Crypto Price Prediction 4/17: Key Support Levels For Bitcoin After the Halving

Sahil Mahadik
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Crypto Price Prediction

Highlights

  • The Bitcoin Fear and Greed Index at 67% accentuates the broader market sentiment remains bullish.
  • An ascending support trendline may prolong its recovery until the Toncoin price is intact.
  • The ADA price witness renewed recovery pressure at combined support of 61.8% FIB and the $0.45 mark.

Crypto Price Prediction: With less than three days for Bitcoin halving, the cryptocurrency market is experiencing a surge in volatility evidenced by the Bitcoin price wavering with narrow-bodied candles and higher wicks in a daily chart.

However, this uncertainty is currently favoring selling as a majority of major coins show a notable downturn in April. Over the past two weeks, Bitcoin has shown a correction of 12%, while the ETH price plunged 16%. 

According to the latest data from on-chain data tracker Spot On Chain, Bitcoin ETFs are witnessing a concerning trend, with a net outflow of $58 million recorded on April 16, 2024. This marks the third consecutive day of negative inflow, casting a shadow on Bitcoin’s price trajectory as it continues to dip.

The analysis from Spot On Chain points to a larger trend of investor hesitation, as major trusts like Grayscale Bitcoin Trust (GBTC) and BlackRock iShares Bitcoin Trust (IBIT) are showing a significant slowdown in daily transactions. Both entities have reported their single-day outflow and inflow shrinking to below $100 million, a threshold considered a benchmark for healthy activity.

Thus, the upcoming Bitcoin halving is the key event that could bring a directional rally back to the crypto market.

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1) Crypto Price Prediction: Bitcoin (BTC)

BITSTAMP:BTCUSD Chart
Bitcoin (BTC)| Tradingview

Bitcoin is both a technology and a currency, offering a decentralized system for peer-to-peer transactions without a central authority. Its underlying blockchain technology records all transactions across a network of computers, ensuring security and transparency.

The daily chart may indicate the BTC price traveling a sideways trend for the past six weeks between the $60000 support and $73800 resistance. However, as deeper analysis shows the coin price has maintained a higher formation evidenced by an ascending support trendline.

With a loss of $1.23, the Bitcoin price trades at $63048 and revisits the support trendline. The largest cryptocurrency asset shows a market cap of $1.24 Trillion, while the 24-hour trading volume is $36.2 Billion.

Thus, a breakdown below this support would indicate the BTC’s fall from the distribution phase and the start of a prolonged correction.

According to the trader @alicharts, Bitcoin is at a critical support level of $62,000. If this level breaks, we could see a drop towards $51,500. On the flip side, a rise above $66,250 may signal the start of a bull run. Traders should watch these key thresholds closely.

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2) Toncoin (TON)

OKX:TONUSDT Chart
Toncoin (TON)| Tradingview

Toncoin (TON), initially conceptualized by the creators of Telegram, stands out in the blockchain world with its ambitious goal to blend the convenience of instant messaging with the secure, decentralized capabilities of blockchain technology. This project is designed to facilitate ultra-fast transactions and scalable decentralized applications.

The Toncoin price shows a notable resilience to the current market correction and carried a sustainable rally for the past two months. Utilizing an ascending support trend in the daily chart, the TON price is $2 to $7.67, registering 271%.

However, with constant selling pressure from the broader market, the Toncoin price witnessed a 19.2% pullback to currently trade at $6.19. Despite the downturn, this altcoin maintains its position as the 9th largest cryptocurrency with a market cap of $21.5.

If the upcoming Bitcoin halving renewed buying interest in the crypto market, the TON price could rebound from the support trendline at $5.8 and may chase for the potential target at $10

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3) Cardano (ADA)

BINANCE:ADAUSDT Chart
Cardano (ADA)| Tradingview

Cardano is a blockchain platform underpinned by a philosophy of rigorous scientific scrutiny, distinguishing itself as one of the first to be founded on peer-reviewed research and developed through evidence-based methods.

The pre-halving correction took a significant toll on Cardano’s price and projected a V-top reversal from $0.81. The correction initiated in mid-March has triggered a 30% fall to reach the current trading price of $0.441.

As per the Fibonacci retracement level, this correction was recorded as 61.8%, a level often referred to as a weakness in buyers’ conviction for allowing such a long fall.

However, the ADA price currently wavers above the $0.45 support, trying to stabilize before the anticipated post-halving rally. By press time, Cardano 

The potential rebound could allow buyers to challenge resistance at the $0.51 and $0.624 mark.

Also Read: SingularityNET Partners Cardano DEX Minswap, AGIX and ADA Price Recovery Ahead?

Key Takeaway

The cryptocurrency is likely to remain sluggish for the coming two days as market participants will wait for the halving event to trigger a directional rally. This anticipate could trigger a local bottom for Bitcoin price and spark new recovery sentiment among traders.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.