Crypto Price Prediction: The first week of April has been volatile for the cryptocurrency market, with Bitcoin breaking below $70,000. This caused a sideways movement in the BTC price, while major altcoins experienced a noticeable correction.
However, as we approach the Bitcoin Halving event in less than two weeks, the market sentiment seems to be bullish, indicating that the pre-halving consolidation could lead to an uptrend continuation. Additionally, data from @alicharts suggests that around 111,000 Bitcoins worth $7.55 billion have been moved out of exchanges in the past month. This could indicate that investors are favoring long-term holding, potentially signaling a positive outlook for Bitcoin. The decrease in exchange balances, as shown by the Glassnode chart, also suggests lower selling pressure and the potential for price increases if demand remains steady or grows.
Bitcoin (BTC):
Bitcoin, the original cryptocurrency, is known for its use of blockchain technology to facilitate peer-to-peer transactions without the need for central authorities. However, for over a month now, the BTC price has been trading sideways with significant supply pressure from $73,800. This consolidation has formed a Pennant pattern, which could indicate an uptrend continuation.
As of now, the BTC price is trading at $69,377 with a 0.65% gain. Its market cap is $1.363 trillion, with a trading volume of $19.8 billion. With the positive sentiment around the upcoming halving and the Pennant pattern, buyers may break out of the consolidation on the upside, potentially pushing the BTC price towards a target of $87,000.
Helium (HNT):
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Its unique feature is the incentive model, where users earn HNT by operating nodes, known as Hotspots, that provide wireless coverage for IoT devices.
Since mid-February, the HNT price has been in a correction trend, forming a channel pattern with two downsloping trendlines. This downtrend caused the HNT value to drop from $11.06 to $6.15, a 44.4% loss. However, with an intraday gain of 2.5%, the HNT price is now challenging the channel pattern’s upper boundary. If this breakout is successful, it could signal a reversal and push the HNT price towards $11.
Dogwifhat (WIF):
Dogwifhat (WIF) is a meme coin that has gained popularity due to the popular dogwifhat meme featuring a Shiba Inu wearing a hat. It is part of the Solana blockchain ecosystem.
In the first week of April, the WIF coin experienced a steep decline, losing 34.5% of its value and dropping from $4.8 to $3.18. However, the demand pressure at $3.2 caused a 14% increase, and the WIF price is now trading at $3.63. With a market capitalization of $19.8 billion, WIF is among the top 40 cryptocurrencies.
This recent uptick caused a bullish breakout from a falling wedge pattern, suggesting a shift in market dynamics. If this post-breakout rally continues, the WIF price could reach $4.05 and then $4.86.
Takeaway:
The crypto market continues to move sideways as Bitcoin stabilizes around $68,000. This lack of movement from buyers or sellers could be due to the upcoming Bitcoin event, which is expected to have a significant impact on its price. However, the active accumulation of investors during the correction trend could indicate a high potential for Bitcoin to resume its upward trend.