Cryptocurrency Price Prediction: On Friday night, the Bitcoin network marked a significant milestone by executing its fourth halving event on block 840,000, reducing the mining reward from 6.25 new Bitcoins to 3.125 new Bitcoins per block. After the update, the cryptocurrency market made a small gain due to positive market sentiment, but struggled to maintain buying pressure.
Therefore, Bitcoin price plummeted to a low of $63,000 on Saturday, recording a loss of 1.1%. Most major altcoins are likely to continue their sideways movement next week as supply pressure remains.
Recent data from cryptocurrency analysis firm IntoTheBlock reveals that miners' BTC holdings have plummeted to a 12-year low. This trend suggests that miners are consistently selling their Bitcoin holdings leading up to the halving. This decline may indicate cautious or bearish sentiment among miners about potential price fluctuations after the halving, or the need to cover operating costs before the halving.
Traditionally, halvings are seen as a bullish trigger as the proportion of new Bitcoin entering circulation decreases, potentially causing a supply shock. However, the miner's recent sales activity could temper short-term expectations as the market adjusts to this change.
Also read: Bitcoin halving is over. Will the price of Bitcoin fall?
1) Ethereum (ETH)
Ethereum is a pioneer in the blockchain space, famous for introducing smart contracts to power decentralized applications (dApps). The second largest cryptocurrency is currently trading at $3,052 and has a market capitalization of $366 million.
In addition to Bitcoin's sustainability above $60,000, the resilience of ETH price is above the $2,850 level despite recent geopolitical tensions in the Middle East. This demand pressure caused the Ethereum price to move sideways, forming a narrow range between $2,850 and $3,274.
According to IntoTheBlock, Ethereum saw record withdrawals of $500 million from centralized exchanges in one week, the highest amount since February. This large outflow could indicate a bullish trend, suggesting investors are eyeing potential future profits or betting opportunities.
Therefore, a bullish reversal is likely, and ETH price could break through the overhead $3,274 resistance, prompting buyers to chase potential targets at $3,700 and then $4,100.
Also read: Top 4 cryptocurrencies to buy after Bitcoin halving
2) Cardano (ADA)
Cardano (ADA) stands out in the blockchain ecosystem with its research-driven approach that prioritizes peer-reviewed scientific methods. A layered architecture designed for scalability and interoperability enables seamless functionality of smart contracts and dApps.
The recent market correction particularly affected the value of ADA, witnessing a significant drop from $0.81 to $0.4, recording a loss of over 50%. The decline has now bottomed out at the 61.8% Fibonacci retracement level at $0.445, which seeks adequate support for a new recovery.
Cardano price is currently trading at $0.478, with an intraday increase of 2.2%. Its asset market capitalization has also recovered to $17 billion, maintaining its position as the 10th largest cryptocurrency.
However, the resistance trendline of the pattern needs to be broken for buyers to have better control over this altcoin. The post-breakout rally could cause ADA price to chase the potential target of $0.8.
Related article: Crypto Whales, Kangamoon (KANG), Ethereum (ETH), and Cardano considered best buys ahead of BTC halving event
3) Arweave (AR)
Arweave (AR) operates as a new data storage blockchain protocol, aiming to provide a decentralized and persistent web where users can store data forever. Outweighing the broader market uncertainty, AR price has seen significant inflows this week, regaining combined support at $22 and the 100-day EMA.
Using the aforementioned levels as base support, Arweave price develops a bullish reversal pattern called a double bottom. Amid the Bitcoin halving formation and positive market sentiment, this altcoin has surged 27% in four days and is currently trading at $29.2.
As of this writing, Arweave coin has a market capitalization of $1.96 billion, but a 24-hour trading volume of $97 million.
If the reversal continues, AR price is likely to break above the immediate resistance level at $35 and retest the $46.8 high.
Important points
Despite the pre-halving momentum and recent geopolitical tensions between Iran and Israel, Bitcoin price held steady above the psychological level of $60,000. As the Bitcoin network reached a significant milestone with its fourth halving event late Friday night, expect short-term supply shortages for the asset and accelerated demand from U.S.-listed Bitcoin ETFs. . Therefore, BTC may form a local bottom at $60,000 and support another recovery in the altcoin market.
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