Crypto Price Forecast for 4⁄13: Final Decline Before the Bitcoin Halving Rally?
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- BTC price may extend its short-term surge as long as the support trendline remains intact.
- A breakout in bonk price from the wedge pattern could indicate the end of the correction phase.
- The cluster of various technical levels at $7.5 presents a significant area of interest for RNDR buyers.
On Friday during US trading hours, the cryptocurrency market encountered a sudden downturn, resulting in a noticeable drop in most major digital assets. Bitcoin spot ETFs recorded a net outflow of \(55.07 million on April 12, with Grayscale’s GBTC showing a \)166 million outflow.
Bitcoin (BTC) has experienced a 4.4% decrease in the last 24 hours, settling at the current price of \(67452. Ethereum (ETH) also took a hit, plunging 7% to dip below \)3,267. Other leading altcoins like Solana (SOL) have slumped to \(150, marking a substantial 12.68% decline, while XRP fell by 11% to reach \)0.54.
Around 297,256 traders faced liquidations since yesterday, totaling approximately $936.12 million based on Coinglass data.
With the Bitcoin halving event looming, the recent market downturn is viewed as a final shakeout to eliminate weaker market participants and attract traders with stronger convictions.
1) Bitcoin (BTC)
Bitcoin’s near-term trend is currently sideways as buyers encounter resistance around \(73800. However, the support trendline acts as a barrier against significant declines. The demand pressure at this support is evident through lower wick rejection candles on the 4-hour chart, maintaining the coin price above \)67921. Bitcoin’s market cap hovers around \(1.327 Trillion, with a 24-hour trading volume of \)48.07 Billion. A potential reversal from the support level could provide the momentum for buyers to challenge the all-time high at $73800.
2) BONK
BONK, a meme coin on the Solana blockchain, is part of the dog-themed coin trend. The ongoing correction in BONK’s price may lead to the formation of a falling wedge pattern, causing a 64% drop from \(0.000048 to \)0.0000172. The current market cap of BONK is \(1.12 Billion, with a trading volume of \)226.3 Billion. To regain control, buyers need to breach the overhead resistance trendline, potentially setting the stage for a push towards the $0.0000428 target.
3) Render Network (RNDR)
Render Network (RNDR) is a blockchain platform revolutionizing GPU computing power utilization. Despite a recent market correction, RNDR’s price declined from \(13.84 to \)8.1, marking a 41.3% loss. With a market cap of \(3.098 Billion, RNDR remains among the top 40 cryptocurrencies. The current downward trend seeks support at the confluence of the ascending trendline, 100-day EMA, and 50% retracement level. A constructive pullback could empower buyers to reclaim higher levels like \)10.3 and $13.7.
Key Insights
As the Bitcoin halving event nears, the market tends to witness volatility known as pre-halving consolidation. While some investors may sell due to uncertainty, others with strong convictions view it as an opportunity to accumulate assets at discounted prices.
Disclaimer: The author’s views are personal and subject to market conditions. Conduct thorough research before investing in cryptocurrencies. The author and publication are not liable for any financial losses.
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