Crypto Price Prediction: The first week of April has been highly volatile for the cryptocurrency market followed by the Bitcoin price breakdown below $70000. The overhead supply shifted the BTC price sideways while a majority of major altcoins witnessed notable correction.
However, with less than two weeks remaining before Bitcoin Halving, the market sentiment is inclined to be bullish indicating pre-halving consolidation will result in an uptrend continuation. Moreover, a significant trend highlighted by @alicharts points out that around 111,000 Bitcoins, worth approximately $7.55 billion, have been moved out of exchanges in the past month.
In the last month, almost 111,000 $BTC, valued at approximately $7.55 billion, have been moved out of known #crypto exchange wallets! pic.twitter.com/c7cy4BKvFk
— Ali (@ali_charts) April 6, 2024
This suggests investors might be favoring long-term holding, possibly indicating a bullish outlook for Bitcoin. The decline in exchange balances, as shown by the Glassnode chart, implies lower sell pressure and could lead to potential price increases if demand remains steady or grows.
Also Read: Bitcoin ETF Regain Momentum With $484M Inflows, What’s Next For BTC Price?
1)Bitcoin (BTC)
Bitcoin, the original cryptocurrency, stands out for its pioneering use of blockchain technology to facilitate peer-to-peer transactions without the need for central authorities.
For over a month, the Bitcoin price has been trading sideways witnessing a significant supply pressure from $73800. This consolidation resonating with two converging trendlines revealed the formation of an uptrend continuation pattern called Pennant.
The BTC price currently trades at $69377 with an intraday gain of 0.65%. The market cap of Bitcoin is $1.363 trillion, while the trading volume is $19.8 Billion. Under the influence of this pattern and positive sentiment around upcoming halving, the buyers are likely to breach the pennant on the upside.
A successful breakout will build on bullish momentum and set Bitcoin to chase a potential target of $87000.
Also Read: Bitcoin Price Analysis: Why Are Whales Selling BTC Ahead Of Halving?
2) Helium (HNT)
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Its standout feature is the incentive model; users operate nodes, known as Hotspots, which provide wireless coverage for IoT devices and earn HNT for doing so.
Since mid-February, the Helium price has been under a correction trend resonating with two downsloping trendlines which indicate channel pattern formation. This downtrend tumbled the HNT value from $11.06 to $6.15 registering a 44.4% loss.
The market capitalization of Helium has current stan at $991.60 million, while the trading volume of $13.8 Million. With an intraday gain of 2.5%, the HNT price is heading to challenge the channel pattern’s upper boundary.
This breakout will initiate a notable reversal and set the HNT price to chase the $11 mark.
3) Dogwifhat (WIF)
Dogwifhat (WIF) is a meme coin that has capitalized on the popularity of the dogwifhat meme, featuring a Shiba Inu wearing a hat, and is part of the broader Solana blockchain ecosystem.
In the initial week of April, the WIF coin faced a steep decline, shedding about 34.5% of its value as it tumbled from $4.8 to $3.18. However, the newfound demand pressure at $3.2 reverted the coin 14% to currently trading at $3.63. Amidst these fluctuations, Dogwifhat’s market capitalization now hovers around $19.8 billion, securing its spot among the top 40 cryptocurrencies by market cap
This recent uptick gave a bullish breakout from the falling wedge signaling a notable shift in market dynamic. The post-breakout rally may push the WIF price to $4.05, followed by $4.86.
Takeaway
The crypto market prolongs its lateral movement as Bitcoin stabilizes in the region of $68,000. However, this lack of initiation from buyers or sellers indicated the market participants are waiting for the upcoming Bitcoin event which is anticipated to have a major impact on BTC’s price trajectory. However, the active accumulation of investors despite the correction trend hints at a high potential for Bitcoin to resume recovery.
The post Crypto Price Prediction: Sideways Market Stirs Bullish Sentiment Pre-Bitcoin Halving appeared first on CoinGape.
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