Cryptocurrency Price Forecast: The first week of April was very volatile for the cryptocurrency market, followed by the Bitcoin price collapsing below $70,000. The excess supply has turned the price of BTC sideways while the majority of major altcoins have seen a notable correction.
However, with less than two weeks to go before the Bitcoin halving, market sentiment tends to be bullish suggesting that consolidation before the halving will lead to a continuation of the uptrend. Furthermore, the important trend highlighted by alicharts indicates that around 111,000 Bitcoins, worth approximately $7.55 billion, were transferred from exchanges in the past month.
This suggests that investors may prefer to hold long-term, which could indicate a bullish outlook for Bitcoin. A decline in exchange balances, as shown in the Glassnode chart, means reduced selling pressure and could lead to potential price increases if demand remains flat or grows.
Read also: Bitcoin ETF regains momentum with inflows reaching $484 million, what's next for BTC price?
1) Bitcoin (BTC)
Bitcoin, the original cryptocurrency, is notable for its pioneering use of blockchain technology to facilitate peer-to-peer transactions without the need for central authorities.
For over a month, Bitcoin price has been trading sideways and has seen a major supply squeeze from $73,800. This consolidation that resonates with two converging trend lines revealed the formation of an uptrend continuation pattern called a pennant.
BTC price is currently trading at $69,377 with an intraday gain of 0.65%. Bitcoin's market cap is $1.363 trillion, while trading volume is $19.8 billion. Under the influence of this pattern and positive sentiment around the upcoming halving, buyers are likely to break the flag on the upside.
A successful breakout will rely on bullish momentum and will position Bitcoin to chase a potential target at $87,000.
Read also: Bitcoin price analysis: Why do whales sell Bitcoin before the halving?
2) Helium (HNT)
Helium (HNT) is a decentralized, blockchain-powered network for Internet of Things (IoT) devices. The standout feature is the incentive model. Users run nodes, known as Hotspots, that provide wireless coverage for IoT devices and earn HNT for doing so.
Since mid-February, helium price has been under a corrective trend resonating with two downward trend lines indicating the formation of a channel pattern. This downtrend caused the value of HNT to fall from $11.06 to $6.15 recording a loss of 44.4%.
Helium currently has a market capitalization of $991.60 million, while trading volume stands at $13.8 million. With an intraday gain of 2.5%, HNT price is heading to challenge the upper boundary of the channel pattern.
This breakout would initiate a notable reversal and set HNT price to chase the $11 mark.
3) Dujoyfat (WIF)
DogwaveFat (WIF) is a meme coin that has capitalized on the popularity of the DogwaveFat meme, which features a Shiba Inu wearing a hat, and is part of the broader Solana blockchain ecosystem.
In the first week of April, WIF faced a sharp decline, losing about 34.5% of its value as it fell from $4.8 to $3.18. However, newfound demand pressure at $3.2 has pushed the coin back 14% to currently trade at $3.63. Amid this volatility, Dogwifhat's market cap now stands at around $19.8 billion, securing its place among the top 40 cryptocurrencies by market capitalization.
This latest rally gave an upward breakout from the falling wedge indicating a notable shift in market dynamics. A post-breakout rally could push WIF price to $4.05, followed by $4.86.
He stays away
The cryptocurrency market is prolonging its sideways movement as Bitcoin stabilizes in the $68,000 area. However, this lack of initiative from buyers or sellers indicates that market participants are waiting for the next Bitcoin event which is expected to have a significant impact on the Bitcoin price path. However, the active accumulation of investors despite the correction trend indicates a high possibility of Bitcoin resuming the recovery.
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