Bitcoin Hits Low But Holds Investor Interest; Other Cryptocurrencies Show Varied Trends
Summary:
Bitcoin hit a new low at $65,000 on April 12, but the upcoming Bitcoin halving has maintained buying interest. Crypto analytics firm CryptoQuant reported an all-time high demand from Bitcoin whales. Additionally, 90% of the Bitcoin ETF inflows are from retail, and institutional investments are expected from next month, according to VanEck CEO. Renowned venture capitalist Tim Draper reasserts Bitcoin as an inflation safeguard and predicts its value to increase to $250,000 by year-end. Other cryptocurrencies, including Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche and Shiba Inu, showcased varied performance trends.
On April 12th, Bitcoin (BTC) marked a fresh low point, reaching just $65,000, showing that the bearish sentiment hasn't fully retreated. However, this hasn't slowed the rate of Bitcoin whales buying up the cryptocurrency, especially with the Bitcoin halving only eight days away. Crypto analytics company CryptoQuant reported that for the first time in history, the demand from Bitcoin whales has exceeded the supply of new Bitcoins. With an increase in demand from whales and Bitcoin's inflows into exchange-traded funds, Bitcoin's value could rise.
Jan van Eck, VanEck's CEO, told Cointelegraph in an interview that retail has accounted for 90% of the inflows into Bitcoin ETFs. He predicts that traditional firms and banks will begin investing from next month. Well-known venture capitalist Tim Draper stated in a Cointelegraph interview that Bitcoin is a "safe haven" against inflation. Draper forecasts an increase in Bitcoin's value to $250,000 by year end.
A look at the charts of the top ten cryptocurrencies gives us an idea of what to expect from Bitcoin. Will it challenge its all-time high or will we see a corrective phase in the coming days?
Bitcoin's future seemed a little more positive after bulls pushed Bitcoin back above the downtrend line on April 10. However, this was short-lived, and the inability to sustain higher levels shows the selling pressure on every minor rally. As Bitcoin's price is hovering below the 50-day simple moving average, a deeper correction to $60,000 could be on the cards.
Ether's (ETH) value has been stable, trading within the $3,056 to $3,679 range over the past few days, showing equilibrium between supply and demand. If this equilibrium is disturbed, the value could drop drastically or equally rise exponentially.
BNB closed above the symmetrical triangle on April 10. However, the long wick on the candlestick shows that an overhead resistance at $645 is keeping the price from rising. The future of the cryptocurrency will depend on whether the price turns up from the current level.
Solana (SOL) struggled to rise above the 20-day EMA after bouncing back from the $162 support proving that the bearish double-top pattern is still in effect.
XRP has been floating near the moving averages expressing uncertainty about its future course. Dogecoin (DOGE) on the other hand is performing better than the rest and has been trading above the breakout level of $0.19.
Toncoin (TON) broke and closed above the ascending channel pattern on April 11 but failed to maintain the momentum on April. The bulls will have their work cut out as bears are trying to pull the price back into the channel.
The bears also had their way with Cardano (ADA) when it dropped below $0.57 on April 12. The bearish head-and-shoulders pattern set the scene for the ADA/USDT pair to tumble toward major support at $0.46.
In terms of Avalanche (AVAX), it's trading below the moving averages, and the bears are trying to gain the upper hand by pulling the price down to $42. If they succeed, a deeper correction for AVAX/USDT could ensue.
Shiba Inu (SHIB) has remained steady around the 20-day EMA over the past few days. Any upward or downward change will depend on whether the price can get past the downtrend line.
Published At
4/12/2024 10:19:05 PM
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