Crypto Price Prediction 4/20: Key Altcoins to Watch Post-Bitcoin Halving
Crypto Price Prediction: On Friday evening, the Bitcoin network marked a significant milestone by executing its fourth Halving event at block 840,000, which cut the mining reward from 6.25 new bitcoin per block to 3.125. Following the update the cryptocurrency market witnessed a modest uptick in response to positive market sentiment but struggled to sustain buying the pressure.
Thus, the Bitcoin price plunged to a $63000 low on Saturday and recorded a loss of 1.1%. With the supply pressure intact, the majority of major altcoins may prolong their sideways action for the coming week.
The recent data from the crypto analytics firm IntoTheBlock revealed that miners’ holdings of BTC have plummeted to a 12-year low. The trend suggests that miners have been consistently selling off their Bitcoin holdings leading up to the halving. This sell-off could indicate a cautious or bearish sentiment from miners about the potential price movement post-halving or a need to cover operational costs prior to the event.
As Bitcoin goes into the halving, miners' BTC holdings hit 12 year low. This indicates that miners have been net sellers leading up to the halving. pic.twitter.com/WNi74RkluG
— IntoTheBlock (@intotheblock) April 19, 2024
Traditionally, halvings are viewed as bullish catalysts due to the reduced rate of new Bitcoin entering circulation, which could lead to a supply shock. However, the miners’ recent selling activity could temper short-term expectations as the market adjusts to this change.
Also Read: Bitcoin Halving is Over. Will Bitcoin Price Fall down?
1) Ethereum (ETH)
Ethereum stands as a pioneering force in the blockchain sector, renowned for introducing smart contracts that power decentralized applications (dApps). The second largest cryptocurrency currently trades at $3052 and holds a market cap of $366 Million.
Along with the Bitcoin sustainability above $60000, the ETH price resilience is above the $2850 level despite recent geopolitical tension in the Middle East. This demand pressure has shifted the Ethereum price sideways to form a narrow range between $2850 and $3274.
According to IntoTheBlock, Ethereum saw a record withdrawal of $500 million from centralized exchanges in a week, the highest since February. This mass exodus could signal a bullish trend, suggesting investors are holding for potential future gains or staking opportunities.
Half a billion $ETH was withdrawn from CEXs this week, the highest since February pic.twitter.com/rwvftXjiOz
— IntoTheBlock (@intotheblock) April 19, 2024
Thus, with a high potential bullish reversal, the ETH price could breach the overhead $3274 resistance, to bolster buyers to chase a potential target at $3700, followed by $4100.
Also Read: Top 4 Cryptocurrencies to Buy After Bitcoin Halving
2) Cardano (ADA)
Cardano (ADA) distinguishes itself in the blockchain ecosystem with a research-driven approach, prioritizing peer-reviewed scientific methods. Its layered architecture, designed for scalability and interoperability, enables seamless functionality for smart contracts and dApps.
The recent market correction notably impacted ADA’s value, as it witnessed a steep downfall from $0.81 to $0.4, registering over 50% loss. The downfall has currently bottomed at 61.8% Fibonacci retracement level at $0.445 seeking suitable support for new recovery.
The Cardano price currently trades at $0.478, with an intraday gain of 2.2%. The assets market cap also rebounded to $17 Billion and holds its position as the 10th largest cryptocurrency.
However, for buyers to regain better control over this altcoin, they must breach the pattern’s resistance trendline. The post-breakout rally can push the ADA price to chase a potential target of $0.8.
3) Arweave (AR)
Arweave (AR) operates as a novel data storage blockchain protocol, aiming to offer a decentralized and permanent web where users can store data eternally. Outperforming the broader market uncertainty, the AR price witnessed a notable inflow this week, rebounding the combined support of $22 and 100-day EMA.
Using the aforementioned level as base support, the Arweave price develops a bullish reversal pattern called a double bottom. Amid the formation and positive market sentiment around Bitcoin Halving, this altcoin surged 27% within four days to currently trade at $29.2.
By the press time, the Arweave coin shows a market cap of $1.96 Billion, while the 24-hour trading volume is at $97 Million.
If the reversal sustains, the AR price would likely surpass the immediate resistance of $35 and rechallenge the high of $46.8.
Key Takeaway
Despite the pre-halving consolidation and recent geopolitical tension between Iran and Israel, the Bitcoin price held its ground above the $60000 psychological level. As the Bitcoin network marked a significant milestone by executing its fourth Halving event late Friday evening, the asset is anticipated to supply shortage in the near term and accelerated demand from the US-listed Bitcoin ETFs. Thus, the BTC may develop a local bottom at $60k and bolster the altcoin market for a renewed recovery.
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