Last Drop Before the Bitcoin Halving Rally?

Crypto Price Prediction: On Friday around the US trading hours, the cryptocurrency market witnessed a sudden sell-off, leading to a notable downtick in most of the major digital assets. On April 12, Bitcoin spot ETFs had a net outflow of $55.07 million, with Grayscale’s GBTC registering a $166 million outflow.

Bitcoin (BTC) has seen a 4.4% decline over the past 24 hours, falling to its current trading price of $67452. Ethereum (ETH) plunged 7% during the same period, with prices dipping below $3,267. Other top altcoins, Solana (SOL) have tumbled to the $150 mark, showing a significant fall of 12.68% and XRP fell 11% to hit $0.54.

Since yesterday, a total of 297,256 traders experienced liquidations, with the cumulative value reaching approximately $936.12 million as per the data from Coinglass.

With the Bitcoin halving event just around the corner, the current market dip is perceived as a final shakeout to remove weak hands from the market and attract traders with higher conviction.

Also Read: Crypto Prices Today April 13: Bitcoin Dips To $67K, ETH At $3200, SOL, XRP, ADA Crash

1) Bitcoin (BTC)

Bitcoin, the first and most well-known cryptocurrency, is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries like banks. 

The near-term trend of BTC is currently sideways as buyers struggle to break past the $73800 resistance. However, on the downside, the support trendline prevents the asset from a major downfall.

The demand pressure at this support is evidenced by the lower wick rejection candles in the 4-hour chart sustaining the coin price above the $67921 mark. The Bitcoin market cap currently wavers at $1.327 Trillion, while the 24-hour trading volume is at $48.07 Billion.

A potential reversal from the support will reinforce sufficient momentum for buyers to rechallenge ATH at $73800.

Also Read: $925 Million Liquidated As Bitcoin Price Crashes to $65,000, Options Market Jittery

2) BONK

BONK is a meme coin that has emerged on the Solana blockchain, drawing inspiration from the dog-themed coin trend. BONK stands out as a community-centric project with its origins deeply rooted in the spirit of being “for the people, by the people.”

The ongoing correction in the BONK price can be followed by the formation of a falling wedge pattern. The two converging trendlines have tumbled the memecoin value from $0.000048 to $0.0000172, registering a 64% fall.

The current market cap of BONK stands at $1.12 Billion, while the trading volume surged to $226.3 Billion. For buyers to regain control over this asset, they must breach the overhead resistance trendline. 

A successful breakout will renew buying pressure and set the BONK price to chase the $0.0000428 target.

Also Read: Top 3 Meme Coin Investments With 100X Potential, Bonk (BONK), Shiba Inu (SHIB) & BUDZ

3) Render Network (RNDR)

Render Network (RNDR) is a blockchain-based platform that has revolutionized the way GPU computing power is utilized. It operates as a decentralized marketplace, enabling those with excess GPU capacity to connect with content creators in need of rendering power for complex tasks like 3D rendering, AI, and virtual reality projects.

Amid the recent market correction, the Render price witnessed an aggressive downfall from $13.84 to its current trading price of $8.1, accounting for a 41.3% loss. However, with a market cap of $3.098 Billion, the RNDR coin holds its position among the top 40 largest cryptocurrencies.

At present, the downward trend seeks support at the confluence of ascending trendline and 100-day EMA and 50% retracement level. Thus, constructive pullback shows allow buyers to regain strength and bolster buyers to reclaim higher grounds like $10.3 and $13.7.

Key Takeaway

As the Bitcoin halving approaches, the market often experiences volatility which is termed as pre-halving consolidation. Some investors might sell their holdings due to fear or uncertainty about how the event will impact prices, and investors with a higher conviction may use it as an opportunity to accumulate their favorite asset at a discounted price.

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