cryptocurrency-market-analysis3.275 min read
"Bitcoin Halving 2024: Predictions for Altcoins and Market Impact"
1 year ago•Source: Coinpedia Fintech News
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2.27 min•1 year ago
"Bitcoin Halving: Navigating the Path to Parabolic Breakout Amid Institutional Influence"
Bitcoin experienced a sudden drop to $65,000 amid a short-term market sell-off, encountering resistance at $68,000 just before the halving event. Analyst Rekt Capital identified three stages related to the halving that can help investors maximize profits: the pre-halving retrace, re-accumulation phase, and parabolic uptrend. The pre-halving retrace, already occurred, was a final bargain-buying opportunity. Bitcoin is now in the re-accumulation phase, characterized by sideways movement, setting the stage for future growth. Once Bitcoin breaks out from this phase, it is expected to embark on an accelerated growth trajectory. The timeframe for this cycle could be shorter than historical patterns, potentially influenced by factors such as the recent all-time high and the impact of the US-launched ETF.
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Bitcoin's Volatility Surges as Hot Inflation Data Triggers Market Correction
Despite the U.S. inflation report denting hopes for a Fed rate cut, risk assets like bitcoin have shown resilience, with prices briefly dipping before stabilizing around $49,500. Analysts believe that the market is still acting as if a rate cut is possible, despite low expectations, and predict that bitcoin may hit an all-time high this year. The prevailing sentiment suggests that higher interest rates may be here to stay, and the market has adjusted to this new reality.
Bitcoin's Sell-Off Continues: What's Next for the Cryptocurrency?
CoinDesk Indices' Todd Groth discusses the recent sell-off in the cryptocurrency market, with the Bitcoin Trend Indicator turning neutral on Jan. 18 and Bitcoin falling about 4.5% to $39.5k. The CoinDesk 20 Index has seen significant trading volume growth, and over the past 3 months, it has outperformed bitcoin and ether, driven by smaller altcoins like Solana, Avalanche, and Cardano.
Crypto Market Update: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC and Ripple Lead Gains
The cryptocurrency market remains range-bound despite a sharp rally in the US equities markets. Bitcoin is trading inside a descending channel pattern, with $25,250 as a crucial support level. Ether has rebounded off the 20-day EMA and is attempting to break above $1,927. Binance Coin is consolidating in a tight range between $300 and $317. XRP is attempting to hold above the 38.2% Fibonacci retracement level of $0.49. Cardano has risen above the 20-day EMA and is attempting to reach $0.42.
Crypto Market Update: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC, and XRP Outperforms Large Caps.
Bitcoin has been trading below $29,000 for the past several days, with analysts divided on its near-term prospects. Ether's rally turned down from $1,943 on April 5, indicating that the bears are guarding the psychological level at $2,000 with vigor. XRP has stayed above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that the bulls are buying on shallow dips. Binance Coin is turning down from the 20-day EMA ($314), indicating that the bears are fiercely defending the level. Litecoin's failure to push above $96 has emboldened the bears who are trying to strengthen their position by dragging the price below the 20-day SMA ($90).
Bitcoin's Price Outlook: Analysis, Momentum, Uncertainty, and Targets.
European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000–$20,000 support zone, it will suggest that the bear phase is over. Litecoin (LTC) is making a strong comeback, while Ethereum (ETH) rose above the overhead resistance of $1,842 on March 23, but the bulls could not sustain the breakout as seen from the long wick on the candlestick.
Bitcoin's Price Surges Above $28,000 Amid Growing Interest and Fear/Greed Index Highs
Bitcoin has decoupled from the US equities markets and is behaving as an uncorrelated asset class, with traders shifting their focus to the alternative available to the legacy banking system. The Crypto Fear and Greed Index has soared into the greed zone with a score of 66/100. The S&P 500 index rallied from 3,808 on March 13 and rose above the 200-day simple moving average, or SMA (3,935), on March 16. Ethereum buyers pushed the price above the $1,800 resistance on March 18 and 19 but could not sustain the higher levels. Dogecoin rose above the 20-day EMA ($0.07) on March 17, but the bulls could not push the price above the 200-day SMA ($0.08). Solana's SOL turned down from the 200-day SMA ($22.7) on March 18 but rebounded off the 20-day EMA ($20.98) on March 19.
Crypto Market Update: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB See Mixed Movement Amidst Banking Crisis and Profit-Taking Spike.
Bitcoin has risen to its highest level since Jan. 12, decoupling from the equities markets. Analysts suggest that quantitative easing may trigger a rally in Bitcoin and altcoins. The charts of the top 10 cryptocurrencies are studied to find out if Bitcoin and altcoins can sustain higher levels. Bitcoin bulls may find it easy to cover the distance to $32,000, with no major resistance between the current level and that price. Ethereum, Binance Coin, XRP, and Cardano are also analyzed.