Crypto Price Prediction: On April 24th, the cryptocurrency market witnessed a sudden sell-off which plunged the BTC price to $63300. This downtick could be attributed to the renewed conflict in the Middle East and a notable outflow in Spot Bitcoin ETFs.

Yesterday, the Spot BTC ETF recorded a total net outflow of $121 million. Grayscale’s GBTC ETF saw a substantial outflow of $130 million in a day, in sharp contrast to Fidelity’s ETF FBTC, which attracted a net inflow of $5.61 million, while the ARKB ETF by Ark Invest and 21Shares drew $4.17 million.

According to SoSoValue, yesterday the total net outflows for Bitcoin spot ETFs were $121 million.

Grayscale’s ETF GBTC had a net outflow of $130 million in one day; the Bitcoin spot ETF with the highest net inflow was Fidelity’s ETF FBTC, with a net inflow of $5.61 million in a… pic.twitter.com/C8cc1gT2ei

— Wu Blockchain (@WuBlockchain) April 25, 2024

In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) showcased around 4% loss, while other top altcoins like Solana (SOL), Toncoin (TON), and Dogecoin (DOGE), registered around 8% dip.

However, the market participants perceive this dip as a post-halving correction which could provide pullback opportunities to investors and stabilize the crypto market for the potential rally.

Also Read: Breaking: US SEC To Deny Spot Ethereum ETFs – Reuters

1) Ethereum (ETH)

Ethereum (ETH)| Tradingview

Ethereum is a decentralized, open-source blockchain system featuring smart contract functionality. With a market cap of $376.2 Billion, Ether stands as the second largest cryptocurrency, just below Bitcoin.

Amid the recent Bitcoin halving, the ETH price rebounded from $2850 support last weekend and surged 15% to test $3300. However, the lack of momentum kept recovery limited evidenced by the ETH price struggle to break overhead resistance.

However, the on-chain data tracker Lookonchain flagged a large-scale Ethereum transaction by an address, possibly linked to Justin Sun, who withdrew 7,128 ETH ($22.34M) from Binance. This move comes after the address amassed 154,570 ETH ($492.23M) since April 8, amid the current market correction, indicating a strategic acquisition amidst lower prices and anticipation of a bullish reversal.

Update:

0x4359 (possibly #JustinSun) withdrew 7,128 $ETH($22.34M) from #Binance again 7 hours ago and he had bought 154,570 $ETH($492.23M) at $3,177 since Apr 8.https://t.co/UYhZurPwcf pic.twitter.com/PGuYggfagL

— Lookonchain (@lookonchain) April 25, 2024

Thus, a renewed recovery sentiment toward Ether could allow buyers to give a bullish breakout from the falling wedge patterns, signaling the end of the correction period.

Also Read: Ethereum Co-founder Vitalik Buterin Criticizes Misuse of “ZK” in ZKasino Scandal

2) Shiba Inu (SHIB)

Shiba Inu (SHIB)| Tradingview

Shiba Inu (SHIB) is a decentralized meme token that has evolved into a vibrant ecosystem. Gaining popularity as a Dogecoin alternative, SHIB stands out with its own decentralized exchange, ShibaSwap, and plans to expand into an NFT market and gaming.

Amid the recent market sell-off, the Shiba Inu price reverted from $0.0000282 and plunged 13% to trade at $0.0000247. In the daily chart, this downswing showed another lower-higher formation indicating the correction trend is active and traders continue to sell off bullish bounces.

By the press time, the SHIB coin stands at a market cap of $14.5 Billion, while the 24-hour trading volume is at $875 Million.

If the selling pressure, the memecoin could breach the $0.0000238 support and seek support at $0.0000185.

Also Read: Shiba Inu Coin: SHIB Burn Spikes 2200% Igniting Bullish Sentiments, $0.000036 Ahead?

3) Hedera (HBAR)

Hedera (HBAR)| Tradingview

Hedera (HBAR) is a public network that uses hashgraph consensus, a faster alternative to blockchain, aiming for high throughput, minimal fees, and low latency. 

In the last two days, the HBAR price has witnessed a heavy outflow resulting in a sharp price drop from $0.182 to $0.133 accounting for a 37.6% fall. The current market cap of Hedera coin stands at $4.081 Billion maintaining its position as the 25th largest cryptocurrency.

The falling price is poised to test the physiological level of $0.1 seeking suitable support to revert the price higher. This support coinciding with multiple technical levels indicates a higher potential for buyers to counterattack.

Also Read: Breaking: Hedera and Archax Enable First Tokenized BlackRock MMF Shares

Key Takeaway

The cryptocurrency market is likely witnessing a post-halving correction— a period known to trigger a final dip in digital assets before triggering the anticipated rally. This pullback could remove the weak hands from the market and stabilize the asset to recuperate bullish momentum.

The post Crypto Price Prediction 4/25: Did Post-Halving Correction Push BTC Below $64K? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am