Crypto Price Prediction 4/22: Bitcoin Above $65k Sparks Fresh Relief Rally

Crypto Price Prediction: Following the completion of the fourth Bitcoin Halving, the cryptocurrency market witnessed a fresh relief rally as Bitcoin regained its value above $65000. This upswing promotes local bottom formation for a majority of major coins and recuperates bullish momentum for the post-halving rally.

However, as Coingape mentioned in the previous analysis, the Bitcoin price often takes a few months before leading to a sustained uptrend. Thus, crypto investors may be patient and use the time to strategize their investments.

Moreover, the imminent release of the U.S. first-quarter GDP and March PCE data is under close watch, with the latter being a significant inflation indicator for the Federal Reserve. As highlighted by Wu Blockchain, there’s a high probability—96.3%—of interest rates remaining unchanged at the upcoming FOMC meeting on May 1st. Market participants are keenly awaiting these figures as they can heavily influence the Fed’s monetary policy direction.

This week the United States will release the first-quarter GDP index and the March PCE data that the Fed is concerned about. There are only 9 days until the FOMC on May 1, and the probability of keeping the current interest rate unchanged is as high as 96.3%.…

— Wu Blockchain (@WuBlockchain) April 22, 2024

Also Read: Bitcoin and Ethereum Bleed $226 Million In Outflows, CoinShares Report

1) Bitcoin (BTC)

Bitcoin (BTC)| Tradingview

Bitcoin, the original cryptocurrency, stands as the forerunner of blockchain technology. Its decentralized nature, powered by a secure and transparent ledger system, enables peer-to-peer transactions without the need for a central authority.

Over the past seven weeks, the BTC price has been trading sideways resonating within two converging trendlines of daily charts. Amid the recent halving, the coin price rebounded from the $60000 psychological support to $65790, registering a 10% upswing.

Bitcoin’s current market cap stands at $1.294 Trillion, while the 24-hour trading volume is recorded at $24.6 Billion. IntoTheBlock reports that the BTC price is at a potential support level, with 1.66 million addresses having bought at an average of $64,800. This could signify a key demand zone, providing strong support amid market dips.

Bitcoin is currently positioned right on top of a key demand zone, with 1.66 million addresses having purchased it at an average price of $64,800.

This price point could potentially act as a strong support level should the market experience further downward pressure. pic.twitter.com/MaCABIULNG

— IntoTheBlock (@intotheblock) April 22, 2024

However, for buyers to gain better confirmation on recovery they must break the triangle’s upper boundary.

Also Read: Peter Schiff Discredits Bitcoin As Digital Currency, States Post-Halving Flaws

2) Pepe Coin (PEPE)

Pepe Coin (PEPE)| Tradingview

Pepe Coin (PEPE) is a meme cryptocurrency that came to life riding on the cultural wave of Pepe the Frog, a well-known internet meme. Following the Bitcoin halving, the meme sectors have gained significant momentum evidenced by consecutive green in the daily chart.

In the past four days, the PEPE price jumped from $0.0000046 to $0.00000646 registering a 40% growth. This upswing lifted this memecoin’s market cap to $2.73 Billion maintaining its position among the top largest cryptocurrencies.

If the bullish momentum persists, the PEPE price could breach the resistance trendline of the falling channel pattern— leading current correction trend. The post-breakout rally could bolster buyers to chase a potential target of $0.0000092, followed by $0.0000108. 

3) Polkadot (DOT)

Polkadot (DOT)| Tradingview

Polkadot (DOT) is a distinctive blockchain protocol connecting multiple blockchains into one unified network, designed to be fast and scalable. It’s built to facilitate cross-chain transfers of any type of data or asset, not just tokens, which enables a high degree of interoperability—a standout feature in the blockchain ecosystem.

Amid the pre-halving consolidation, the DOT price managed to sustain above the $6 psychological level but struggled to surpass the $7.33 resistance. These horizontal levels created a narrow range that reflected uncertainty.

With a 4% surge, the Polkadot price has surpassed the resistance level, indicating a shift toward a bullish recovery trend. Polkadot is presently valued at $7.44, reflecting a market capitalization of $10.63 billion.

Sustaining this breakout will bolster buyers to challenge overhead resistances at $8.13, followed by $9.13, and $10. 

Key Takeaway

The analysis of previous halving sessions indicates the Bitcoin price tends to consolidate for a few months before initiating a stable recovery. Thus, the altcoin market may follow a similar trend reflecting no clear dominance from buyers or sellers. However, with a broader trend bullish, this sideways can offer some of the best accumulation periods for crypto investors.

The post Crypto Price Prediction 4/22: Bitcoin Above $65k Sparks Fresh Relief Rally appeared first on CoinGape.