Bull Alert for the Altcoin Market: How Will the Bitcoin Halving Affect?

0

The Bitcoin halving event is very important in many ways. It is set to support the price of BTC in the long term while keeping the element of scarcity intact. However, many investors are worried about the Bitcoin halving event. altcoin A movement is expected in the market.

As Koinfinans.com reported, the halving event is eagerly awaited by the cryptocurrency market for many reasons.

Ethereum

Historically, Bitcoin halving events are known to have a significant impact on other altcoins. While BTC may notice slight price fluctuations that may skyrocket or drop shortly after the halving, Ethereum, on the other hand, is ahead at that moment. may come out.

Ethereum may experience a significant price increase with increased user activity and interest. According to CoinCodex, Ethereum is expected to gain 2% in value by the end of April 2024.

According to current Ethereum price predictions, Ethereum is projected to rise by 2.12% to $3,619.40 by May 1, 2024. According to technical indicators, while sentiment is increasing, the Fear and Greed Index stands at 79 (extreme greed). Ethereum has recorded 17/30 (57%) green days with a price volatility of 5.86% in the last 30 days.

The overall year predictions for Ethereum are quite positive and indicate that ETH will receive the support it much needs. Ethereum is estimated to trade between $3,544.26 and $6,647.98. If it reaches the upper price target, ETH could rise by 87.56% to $6,647.98.

Litecoin

Litecoin stands out as another altcoin that can gain significant momentum in the market after Bitcoin’s halving. Litecoin is known as the other half of Bitcoin due to the striking design similarities the blockchains share. Similar to Bitcoin, Litecoin also goes through halving events to keep the supply chain balance in place.

According to CoinCodex, Litecoin could gain 5% in value by the end of April 2024.

According to current Litecoin price predictions, Litecoin is projected to increase by 5.16% to reach $115.99 by May 1, 2024. According to technical indicators, when the market is in an upward trend, the Fear and Greed Index is at 79 (extreme greed). Over the last 30 days, Litecoin has recorded 18/30 (60%) upside days with a price volatility of 6.59%.

Similarly, the platform predicts that the altcoin price could gain up to 20% around $125 by 2024.

Litecoin is estimated to trade between $107.51 and $235.71. If it reaches the upper price target, LTC could rise by 125.21% to $235.71.

The Last Altcoin on the List is Cardano

One of the leading cryptocurrencies Cardano, has recently witnessed a quiet influx and interest of users. The altcoin has been steadily climbing the ladder as it develops solid projects that can help the blockchain thrive in the long run.

Cardano shows great promise in many aspects. Factors such as various blockchain uses, TVL and DeFi metrics have shown significant gains this bull season, making it a reliable coin for investors.

According to CoinCodex, Cardano could grow by 4% by April 2024.

According to current Cardano price predictions, Cardano is expected to rise by 4.36% to reach $0.676208 on May 1, 2024. According to technical indicators, market sentiment remains neutral, with the Fear & Greed Index at 79 (extreme greed). Over the last 30 days, Cardano has recorded 16/30 (53%) upside days with a price volatility of 7.25%.

Likewise, the platform predicts that ADA will exceed $2 by the end of 2024.

Cardano is estimated to trade between $0.593887 and $2.60. If it reaches its upper price target, ADA could rise 311.98% to $2.60.


source site-6