- Bitcoin could fall to as low as $52,000, where bulls are waiting to engage with BTC.
- Bulls could defend the $2,900 price level as Ethereum prices consolidate in a falling wedge.
- The ripple price is aiming for a 5% correction. This would be a significant reversal, which could lead to a move in the direction of the north.
The Bitcoin (BTC), price is likely to remain range bound this weekend, with the markets experiencing a sideways trend. Altcoins are attempting to separate themselves from BTC’s cues. Ethereum The (ETH) is Ripple Prices of (XRP), even though markets are fading the excitement, could still show some action.
Please Read This: Bitcoin Weekly Prediction: BTC could reach $80,000 in the next few weeks
Altcoins show greater action
In the short-term, halving events can lead to an increase in interest as well as positive price changes for Bitcoin and other altcoins due to the expectation of a reduced supply. Altcoins, however, may see more dramatic price changes after a halving than Bitcoin.
Investors are shifting their attention to altcoins with growth potential. Some altcoins, on the other hand may face pressure to sell as investors move their money into Bitcoin.
Investors who are looking ahead to the future have already started looking at alternative coins as Bitcoin prices consolidate.
The maniac season of alts will begin when Bitcoin breaks out of its current range of consolidation.
BTC’s dominance sends a very clear message: a downward trend is on the horizon. pic.twitter.com/moQLzavmAg
Mikybull (@MikybullCrypto). April 25, 2024 You can read more about the $56k revisit and how it will likely shake BTC’s hands.
The Bitcoin price is in need of a catalyst to gain momentum
The Bitcoin price is swaying sideways in anticipation of a busy week that begins on Monday. The odds are currently in favour of the downturn, as low-hanging liquidities have a bearish effect on Bitcoin’s price.
Bitcoin’s price is experiencing a massive downward trend between $65,500 to $69,000. The odds of further decline continue to rise. Yellow spikes in the volume profile indicate a large amount of bullish interest waiting to engage with BTC at the range around $62,000. If this support area fails to hold, BTC may drop into the liquid pool between $60,600-$59,005.
Bitcoin’s price may fall to as low as $52,000 in a worst-case scenario, when multiple bulls are waiting to engage with Bitcoin. It would be a drop of about 20% from current levels.
Relative Strength Index is now recording lower highs, which has caused it to drop below its mean value of 50. Combining this with the Moving Average Convergence Differenc (MACD), which is in negative territory could lead to a decline before any possible recovery.
Chart of BTC/USDT for 12 hours
If, on the other hand the support area of $62,000 is still intact, and multiple bulls are also ready to purchase BTC. Bitcoin Price could recover. BTC must close with a candlestick above $69032 to confirm an upward trend. This would set up a potential re-take on the peak of $73,777 or a new record high.
Please Read This: Bitcoin prices continue to drop as SEC opens comments on ETFs and spot BTC options.
The falling wedge in the Ethereum price triggers a bullish turn around
Ethereum is consolidating in a pattern of a falling wedge, which will reverse bullishly if the price breaks above upper trendline. Ethereum’s price may reverse, or even bounce, above $2,900, as a large amount of bullish movement is waiting for ETH to move above that level.
The MACD is above the line of signal. This reinforces the lower highs in the RSI. If you are looking to buy ETH, wait until both of these indicators have momentum. indicators Close above the respective average levels in the 12 hour timeframe. The breakout may see ETH nicking the $3.750 threshold, as it pursues the almost 25% target of the descending wedge at the $4.290 level.
Chart of ETH/USDT for 12 hours
If the level of $2,900 fails to act as a support level, Ethereum’s price may spiral down to $2,800, where the bulls will likely step in, according to spikes seen on volume nodes.
Please Read This: Ethereum’s price drops as Consensys files a lawsuit against the SEC for ETH status.
Before correction, the ripple price may fall by 5%.
The Ripple Price is in the middle of a rally, as it remains within the range. However, before a future upside is possible, the XRP will likely retest 50%. Fibonacci Placeholder at $0.4952, before the pullback towards the psychological $0.6000 level.
Chart of XRP/USDT for 1 day
If the level of $0.4952 fails to act as support, the XRP could continue to fall until the lowest point in the range, which is $0.4188. The bullish hypothesis would be invalidated if the price were to close and break below $0.4952.
Please Read This: Ripple CTO responds to concerns about stablecoin launch as XRP nears $0.50
Questions and answers about Cryptocurrency Prices
Launches of tokens like Arbitrum’s ARB Airdrop or Optimism OP can influence market demand and adoption. The listing of assets on cryptocurrency exchanges increases the asset’s liquidity and brings in new users to its network. It is usually a bullish sign for digital assets.
Hacking is when an attacker takes a significant amount of assets from the DeFi Bridge or Hot Wallet of an exchange, or another crypto platform using bugs, exploits or other means. The attacker then moves these tokens away from the exchange platform to sell them or swap for stablecoins or other crypto assets. These events are often accompanied by a panic that triggers a mass sell off of the assets.
The US Dollar is a major factor in the impact of macroeconomic events such as the US Federal Reserve’s interest rate decision. A rise in interest rates usually has a negative impact on Bitcoin prices and other altcoins, and the opposite is also true. Risk assets, and the associated trading leverage, become cheaper if the US Dollar Index declines. This in turn drives crypto prices up.
Halvings can be considered bullish because they reduce the reward for the miner by half, thereby reducing the amount of assets available. If the demand is constant, and the asset supply decreases, then the price will rise. Bitcoin and Litecoin have shown this phenomenon.
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