With the Bitcoin price making a strong intraday comeback, the Bitcoin Halving brings a bullish relief. However, the broader market sentiment shows minimal changes as the market remains under bearish influence.
After the successful Bitcoin Halving this past Friday, the blockchain reached a total of 840,000 blocks. The halving event also reduced the mining reward to 3.125 Bitcoin per block. Known for triggering bull markets, this fourth halving occurs at a challenging time for global markets.
With bulls failing to turn the dream of Bitcoin reaching $100,000 into reality, the BTC price remains at the $63,000 levels. Under such conditions, the altcoins are reflecting a minor shift in the underlying conditions.
Further, with the talks of Ethereum ETF witnessing a minor surge amidst boosting the sentiments, the bulls are preparing for another moonshot. So, let’s have a closer look at the crypto market to find out more about the upcoming trend.
Bitcoin Price Performance
Trading below the average line of 50D EMA, Bitcoin struggles to sustain dominance at the $60,000 level. As it trades at $63,817, the sharp comeback overnight comes with the Bitcoin Halving.
As it bounces from $60,000 or the 38.20% Fibonacci level, the BTC price struggles to surpass the 23.60% Fib level at $65,000. Further, the dynamic resistance of the 50D EMA is another resistance at play.
With $278 Million in liquidation on Bitcoin Halving day, the volatile move leads to pain on either side of the market, per Coinglass. Meanwhile, despite the drop to $63,000, 83% of HODLers are at profit at the current market price, with 69% of HODLers older than a year, per intotheblock.
The Broader Market Moves
With a successful Bitcoin Halving, anticipation is high for the next altcoin season. To analyze the next move in the altcoin sector fueled by Bitcoin Halving, let’s have a closer look at the past jumps.
Following the 1000+% jump in 2016 and almost 300% rise in 2020, 2024 shows strong potential to bring the next altcoin season. Fueled by the Bitcoin ETF and the highly anticipated Ethereum ETF, the altcoins might witness a remarkable surge in the coming months.
Will Cardano Hit $1 Post Bitcoin Halving?
As Bitcoin manages to bounce from $60,000, the ADA price action teases a rounding bottom reversal from $0.46. The altcoin aims to reclaim the $0.50 psychological mark and avoid the looming death cross.
With an intraday jump of 4%, Cardao is preparing a turnaround rally and might hit $0.888 by the end of April if the broader market recovers. With such potential, the altcoin is set to achieve the $1 mark in the coming future.
Conclusion
As the broader market survives the crash, the Bitcoin Halving is set to revive the underlying bullish momentum. Amidst such conditions, the altcoins are ready for a solid bull run with a boost in trend momentum. However, the global market conditions could send out supply waves if the Iran-Israel conflict grows intense.