Cryptocurrency Price Prediction: The first week of April was very volatile for the crypto market, after which Bitcoin price fell below $70,000. Most of the major altcoins witnessed notable corrections as BTC prices flattened due to overhead supply.
However, with less than two weeks left until Bitcoin's halving, market sentiment is bullish, indicating that consolidation ahead of the halving will result in a continuation of the uptrend. Additionally, a key trend highlighted by @alicharts points out that approximately 111,000 Bitcoins worth approximately $7.55 billion were moved off exchanges over the past month.
This suggests that investors may prefer to hold for the long term, which could indicate a bullish outlook for Bitcoin. As Glassnode's chart shows, lower exchange balances mean less selling pressure, which could lead to higher prices if demand is stable or growing.
Also read: Bitcoin ETF regains momentum with $484 million 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 a central authority.
For over a month, Bitcoin price has been trading sideways, witnessing significant supply pressure from $73,800. This consolidation, which resonates with two converging trend lines, reveals the formation of an uptrend continuation pattern called a pennant.
BTC price is currently trading at $69,377 with an intraday increase of 0.65%. Bitcoin has a market capitalization of $1.363 trillion and trading volume of $19.8 billion. Influenced by this pattern and positive sentiment surrounding the upcoming halving, buyers are likely to break out of the pennant on the upside.
A successful breakout would add bullish momentum and send Bitcoin chasing a potential target of $87,000.
Also read: Bitcoin Price Analysis: Why Whales Sell BTC Ahead of Halving?
2) Helium (HNT)
Helium (HNT) is a blockchain-powered decentralized network for Internet of Things (IoT) devices. Its distinguishing feature is its incentive model. A user operates a node known as a hotspot, which provides wireless coverage to IoT devices, thereby earning him HNT.
Since mid-February, helium prices have been in a correction trend that resonates with two downtrend lines indicating the formation of a channel pattern. This downtrend caused HNT's value to fall from $11.06 to $6.15, a loss of 44.4%.
Helium has a market cap of $991.6 million and trading volume of $13.8 million at current Stan. With an intraday rally of 2.5%, HNT price is about to challenge the upper bound of the channel pattern.
This breakout will initiate a notable reversal and set HNT price to track the $11 mark.
3) Dogwifat (WIF)
Dogwifhat (WIF) is a meme coin that capitalizes on the popularity of the Dogwifhat meme, which features a Shiba Inu wearing a hat, and is part of the broader Solana blockchain ecosystem.
In the first week of April, WIF coin faced a sharp decline, dropping from $4.8 to $3.18, losing about 34.5% of its value. However, new found demand pressure at $3.2 has sent the coin back 14% and it is currently trading at $3.63. Despite these fluctuations, Dogwifat's market capitalization currently remains at approximately $19.8 billion, securing its position among the top 40 cryptocurrencies by market capitalization.
This recent rally resulted in a bullish breakout from a descending wedge and marked a notable change in market dynamics. The post-breakout rally could push WIF price to $4.05 and then $4.86.
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The crypto market extends its horizontal movement as Bitcoin stabilizes around $68,000. However, this lack of initiation from buyers or sellers indicates that market participants are waiting for upcoming Bitcoin events that are expected to have a significant impact on BTC's price trajectory. However, active accumulation by investors despite the correction trend suggests that Bitcoin is likely to resume its recovery.
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