Crypto Price Prediction 4/16: Has Bitcoin’s Pre-Halving Correction Bottomed?

Crypto Price Prediction: The cryptocurrency market extends its correction trend in April’s third week amid the geopolitical issue in the Middle East and FUD around Bitcoin Halving. During the Asian trading hours on Tuesday, the leading digital assets Bitcoin (BTC) and Ethereum (ETH) plunged 1.5% to hit $62530 and $3055, respectively, Furthermore, the other top altcoins Solana(SOL) and Binance coin (BNB) plunged 3-4% while XRP fell 2%.

However, Bitcoin stakeholders have displayed remarkable steadfastness concerning their investments amid the current market uncertainty. According to analytics firm Santiment, despite Bitcoin’s market cap plunging to a low of $61.5K over the past weekend, major holders of the cryptocurrency remain undeterred.

Santiment’s data reveals that since March 1st, significant whale groups have been accumulating substantial amounts of Bitcoin: wallets holding over 100 to 1K BTC have gathered 43,489 BTC ($2.75 billion), wallets with 1K to 10K BTC have accrued 80,544 BTC ($5.10 billion), and those with 10K to 100K BTC have added 91,732 BTC ($5.80 billion) to their holdings, signaling a strong bullish sentiment among key players despite the volatility.

🐳 #Bitcoin key stakeholders aren't budging on their holdings, despite the concerning volatility that brought the top market cap #cryptocurrency's market value as low as $61.5K over the weekend.

With #FUD circulating among traders as markets close in on the April 19th #halving,… pic.twitter.com/TYmvQA6WBc

— Santiment (@santimentfeed) April 15, 2024

Thus, with the Bitcoin Halving just around the corner, the BTC price could develop a notable local bottom to signal the end of the correction trend.

Also Read: China To Carry Out Bitcoin, Ethereum, XRP Price Inflation: Report

1) Ethereum (ETH)

Ethereum stands as a foundational pillar in the realm of blockchain technology, distinguished by its pioneering implementation of smart contracts that automate and execute agreements without the need for intermediaries.

For over a month, the Ether coin has been under correction showcasing a price from $4095 to $3065 registering 27.55%. Moreover, the formation of a new lower high at $3730 and a breakdown below the swing low of $3053 in daily charts indicate the seller’s dominance over this asset.

By the press time, the Ethereum price traded at $3070, while maintaining its market cap of $367.8 Billion.

Amid the current market correction, the renowned trader ali_charts points to a critical support zone for Ethereum set between $2,000 and $2,430. Within this range, nearly 9.37 million addresses are holding close to 53 million ETH, a concentration of holdings that may act as a pivotal area for Ethereum’s price stability.

If the downturn persists, keep an eye on the critical support zone for #Ethereum between $2,000 and $2,430. In this range, around 9.37 million addresses hold nearly 53 million $ETH. pic.twitter.com/pJBygzggOv

— Ali (@ali_charts) April 16, 2024

Also Read: Ethereum Price: ETH Key Support Level To Watch Amid Mass Selloff

2) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a meme cryptocurrency that emerged as a decentralized community-building experiment. It rapidly gained popularity as a ‘Dogecoin killer’ and distinguished itself with the creation of a dedicated ecosystem.

In the daily price chart, the Shiba Inu coin shows a steady retracement under the influence of a falling wedge pattern. The covering trendline has encapsulated the SHIB price for over six weeks and has bolstered a 60% downfall from $0.000045 to $0.0000183.

However, with current market uncertainty, this memecoin price rebounded to $0.000022 and recorded a 22% jump within three days. Furthermore, Shiba Inu’s market cap rebounded to $13 Billion, while the 24-hour trading volume is recorded at $930 Million.

The sidelined buyers must wait for an upside breakout from the wedge pattern which could bolster the asset price to challenge the overhead resistance at $0.00003285 and $0.00004.

Also Read: Shiba Inu Community Burns 774M SHIB Despite Market Crash, What’s Next?

3) Solana (SOL)

Solana (SOL) is a high-performance blockchain known for its incredibly fast transaction speeds and low costs, attributed to its unique hybrid consensus model combining Proof of History (PoH) with Proof of Stake (PoS).

The Mid-term trend in SOL price is bullish evidenced by the ascending trendline in daily time. The altcoin rebounded thrice from this dynamic support indicating a key accumulation point for investors during the market dip.

The current market correction has tumbled the SOL value from $210 to $136 registering a monthly loss of 35%. However, with a market cap of $60 billion, Solana holds its position as the fifth largest cryptocurrency asset.

With sustained selling, the SOL price may revisit the aforementioned trendline and recuperate bullish momentum. A potential rebound from this support bolsters buyers to rechallenge the $162 resistance.

Also Read: Solana Memecoins Jump 28%: Will it Sustain?

Key Takeaway

The ongoing pre-halving correction in Bitcoin is intensifying supply pressures across the cryptocurrency market. Although most major coins are experiencing significant retracements, the aggressive purchasing by BTC whales suggests a promising chance for a market rebound.

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