#BitCoin is on a verge of getting rejected by its main suppo | Crypto Stalkers on Binance Square

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#BitCoin is on a verge of getting rejected by its main support in 22k'ish what do you guys think? #pumpanddump is it a bear trap?🫡
#Binance #dyor #BtcUpdate

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Bitcoin halving anticipation causing crypto market recovery: After Bitcoin's price briefly broke past $72,000 for the first time in April, several altcoins posted gains, breaking out of the general crypto market stalemate. For example, Ethereum (ETH), XRP, Toncoin (TON), Cardano (ADA), and Avalanche (AVAX) are all up 8.4%, 4.8%, 17.7%, 4.7% and 3.1%, in the past twenty-four hours, respectively. The recent price surge comes off growing anticipation for the fourth Bitcoin halving, which is eleven days away. The Bitcoin halving, which will reduce the inflationary rate of Bitcoin by 50%, will see miners facing a depletion in mining rewards. After every halving event, Bitcoin usually records substantial price increases. Due to its high correlation with other assets in the crypto market, several altcoins also follow suit and see significant price growth. Data from CoinGecko shows that Bitcoin and altcoins' prices usually grow to new highs after halving events. Hence, Monday's buying spree in Bitcoin and altcoins may represent investors' preparation for another potential post-halving bull run. This coincides with a recent prediction by Ripple CEO Brad Garlinghouse, who expects the crypto market to double in size to $5 trillion by the end of the year. However, Glassnode and Coinbase analysts have said that the halving effect may already be priced into Bitcoin as the largest digital asset broke its previous all-time high for the first time before a halving event.

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Bitcoin, Ethereum, and Ripple Price Predictions: Bitcoin's Price Outlook: With the BTC halving approaching in two weeks, there's a potential buying opportunity as Bitcoin may retest the supply zone between $58,375 and $65,518. BTC is currently overbought, indicated by the falling Relative Strength Index (RSI) and decreasing histogram bars on the Awesome Oscillator (AO). While consolidation around $69,000 on the weekly timeframe suggests a pullback before a bullish breakthrough, a close above $69,000 could signal further upward movement towards $73,777 or even $75,000. Ethereum's Potential Move to $4,000: Ethereum (ETH) maintains its position above the ascending parallel channel and trendline, aiming for the $4,000 psychological level. However, this target depends on Bitcoin's ability to reclaim ground above $69,000. XRP's Outlook at $0.5000: Ripple (XRP) might decline further towards the psychological level of $0.5000 if it closes below $0.5783. The RSI below 50, negative MACD, and bearish AO histogram indicate a bearish sentiment, suggesting potential exits by XRP holders to avoid losses.

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