Bitcoin (BTC) experienced a dip to a new low of $65,000 on April 12, indicating that bearish sentiment still persists. However, this hasn’t deterred Bitcoin whales from continuing to purchase the cryptocurrency, especially with the Bitcoin halving event just eight days away.
According to CryptoQuant, a crypto analytics firm, demand from Bitcoin whales has exceeded the supply of new Bitcoin for the first time in history. This increased demand, along with inflows into Bitcoin exchange-traded funds, could potentially drive the price of Bitcoin higher.
Jan van Eck, the CEO of VanEck, stated in an interview with Cointelegraph that 90% of the inflows into Bitcoin ETFs have come from retail investors. He anticipates that institutional investments from banks and traditional firms will start trickling in from next month.
Renowned venture capitalist Tim Draper also expressed his optimism about Bitcoin’s future. In an interview with Cointelegraph, he referred to Bitcoin as a “place of great security” against inflation and predicted that its price could surge to $250,000 by the end of the year.
The question remains: Will Bitcoin reach its all-time high or enter a corrective phase in the coming days? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis:
On April 10, the bulls managed to push Bitcoin back above the downtrend line. However, they couldn’t sustain the higher levels, indicating that every minor rally is being sold into. The 20-day exponential moving average is flattening out, and the relative strength index is near the midpoint, suggesting that the bulls are losing their grip. If the price slides and maintains below the 50-day simple moving average, a deeper correction to $60,000 and eventually to the 61.8% Fibonacci retracement level is possible. This negative view will be invalidated if the price turns up from the current level and breaks above a certain resistance level.
Ether Price Analysis:
Ether (ETH) has been trading within a range between $3,056 and $3,679, indicating a balance between supply and demand. If the price drops to the strong support at $3,056 and rebounds with strength, it suggests that the range-bound action may continue. On the contrary, if the price continues lower and falls below $3,056, a deeper correction toward $2,717 could occur. To regain control, the bulls will have to push the price above a certain resistance level.
BNB Price Analysis:
BNB closed above a symmetrical triangle on April 10, and the bulls successfully defended attempts by the bears to pull the price back into the triangle on April 11. However, the long wick on the candlestick indicates aggressive resistance by the bears at a certain level. If the price turns up from the current level, it suggests that bulls continue to buy on dips, increasing the likelihood of a rally. On the other hand, if the price is pulled back into the triangle, it could sink to the uptrend line.
Solana Price Analysis:
Solana bounced off a support level on April 10 but failed to rise above the 20-day exponential moving average, suggesting selling on rallies. If the price continues lower and breaks below a certain level, it will complete a bearish double-top pattern and start a deeper correction. Alternatively, if the price rebounds off the support level and rises above the 20-day EMA, it suggests that the consolidation phase may continue for a few more days.
XRP Price Analysis:
XRP has been trading near the moving averages, indicating uncertainty about the next directional move. Both moving averages have flattened out, and the RSI is near the midpoint, suggesting a consolidation in the near term. The longer the time spent inside the range, the greater the breakout from it. If buyers push the price above a certain level, the pair could surge to the overhead resistance. On the downside, a drop below a certain level could lead to a further decline in price.
Dogecoin Price Analysis:
Dogecoin has been trading above a breakout level, indicating that the bulls are trying to establish it as support. The 20-day EMA and the RSI in positive territory indicate a slight advantage to buyers. The price could rise above certain levels, but the bears are likely to attempt to sink it below the 20-day EMA. If they succeed, a decline to the 50-day SMA could occur.
Toncoin Price Analysis:
Toncoin broke above an ascending channel pattern but couldn’t maintain the momentum. The bears are attempting to pull the price back into the channel, which could trap some aggressive bulls. On the other hand, if the price turns up and rises above a certain level, it indicates that every minor dip is being purchased, enhancing the prospects of a rally.
Cardano Price Analysis:
Cardano experienced a rebound on April 10 but couldn’t build upon it, suggesting a lack of demand at higher levels. The bears pulled the price below a certain level, completing a bearish head-and-shoulders pattern. The downsloping 20-day EMA and the RSI in negative territory indicate a downside trend, with a potential drop to the next major support level.
Avalanche Price Analysis:
Avalanche has been trading below the moving averages, with the bears attempting to pull the price lower. Buyers are expected to fiercely protect a certain level, as a failure to do so could trigger a deeper correction. On the upside, a break above the downtrend line would indicate strength and could lead to a rally.
Shiba Inu Price Analysis:
Shiba Inu has been hovering around the 20-day EMA, indicating a balance between buyers and sellers. A break above a certain level suggests an upward move, while a drop below a Fibonacci retracement level would indicate bearish control.
Please note that this article does not provide investment advice or recommendations. It’s important for readers to conduct their own research and make informed decisions when it comes to investments and trading.