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Highlights
- The Bitcoin price bounced back thrice from $60000 support within two months indicating a high area of interest(AOI) for buyers.
- The $2 psychological level prevents Dogfihat from major correction amid the recent market correction.
- The TIA coin price may prolong its correction until the overhead resistance trendline is intact.
Crypto Price Prediction: Despite the rising Geopolitical tension in the Middle East, the cryptocurrency market has shown notable resilience through Bitcoin being a macro hedge. On April 19th, when Israel launched an attack on Iranian soil, the BTC price marked a low of $57600 before immediately rebounding to $65000.
This upswing has uplifted a majority of major altcoins today signaling the formation of local altcoins. However, with less than 24 hours Bitcoin halving the market sentiment is expected to remain volatile today.
Moreover, Wu Blockchain reports a notable options expiry event with 21,564 Bitcoin options, a Put/Call ratio of 0.64, and a Maxpain point at $65,000, totaling a notional value of $1.4 billion. Additionally, 298,415 Ethereum options are also set to expire, with a Put/Call ratio of 0.42, a Maxpain point at $3,125, and a notional value of $930 million.
19 Apr Options Data
21,564 BTC options are about to expire with a Put Call Ratio of 0.64, a Maxpain point of $65,000 and a notional value of $1.4 billion.
298,415 ETH options are about to expire with a Put Call Ratio of 0.42, Maxpain point of $3,125 and a notional value of $930…— Wu Blockchain (@WuBlockchain) April 19, 2024
This could lead to a further increase in market volatility as traders adjust positions around these significant expiry levels.
1) Bitcoin (BTC)
Bitcoin, the pioneering cryptocurrency, is about to have a major development within 24 hours called ‘the Halving’. This is a core feature of Bitcoin’s economic model to control inflation by reducing the Mining rewards to half. This will be the fourth halving, and it is expected to cut the block reward from 6.25 to 3.125 bitcoins.
Amid the imminent development, the BTC price has been traveling a sideways action between $73800 and $60000 since early March. The aforementioned support remains intact despite the Geopolitical tension in the Middle East, indicating a suitable opportunity for dip accumulation.
The Bitcoin price currently trades at $64864 and marks an intraday gain of 2.03%. The asset holds a market cap of $1.275 Trillion, while the 24-hour volume is $50.9 Billion.
A recent analysis by IntoTheBlock, a crypto analytics firm, points out a recurring bullish trend in Bitcoin’s price following each halving event. The firm’s chart reveals that this upward trend often persists for around a year post-halving.
This chart shows $BTC price performance after each Bitcoin halving👇
Typically, a bullish trend emerges, lasting approximately one year after each halving. What are your thoughts on this pattern? pic.twitter.com/uZlZnUQkik
— IntoTheBlock (@intotheblock) April 19, 2024
Thus, a potential rebound could challenge immediate resistance of $61750 and $73800.
Also Read: Bitcoin Halving 2024 : 5 Myths, Facts, and the Path Forward Revealed
2) Dogwifhat (WIF)
Dogwifhat, or WIF, is a memecoin that has risen in popularity within the Solana blockchain ecosystem. It captures the whimsical essence of internet culture by featuring the image of a Shiba Inu wearing a pink hat.
Following the lead of Bitcoin price consolidation, the WIF price has been resonating within two $3.17 and $1.95 for over a week. This memecoin currently trades at $2.87 and with an intraday gain of 12%, it’s heading to rechallenge the downsloping trendline at $3.173.
The Dogfiwhat coin currently stands as the 40th largest cryptocurrency with a market cap of $2.89 Billion, while the trading volume since yesterday has surged to $724.5 Million.
A potential breakout from the overhead trendline will signal the end-of-correction trend, The post-breakout could chase the potential target of $4.34 and $4.85.
Also Read: MEW vs DogWifHat: Which Solana Memecoin to Invest Before Halving?
3) Celestia (TIA)
Celestia, known by its token TIA, is a modular blockchain network that focuses on optimizing data availability. Its innovative design separates the consensus and data availability layers from execution, which allows for a more scalable and adaptable infrastructure compared to traditional blockchains.
The TIA price has been under active correction since early february displayed through two downsloping trendlines. From the peak of $21.4, the asset dropped to a low of $7.28, registering a loss of 65.6%.
However, amid the current consolidation, the Celestia price rebounded to $10.92 and is poised to challenge the overhead trendline at $11.5. This breakout will project an early sign of trend reversal and may bolster buyers to regain above $15 and $18.5.
Key Takeaway
Amid the upcoming Bitcoin halving and expiry of notable Bitcoin and Ethereum options contracts, the cryptocurrency market is expected to remain volatile on Friday. Despite the recent market sell-off, the BTC price reverted from $60000, showing its third reversal within two months. Thus., with the broader trend bullish, the current consolation could allow the BTC price to form a local bottom or last pullback before continuing its prevailing recovery.
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