The price of Bitcoin (BTC) remains stable around $69,000, reflecting a fierce struggle between buyers and sellers. Some experts predict that the upcoming Bitcoin halving will significantly impact the market. However, recent findings from crypto research firm CryptoQuant suggest that the influence of halving on the market may be waning. With fewer new Bitcoins being released and more old coins being sold by long-term holders, the impact of halving could be less pronounced.
Arthur Hayes, a co-founder of BitMEX, holds a bearish viewpoint in the short term up until May 1st, predicting weakness in risky assets. Contrastingly, he holds an optimistic outlook for the long term, anticipating that the Bitcoin halving will lead to price increases.
If you take advantage of the short-term price fluctuations, the subsequent rally might bring joy to investors in the long run. According to Bitfinex’s analysis, revealed in a report to CryptoMoon, Bitcoin could surge by as much as 160% following the halving event, reaching prices between $150,000 and $169,000 within the next 14 months.
Instead of “Will Bitcoin bulls assert their dominance and drive the price upwards, or will the bears regain control? Let’s examine the graphs of the leading ten cryptocurrencies to determine this.”
Bitcoin price analysis
On April 8, Bitcoin surpassed the boundaries of the symmetrical triangle, but on the following day, bears managed to pull the price back within the triangle’s confines. This indicates that the bears are attempting to lure in overzealous bulls by creating a false sense of security before potentially pushing the price down again.
Buyers have a small advantage: they’re aiming to purchase at the dip reaching the 20-day exponential moving average ($68,497). If Bitcoin recovers from this level, the BTC/USDT pair will try to surpass the resistance at $73,777 again. Should it succeed, the pair might advance towards $80,000 and subsequently reach $84,000.
In other words, if the price falls below the 20-day moving average, it could signal to bears that it’s time to take action and push the pair down toward the uptrend line. A break and closing below the triangle might indicate the beginning of a correction phase, potentially leading to $60,000 and eventually $54,298 based on the 61.8% Fibonacci retracement level.
Ether price analysis
On April 9, Ether (ETH) experienced a significant decline after hitting the resistance level of $3,679, suggesting that the bearing market still holds strong and unwilling to give up control.
The bulls are making an effort to halt the drop around the 20-day Exponential Moving Average ($3,479). Should the price rebound from this moving average, the bulls would attempt to advance towards $3,679 once more. If they manage to surmount that resistance level, the Ethereum/USD Dollar pair could potentially surge towards the upcoming resistance at $4,100.
Instead of assuming that the price will continue to rise based on the moving averages, a drop below these averages could indicate that the price range between $3,056 and $3,679 may last longer. The downtrend would strengthen if the price falls below $3,056.
BNB price analysis
On April 8, BNB (BNB) deviated from its downward trendline but didn’t fall beneath the $574 mark, which represented the 20-day moving average. This event suggests that buyers were actively purchasing at lower prices.
The 20-day Exponential Moving Average (EMA) is gradually increasing, while the Relative Strength Index (RSI) remains positive, indicating that the market trend may be heading upward. If the price stays above the triangle formation, the BNB/USDT pair could potentially reach $692 and then aim for a higher target of $795.
Bears may have alternate strategies in store. They’ll strive to protect the downtrend line, potentially pushing the price down to encounter the uptrend line. A decline beneath this support could herald the onset of a correction, possibly leading to $460.
Solana price analysis
The price of Solana (SOL) is having a tough time surpassing its 20-day moving average, which is currently at $178. This indicates that the sellers may be attempting to transform this mark into a level of resistance.
The bears aim to push the SOL/USDT value below the 50-day moving average ($159), while the bulls are expected to put up a strong defense. If the price bounces back from the 50-day moving average and surpasses the 20-day exponential moving average, it could indicate that the pair might stabilize between $162 and $205 for an extended period.
An alternative scenario is that if the price falls further and goes beneath the 50-day Simple Moving Average (SMA), the pair may form a double-top pattern instead. In such a case, it’s possible that the pair could drop down to the following significant support level at $126.
XRP price analysis
On April 9, buyers made efforts to push XRP (XRP) past its moving averages for a rebound, yet the elongated shadow on the candlestick indicates that sellers emerged during price increases.
