altcoin to decline by approximately 20% within five weeks, reaching a new price of $611.

Bittorus currently has a market capitalization of approximately $4.027 billion, placing it among the top 30 largest cryptocurrencies. Meanwhile, based on technical analysis, the TAO token appears set for another price reversal, moving away from its downward trendline.

If the price of the coin were to take a turn for the worse, it could dip as low as $480 before experiencing a more extended decline down to $400.

Key Takeaway

The cryptocurrency market is currently experiencing low trading volume, resulting in minimal price movement for most major coins. However, the upcoming Bitcoin halving event may serve as a catalyst, bringing clarity to the market and offering fresh buying and selling chances for investors who have been sitting on the sidelines.

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2024-04-10 19:58