Bitcoin halving is due in April approximately four years from the previous event. Unlike other similar events, BTC hit a new all-time high several weeks before the 2024 halving, thanks to the approval of Bitcoin ETFs in the US. The Subsequent escalation in investor risk appetite due to the ETF managed to bolster the uptrend, allowing Bitcoin and major altcoins like Ethereum (SOL), Solana (SOL), XRP, Shiba Inu (SHIB) to reach new heights.
Bitcoin price peaked at $73,373 for the first time in history while its market capitalization hit a new record high above $1.4 trillion in March.
However, increased profit-taking activities triggered a considerable sell-off causing BTC price to drop to $60,000 in the previous week. By the time of writing, Bitcoin had regained ground significantly but still struggled with resistance at $70,000.
Based on the performance of Bitcoin after past halving, investors are concerned about finding top altcoins to buy to make the most out of the bull market. With some leading tokens like Ethereum, Solana, PEPE, and SHIB, portfolios could easily grow to be worth more than $100,000 in 2024.
1. Ethereum (ETH)
The sell-off around mid-March ignited immense buying opportunities among whales, but that interest seems to have withered this week. After peaking marginally below $3,700 a new wave of profit-taking engulfed Ether, dampening the uptrend while cultivating an ongoing correction.
Should the rising wedge pattern confirm, Ethereum will trigger another major sell-off pointing to $3,200 and $3,000 support areas, respectively.
The Moving Average Convergence Divergence (MACD) indicator affirms the bearish outlook, signaling a further decline from its current market value of $3,527.
A sell-off to $3,000 may, however, not be all bad news as investors can take advantage of the opportunity to buy more into Ethereum anticipating a major parabolic rally after the Bitcoin halving.
2. Solana (SOL)
The second half of March saw significant volatility across major cryptocurrencies, including Solana. The Bitcoin price corrected sharply to $60,000, only to rebound above $70,000 within a fortnight, contributing to a sense of unpredictability among market participants. However, despite this consolidation, the SOL price displays an opportunity to drive a directional rally with the formation of a bullish pennant pattern.
Amid the recent market correction, the Solana coin rally reverted from the $210 barrier, shifting the price trajectory sideways in a 4-hour chart. The consolidation bouncing off two converging trendlines indicates the formation of a technical chart pattern called a pennant.
This bullish continuation pattern occasionally develops in an established uptrend to provide buyers a breather to recuperate bullish momentum. The SOL price currently trades at $181 and with an intraday loss of 5% it’s heading to the pattern’s lower trendline. With a market cap of $80.5 Billion, the Solana coin sustains its position as the fifth-largest cryptocurrency.
3. Pepe Coin (PEPE)
Pepe, a popular meme-based cryptocurrency, has recently seen a bullish trend, captivating traders and investors alike with its upward trajectory. However, the latest developments have shown a swift change in the market’s dynamics.
The cryptocurrency has experienced a notable pullback; currently, Pepe price is at $0.000007708. This represents a decline of 6.94%, indicating a shift towards bearish market sentiment.
With the Bitcoin halving event on the horizon, anticipation is building for a potential uplift across the crypto spectrum, including Pepe. The expectation is that meme tokens, alongside major cryptocurrencies within the Ethereum and Solana ecosystems, will regain momentum following the recent market correction.
The cryptocurrency market is undergoing considerable adjustments, with major players like Bitcoin and Ethereum experiencing declines below their respective benchmarks of $69,000 and $3,600. This downturn has led to increased selling pressure, further deepening the market’s overall slump and affecting the broader cryptocurrency landscape.
4. Shiba Inu (SHIB)
Shiba Inu, the popular canine meme cryptocurrency, rebounded from $0.000024 support, following a two-week correction from $0.0000458 high. The positive turnaround propelled the asset value 30% in a week, to currently trade at $0.00003. The renewed recovery in the broader market has likely influenced this Shiba Inu price reversal, aiming for $0.000045 if buyers maintain their momentum.
The recent upswing in the cryptocurrency market, which brought the Bitcoin price from $60000 to $70000, had a considerable effect on the meme coins sector. The prominent tokens of this assets class, Dogecoin, Shiba Inu, PEPE, and FLOKI, showcased double-digit gains this week, reflecting a renewed recovery sentiment among traders.
The Shiba Inu price bottomed its correction trend at $0.00002388, before rising back to the $0.00003 mark. The SHIB price rally is likely intensified following the listing announcement on Bitcoin.com.au, a major Australian crypto exchange. This development is expected to broaden SHIB’s investor base and liquidity in Australia, potentially boosting its adoption and market value.
With an intraday loss of 2.4%, the SHIB price is heading back to the pattern’s lower support trendline. If history repeats, the coin price might bounce off the rising support, aiming for a 16% increase to reach the $0.0000345 resistance, and subsequently target $0.000038.
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