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Bitcoin markets witnessed a strong March performance, but now, as BTC price dips ahead of the upcoming Bitcoin Halving event on April 20, analysts are predicting that meme coins will continue to explode in April.
The April market open has so far seen Bitcoin facing strong headwinds as it continues to trend lower, leaving holders struggling to peel back recent losses.
Interestingly, the coin is slumping ahead of the highly anticipated halving event set for around 24 hours before Dogecoin20 launches on Doge Day.
This is not necessarily the most unusual aspect of Bitcoin price action, which has been known to undertake a pre-halving dip in the past, the thing that has really spooked markets is BTC’s first ever all-time high pre-Halving event.
BTC Price Analysis: Bitcoin Falls Into April – Markets Price In Pre-Halving Dip
Even as Bitcoin stumbles, some analysts are bullish, expecting the coin to bounce back and ease past immediate liquidation levels.
Yet, so far this April, BTC price is down roughly -11% from all-time highs of $73,800, however, with price action still trending above $60,000 – bullish undercurrent remains.
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The 20DMA remains a key level to watch, with price action in an ongoing battle to remain above this vital support level – a major divergence below the 20DMA could signal a big downtick in the chart.
Furthermore, with price action trapped inside the April 2 bear bar, and the crypto community being increasingly cautious, participation remains suppressed. Correspondently, the average trading volume in the past 24 hours is down -19% to around $29 billion.
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Trading volume will only change if BTC prices entice fresh capital to fuel a move above $72,000, or, if bulls lose their grip triggering a dump below the support zone between $60,000 to $62,000.
Some analysts believe the dip is partly due to mining firms dumping before halving, and the theory suggests these institutions are selling Bitcoin at higher prices with the intention of repurchasing it at a lower price point after the halving.
While this short-term selling may be causing a dip, there’s a sense of underlying confidence in the long-term trajectory of Bitcoin, especially as it is not unusual for BTC price to dip before the Halving event.
Bitcoin Price In Q2: Network Security Concerns Vs. Post-Halving Rally Hopes
Besides price speculations, there are still lingering concerns surrounding the potential security of the Bitcoin network security linger after halving.
The concerns stem from the idea that some miners might be forced to shut down inefficient rigs (made unprofitable by the cut in block rewards) as part of restructuring following the impending revenue decrease.
As a consequence, market analysts fear a temporarily reduced hash rate, decreasing the decentralization of the network further, and inducing increased risk of a black swan 51% attack.
However, analysts also predict a BTC price recovery driven by increased demand post-halving, potentially pushing Bitcoin to new all-time highs.
Dogecoin20 Heads For CEX Listing – Next Opportuntiy To Ride The Bitcoin Wave?
This potential Bitcoin rally could trigger a surge in altcoins, especially meme coins, which have played host to major pumps in recent weeks – minting more crypto millionaires than any other vertical in the sapce.
Interest is now gravitating towards exciting upcoming meme coin opportunities like Dogecoin20, which have amassed insatiable hype amid as they head for major price catalyst events.
Launching on April 20, a significant day for Dogecoin itself, Dogecoin20 has already garnered considerable interest – accelerating to raise over $10 million in its jaw dropping presale.
Now heading for its launch on tier 1 CEX markets, DOGECOIN20 has emerged as a retail investor favorite to make serious gains in April 2024.
The Bitcoin halving, potential price recovery, and a strategically timed launch could position Dogecoin20 for a wild ride in the coming weeks – so don’t miss your early-bird chance to get in ahead of CEX launch.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
