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04/17/2024

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

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...

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

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.

🚨 $BTC #ETF Net Inflow Apr 16, 2024: -$58M!

• The net inflow has been negative for 3 consecutive trading days as the $BTC price continues on a declining trend.

• Both #Grayscale Bitcoin Trust $GBTC and #BlackRock iShares Bitcoin Trust $IBIT reduced their respective… pic.twitter.com/LJVu7ntsuI

— Spot On Chain (@spotonchain) April 17, 2024

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.

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.

According to the URPD, $62,000 is a crucial support zone for #Bitcoin. Losing this level could shift the focus to the next significant demand area around $51,500.

Conversely, if $BTC climbs back above $66,250, it could significantly boost the chances of reigniting the bull run! pic.twitter.com/20zwfktZkx

— Ali (@ali_charts) April 16, 2024

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

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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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

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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