The Bitcoin halving is scheduled to occur in April, around four years after the last event. In a remarkable turn of events, BTC soared to unprecedented heights well in advance of the 2024 halving, courtesy of the green light given to Bitcoin ETFs in the United States.
The subsequent increase in investor risk appetite as a result of the ETF managed to strengthen the upward trend, enabling Bitcoin and prominent alternative cryptocurrencies such as Ethereum (SOL), Solana (SOL), XRP, and Shiba Inu (SHIB) to achieve unprecedented levels.
The price of Bitcoin reached an all-time high of $73,373, marking a significant milestone in its history. Additionally, its market capitalization soared above $1.4 trillion, setting a new record in March.
Given Bitcoin’s historical patterns following halving events, investors are expressing a keen interest in identifying promising alternative cryptocurrencies to capitalize on the current bullish market conditions.
By incorporating various cryptocurrencies such as Ethereum, Solana, PEPE, and SHIB, investment portfolios have the potential to significantly appreciate and exceed a value of $100,000 by 2024.
Ethereum (ETH)
The market downturn in mid-March presented significant purchasing prospects for large investors, but their enthusiasm appears to have diminished this week. Following a slight dip below $3,700, Ether experienced a surge in profit-taking, which hindered its upward momentum and led to an ongoing correction.
If the ascending wedge pattern is confirmed, Ethereum is likely to experience a significant decline, targeting the support areas at $3,200 and $3,000.
The Moving Average Convergence Divergence (MACD) indicator confirms the bearish outlook, indicating a potential drop from its current market value of $3,527.
On the bright side, a drop to $3,000 might not be entirely negative for investors. It could be a lucrative chance to use the Crypto Innovate Bot and increase your holdings in Ethereum, expecting a significant increase in value after bitcoin’s halving in value.
Solana (SOL)
In the latter part of March, notable instability was observed in prominent cryptocurrencies, including Solana. The price of Bitcoin experienced a significant correction, dropping to $60,000, before quickly bouncing back above $70,000 in just two weeks.
This sudden volatility has left market participants feeling uncertain about what to expect next. Nevertheless, in spite of this consolidation, the SOL price presents a chance to initiate a directional rally as a bullish pennant pattern takes shape.
In the midst of the recent market correction, the rally of the Solana coin experienced a reversal as it retreated from the $210 resistance level. This caused the price trajectory to move sideways, according to a 4-hour chart. The consolidation rebounding from two intersecting trendlines suggests the creation of a technical chart pattern known as a pennant.
This bullish continuation pattern sometimes forms a well-established uptrend, giving buyers a chance to catch their breath and regain bullish momentum. The current trading price of SOL stands at $181, experiencing a 5% intraday loss and moving toward the lower trendline of the pattern. With a staggering market capitalization of $80.5 Billion, the Solana coin continues to hold its ground as the fifth-largest cryptocurrency in the market.
Pepe Coin (PEPE)
Pepe, a widely recognized meme-inspired cryptocurrency, has recently experienced a surge in value. Due to its impressive upward movement, it has attracted the attention of both traders and investors. Nevertheless, recent advancements have indicated a rapid shift in the market’s dynamics.
The cryptocurrency has undergone a significant decline; presently, the Pepe price stands at $0.000007708. The figure shows a decrease of 6.94%, suggesting a move towards a more hostile market outlook.
As the Bitcoin halving event approaches, excitement is growing for a possible surge in the cryptocurrency market, which includes Pepe. It is anticipated that meme tokens, along with prominent cryptocurrencies in the Ethereum and Solana ecosystems, will regain their momentum after the recent market correction.
The cryptocurrency market is going through significant changes, with prominent cryptocurrencies like Bitcoin and Ethereum facing drops below their usual thresholds of $69,000 and $3,600, respectively. The current decline has resulted in heightened selling pressure, exacerbating the overall downturn in the market and impacting the broader cryptocurrency industry.
Shiba Inu (SHIB)
The Shiba Inu cryptocurrency, which has gained popularity as a meme, has experienced a recovery after finding support at $0.000024. This comes after two weeks of correction from its previous high of $0.0000458.
The impressive transformation boosted the value of the asset by 30% within a week, resulting in its current trading price of $0.00003. The resurgence in the broader market has probably impacted the reversal of Shiba Inu’s price, with a target of $0.000045 if buyers can sustain their current momentum.
The recent surge in the cryptocurrency market, which propelled the Bitcoin price from $60000 to $70000, had a significant impact on the meme coins sector. The leading representatives of this asset class, Dogecoin, Shiba Inu, PEPE, and FLOKI, demonstrated significant increases this week, indicating a revived sense of optimism among traders.
The price of Shiba Inu reached its lowest point during the correction phase at $0.00002388 before rebounding and climbing back up to the $0.00003 level. The surge in SHIB price is expected to be amplified after the announcement of its listing on Bitcoin.com.au, a prominent cryptocurrency exchange in Australia.
This advancement is anticipated to expand SHIB’s range of investors and liquidity in Australia, potentially enhancing its adoption and market worth.
Experiencing a decline of 2.4% within the day, the SHIB price is now approaching the lower support trendline of the pattern. If history follows its pattern, there is a possibility that the coin’s price will rebound from the increasing support level.
This rebound could potentially lead to a 16% surge, pushing the price towards the resistance level of $0.0000345 and then potentially aiming for $0.000038.