Crypto Price Prediction 4/25: Did Post-Halving Correction Push BTC Below $64K?

Crypto Price Prediction: On April 24th, the cryptocurrency market witnessed a sudden sell-off which plunged the BTC price to $63300. This downtick could be attributed to the renewed conflict in the Middle East and a notable outflow in Spot Bitcoin ETFs.

Yesterday, the Spot BTC ETF recorded a total net outflow of $121 million. Grayscale’s GBTC ETF saw a substantial outflow of $130 million in a day, in sharp contrast to Fidelity’s ETF FBTC, which attracted a net inflow of $5.61 million, while the ARKB ETF by Ark Invest and 21Shares drew $4.17 million.

According to SoSoValue, yesterday the total net outflows for Bitcoin spot ETFs were $121 million.

Grayscale's ETF GBTC had a net outflow of $130 million in one day; the Bitcoin spot ETF with the highest net inflow was Fidelity's ETF FBTC, with a net inflow of $5.61 million in a… pic.twitter.com/C8cc1gT2ei

— Wu Blockchain (@WuBlockchain) April 25, 2024

In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) showcased around 4% loss, while other top altcoins like Solana (SOL), Toncoin (TON), and Dogecoin (DOGE), registered around 8% dip.

However, the market participants perceive this dip as a post-halving correction which could provide pullback opportunities to investors and stabilize the crypto market for the potential rally.

Also Read: Breaking: US SEC To Deny Spot Ethereum ETFs – Reuters

1) Ethereum (ETH)

Ethereum is a decentralized, open-source blockchain system featuring smart contract functionality. With a market cap of $376.2 Billion, Ether stands as the second largest cryptocurrency, just below Bitcoin.

Amid the recent Bitcoin halving, the ETH price rebounded from $2850 support last weekend and surged 15% to test $3300. However, the lack of momentum kept recovery limited evidenced by the ETH price struggle to break overhead resistance.

However, the on-chain data tracker Lookonchain flagged a large-scale Ethereum transaction by an address, possibly linked to Justin Sun, who withdrew 7,128 ETH ($22.34M) from Binance. This move comes after the address amassed 154,570 ETH ($492.23M) since April 8, amid the current market correction, indicating a strategic acquisition amidst lower prices and anticipation of a bullish reversal.

Update:

0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL

— Lookonchain (@lookonchain) April 25, 2024

Thus, a renewed recovery sentiment toward Ether could allow buyers to give a bullish breakout from the falling wedge patterns, signaling the end of the correction period.

Also Read: Ethereum Co-founder Vitalik Buterin Criticizes Misuse of “ZK” in ZKasino Scandal

2) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a decentralized meme token that has evolved into a vibrant ecosystem. Gaining popularity as a Dogecoin alternative, SHIB stands out with its own decentralized exchange, ShibaSwap, and plans to expand into an NFT market and gaming.

Amid the recent market sell-off, the Shiba Inu price reverted from $0.0000282 and plunged 13% to trade at $0.0000247. In the daily chart, this downswing showed another lower-higher formation indicating the correction trend is active and traders continue to sell off bullish bounces.

By the press time, the SHIB coin stands at a market cap of $14.5 Billion, while the 24-hour trading volume is at $875 Million.

If the selling pressure, the memecoin could breach the $0.0000238 support and seek support at $0.0000185.

Also Read: Shiba Inu Coin: SHIB Burn Spikes 2200% Igniting Bullish Sentiments, $0.000036 Ahead?

3) Hedera (HBAR)

Hedera (HBAR) is a public network that uses hashgraph consensus, a faster alternative to blockchain, aiming for high throughput, minimal fees, and low latency. 

In the last two days, the HBAR price has witnessed a heavy outflow resulting in a sharp price drop from $0.182 to $0.133 accounting for a 37.6% fall. The current market cap of Hedera coin stands at $4.081 Billion maintaining its position as the 25th largest cryptocurrency.

The falling price is poised to test the physiological level of $0.1 seeking suitable support to revert the price higher. This support coinciding with multiple technical levels indicates a higher potential for buyers to counterattack.

Also Read: Breaking: Hedera and Archax Enable First Tokenized BlackRock MMF Shares

Key Takeaway

The cryptocurrency market is likely witnessing a post-halving correction— a period known to trigger a final dip in digital assets before triggering the anticipated rally. This pullback could remove the weak hands from the market and stabilize the asset to recuperate bullish momentum.