The Bitcoin halving provides bullish reassurance as Bitcoin prices have seen a strong intraday recovery. However, broader market sentiment shows minimal change as the market remains under bearish influence.
After the successful Bitcoin halving this Friday, the blockchain has reached a total of 840,000 blocks. The halving event also reduced the mining reward to 3.125 Bitcoins per block. This fourth halving, known for triggering bull markets, comes at a difficult time for global markets.
BTC price remains at the $63,000 level as bulls have failed to realize their dream of Bitcoin reaching $100,000. Under these circumstances, altcoins reflect small changes in the underlying situation.
Additionally, the Ethereum ETF has seen a modest rally as buzz gains momentum, with bulls bracing for another moonshot. So, let's take a closer look at the cryptocurrency market to learn about future trends.
Bitcoin price performance
Trading below the 50D EMA average, Bitcoin is struggling to maintain its dominance at the $60,000 level. Trading at $63,817, it would bring about a sharp overnight resurgence coinciding with the Bitcoin halving.
trading view
BTC price is struggling to break above the 23.60% Fibonacci level at $65,000 while rebounding from the $60,000 or 38.20% Fibonacci level. Additionally, the dynamic resistance of the 50D EMA is another resistance that comes into play.
According to Coinglass, $278 million will be liquidated during the Bitcoin halving, and this volatile movement will cause pain on both sides of the market. Meanwhile, per block, 83% of HODLers are profitable at the current market price, and 69% of HODLers are older than a year, despite the drop to $63,000.
broader market movements
The successful Bitcoin halving has raised expectations for the next altcoin season. To analyze the next move for the altcoin sector in the wake of the Bitcoin halving, let’s take a closer look at the past rally.
trading view
Following an over 1000% rally in 2016 and an almost 300% rally in 2020, 2024 shows strong potential for the next altcoin season. Fueled by the Bitcoin ETF and the highly anticipated Ethereum ETF, altcoins may witness a surprising rally in the coming months.
Will Cardano reach $1 after Bitcoin halving?
While Bitcoin manages to recover from $60,000, ADA price action suggests a bottom reversal from $0.46. The altcoin aims to regain the psychological mark of $0.50 and avoid the looming death cross.
trading view
Cardao, which rose 4% during the day, is preparing for a reversal and could reach $0.888 by the end of April if the broader market recovers. An altcoin with such potential will reach the $1 level in the near future.
conclusion
As the overall market weathers the sell-off, the Bitcoin halving will likely revive the underlying bullish momentum. In this situation, altcoins are gaining trend momentum and are poised for a solid bull market. However, if the conflict between Iran and Israel escalates, global market conditions could create a surge in supplies.
