Bitcoin (BTC) reached a new low of $65,000 on April 12, indicating that the bears are still active. However, this hasn’t stopped Bitcoin whales from continuing to buy, especially with the Bitcoin halving just around the corner. According to crypto analytics firm CryptoQuant, demand from Bitcoin whales has exceeded the supply of new Bitcoin for the first time ever. This, along with inflows into Bitcoin exchange-traded funds, could potentially drive the price of Bitcoin higher.
VanEck CEO Jan van Eck mentioned in an interview with Cointelegraph that 90% of the inflows into Bitcoin ETFs are coming from retail investors. He expects institutional investments from banks and traditional firms to start coming in as early as next month.
Renowned venture capitalist Tim Draper expressed in an interview with Cointelegraph that Bitcoin remains a secure investment against inflation. Draper predicts that Bitcoin could surge to $250,000 by the end of the year.
Now, let’s analyze the charts of the top 10 cryptocurrencies to see if Bitcoin will challenge its all-time high or enter a corrective phase in the coming days.
Bitcoin Price Analysis:
On April 10, the bulls managed to push Bitcoin back above the downtrend line, but they were unable to 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 remains below the 50-day simple moving average, the BTC/USDT pair could start a deeper correction to $60,000 and eventually to the 61.8% Fibonacci retracement level of $54,298. However, this negative view will be invalidated if the price turns up from the current level and breaks above $73,777.
Ether Price Analysis:
Ether (ETH) has been trading within a range of $3,056 to $3,679, indicating a balance between supply and demand. The price could drop to the strong support at $3,056, where the bulls are likely to step in. If the ETH/USDT pair rebounds off this level with strength, it suggests that the range-bound action may continue for a while. On the other hand, if the price continues to decline and falls below $3,056, it will signal the start of a deeper correction towards $2,717. The bulls will need to push the price above $3,679 to regain control.
BNB Price Analysis:
BNB closed above the 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 bears aggressively defended the overhead resistance at $645, which resulted in a long wick on the candlestick. If the bears manage to pull the price back into the triangle, it could sink to the uptrend line of the triangle. On the other hand, if the price turns up from the current level, it suggests that the bulls continue to buy on dips, increasing the likelihood of a rally above $645.
Solana Price Analysis:
Solana bounced off the $162 support on April 10 but failed to rise above the 20-day EMA, indicating selling pressure on rallies. If the price breaks below $162, it will complete a bearish double-top pattern, leading to a deeper correction towards the next major support at $126. However, if the price rebounds off $162 and rises above the 20-day EMA, it suggests that the SOL/USDT pair may extend its consolidation for a few more days. The next leg of the uptrend could begin after buyers clear the overhead hurdle at $205.
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 XRP/USDT pair could swing between $0.56 and $0.69 for a few more days. The longer the pair stays within this range, the greater the breakout potential. If buyers push the price above $0.69, the pair could surge to the overhead resistance of $0.74. Conversely, a drop below $0.56 could pull the price to $0.48.
Dogecoin Price Analysis:
Dogecoin has been trading above the breakout level of $0.19, indicating that the bulls are attempting to turn this level into support. The gradually upsloping 20-day EMA and the positive RSI suggest a slight advantage for buyers. The DOGE/USDT pair could rise to $0.21, and a retest of $0.23 is possible if the bulls continue to hold the support level. However, if the bears manage to sink the price below the 20-day EMA, the pair may slide to the 50-day SMA, which is an important level to watch. A break below this support could open the doors for a possible fall to $0.12.
Toncoin Price Analysis:
Toncoin broke and closed above the ascending channel pattern on April 11, but the bulls couldn’t maintain the momentum. The bears are attempting to pull the price back into the channel, potentially trapping some aggressive bulls. This could push the price down to $6.29 and then to the support line of the channel. On the other hand, if the price turns up from the current level and rises above $7.67, it indicates that every minor dip is being bought. This enhances the prospects of a rally to $8.56 and then $10.
Cardano Price Analysis:
The bulls couldn’t build upon the rebound off $0.57 on April 10, indicating a lack of demand at higher levels. The bears pulled Cardano below $0.57 on April 12, completing a bearish head-and-shoulders pattern if the price closes below this level. The downsloping 20-day EMA and the negative RSI suggest that the path of least resistance is to the downside. The ADA/USDT pair could tumble towards the next major support at $0.46. This negative view will be invalidated if the price turns up and breaks above the 20-day EMA, which could lead to a jump to $0.68.
Avalanche Price Analysis:
Avalanche has been trading below the moving averages, and the bears are attempting to strengthen their position by pulling the price to $42. Buyers are expected to fiercely defend this level, as a failure to do so could lead to a deeper correction towards $35. On the upside, a break above the downtrend line would be the first sign of strength, and the pair may gain momentum after crossing the $50 hurdle. The rally could reach $60 and then $65.
Shiba Inu Price Analysis:
Shiba Inu has been hovering around the 20-day EMA for the past few days, indicating a balance between buyers and sellers. A break and close above the downtrend line suggests that the bulls are attempting to start an upward move. If the price crosses the minor resistance at $0.000033, it could rise to $0.000039. However, if the price falls below the 61.8% Fibonacci retracement level of $0.000023, it indicates that bears have gained control, and the pair may tumble to $0.000017.
Please note that this article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.