Bitcoin's Last Drop Before Halving Rally?
4 mins read

Bitcoin's Last Drop Before Halving Rally?

Crypto Price Prediction: Around US trading hours on Friday, the cryptocurrency market witnessed a sudden selloff, leading to significant declines in most major digital assets. On April 12, the Bitcoin Spot ETF had a net outflow of $55.07 million, while Grayscale's GBTC recorded an outflow of $166 million.

Bitcoin (BTC) has seen a 4.4% decline in the last 24 hours, bringing it to its current trading price of $67452. Ethereum (ETH) declined by 7% during the same period, and prices fell below $3,267. Other top altcoins, Solana (SOL) has fallen to the $150 mark, representing a significant decline of 12.68% and XRP has fallen by 11% to $0.54.

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

With the Bitcoin halving event approaching, the current market decline is considered a final push to remove weak hands from the market and attract high-conviction traders.

Also Read: Crypto Prices Today April 13: Bitcoin falls to $67K, ETH at $3200, SOL, XRP, ADA crash

1) Bitcoin (BTC)

Binance: BTCUSDT Chart
Bitcoin (BTC) tradingview

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

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

Demand pressure at this support is evident from the lower wick rejection candles in the 4-hour chart, which keeps the coin price above the $67921 mark. Bitcoin's market cap currently stands at $1.327 trillion, while the 24-hour trading volume stands at $48.07 billion.

A potential reversal from the support would consolidate enough momentum for buyers to re-challenge the ATH at $73800.

Also read: $925 million liquidated as Bitcoin price falls to $65,000, panic in options market

2) bonk

Binance:BONKUSDT Chart Binance:BONKUSDT Chart
Bonk tradingview

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

BONK price may form a falling wedge pattern following the ongoing correction. Two converging trend lines have caused Memecoin's price to drop from $0.000048 to $0.0000172, registering a decline of 64%.

BONK's current market cap is $1.12 billion, while the trading volume has grown to $226.3 billion. For buyers to gain control of this asset, they must breach the overhead resistance trendline.

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

Also Read: Top 3 Meme Coin Investments with 100x Potential, BONK, Shiba Inu and BUDZ

3) Render Network (RNDR)

Binance:RNDRUSDT Chart Binance:RNDRUSDT Chart
Render Network (RNDR) tradingview

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

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

Currently, the downtrend seeks support at the confluence of the ascending trendline and the 100-day EMA and 50% retracement level. Thus, the constructive pullback shows allows buyers to regain strength and reclaim higher bases like $10.3 and $13.7.

key takeaway

As the Bitcoin halving approaches, the market often experiences volatility known as a pre-halving consolidation. Some investors may sell their stakes due to fear or uncertainty about how the event will affect prices, and investors with high conviction may use this as an opportunity to accumulate their favorite assets at a discounted price.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. With a keen grasp of technical analysis, he keeps a watchful eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to seek opportunities driven by his passion for trading.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial losses.

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