The slightly declining moving averages and RSI around the midpoint indicate an equal distribution of supply and demand. This equilibrium might cause the XRP/USDT pair to trade within the $0.56 to $0.69 range for the upcoming days.
If the price goes beyond $0.69, the advantage will shift towards the buyers, potentially triggering a rise towards the significant level of $0.74. Conversely, a decrease in price beneath $0.56 may lead to a fall reaching $0.48.
Dogecoin price analysis
On April 8, Dogecoin’s (DOGE) price increase in response to positive news was confronted by intense selling from bearish investors around $0.21.
On April 10, bulls bought the drop to the 20-day moving average ($0.19) for DOGE/USDT, indicating a demand presence at lower prices. The buyers will try once more to push the pair above $0.21. If successful, the pair could advance to $0.23. A break and completed trade above this level would indicate the restart of the upward trend towards $0.30.
If bears aim to halt the price increase, they need to keep it under the 20-day Exponential Moving Average (EMA) for this to happen. Subsequently, the pair might fall toward the 50-day Simple Moving Average, which is at $0.16.
Toncoin price analysis
Over the past few days, Toncoin (TON) has followed a rising trendline in its price action. Following a break above the resistance level of $5.69 on April 8, the coin’s price gained significant momentum.
Bears are attempting to halt the price rise at the resistance level, and if the cost suddenly plunges from its present position, the TON/USDT pair might slide down to the underlying support level. The bulls are anticipated to put up a strong fight to safeguard this support, as breaching it could trigger a more significant correction.
If there is a pause in the price action followed by a rise above the trendline, it could indicate the beginning of a significant upward move for the pair. It might reach as high as $8.56 initially, and potentially even go up to $10.
Cardano price analysis
On April 9, the bounce back of Cardano’s (ADA) price encountered resistance at its 20-day moving average, which was at $0.61. This suggests that investor attitude remains pessimistic and that traders continue to offload their positions during market upticks.
The price dropped to the significant support of $0.57, a crucial level to keep an eye on in the short term. If the price recovers from its current position and climbs above the 20-day moving average, it would signal that the ADA/USDT pair could stay within the range of $0.57 to $0.68 for a while longer.
Alternatively, if the price drops beneath $0.57, it would finish a bearish head-and-shoulders formation, potentially triggering a decline towards the significant support at $0.46.
Avalanche price analysis
On April 9, AVAX‘s price dip signaled a potential change in trend from its downward slope, implying that bears might still be selling during market upticks.
The price of AVAX relative to USDT hovers around the downward trendline and $42 mark. Should the bulls successfully push the price beyond this trendline, it would be indicative of decreasing selling pressure. In such a scenario, the pair may make an attempt to surge towards $60.
If the price falls further and dips below $42, this perspective could lose credibility. This downward trend could then continue, potentially causing the pair to drop all the way down to $35. At that point, $35 may serve as a strong support level.
Shiba Inu price analysis
The Shiba Inu (SHIB) price attempted to break above its descending trendline, but the bears successfully resisted. Notably, the bulls prevented the token from falling below the 61.8% Fibonacci retracement level at $0.000023.
A relatively flat 20-day moving average, priced at around $0.000028, along with an RSI approaching the midpoint, indicates a roughly equal number of buyers and sellers in the market. The initial indication of a shift in power could come from a successful break above the current downward trendline. If this occurs, it may lead to an uptrend, potentially reaching $0.000033 as the first target, followed by $0.000039 as the next potential price level.
Instead, if the price of SHIB drops below $0.000023, it could indicate that bearish forces are gaining strength and causing the SHIB/USDT pair to potentially fall as low as $0.000017.
Read More
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- Can Ethereum ETFs outperform Bitcoin ETFs – Yes or No?
- Chainlink to $20, when? Why analysts are positive about LINK’s future
- Citi analysts upgrade Coinbase stock to ‘BUY’ after +30% rally projection
- Ethena rallies 45% in two weeks, but bulls still have an uphill battle
- Why iShares’ Bitcoin Trust stock surged 13% in 5 days, and what’s ahead
- Why Bitcoin could reach $71K in September, and $100K in December
- Spot Solana ETF approvals – Closer than you think?
- Orca crypto price prediction: Buying opportunity ahead, or bull trap?
2024-04-10 22:40