Cryptocurrency Market Update: Will Bitcoin hit $20,000 post-halving? Ethereum and Ripple ready for lift-off
- Bitcoin price struggles to stay above $6,800 support following a rejection from weekly highs close to $7,300.
- Ethereum and Ripple tackled key resistance levels at $150 and $0.18 respectively.
- Bitcoin halving in May predicted to have a positive impact on the price; BTC/USD could rise to the all-time high.
The cryptocurrency market is recovering, although gradually. The crash on March 12 saw market capitalization sink to $144 billion. At the time of writing, the market cap has clocked $190 billion and could soon hit $200 billion.
BTC/USD recovery has also been steady except for the extreme volatility encountered several days following the crash. Bitcoin price on Thursday stepped above $7,000. The bullish wave extended the leg upwards, testing $7,300. Bitcoin dominance in the market has begun to rise again due to the recovery witnessed this week. CoinMarketCap shows Bitcoin taking up 65.3% of the entire digital market capitalization, precisely at $145 billion.
At the time of writing, Bitcoin price is exchanging hands at $6,800. The coin is slightly in the red considering it opened the session on Friday at $6,802. The existing trend is bearish and the volatility low.
ETH/USD is holding the ground above $142. This follows a retreat from highs posted on Thursday at $150. The level at $140 (former resistance) is coming up as incredible support. Buyers are currently focused on beating the resistance at $150 in readiness for a rally to $170.
Read more: Ethereum Price Prediction: ETH/USD focus shifts $160 despite resistance at $150– Confluence Detector
XRP/USD was not left behind during the broad-based lift-off. The price not only climbed above the resistance at $0.18 but also rallied to weekly highs at $0.1878. Unfortunately, the bullish momentum lost steam, instead, a slide under $0.18 took place. Meanwhile, Ripple is trading at $0.1794 and is up 0.48% on the day amid a building bearish grip.
Read more: Ripple Price Analysis: XRP/USD prints a bearish pattern despite run-up to $0.18
Bitcoin price will eventually hit all-time highs post halving
The co-founder of Morgan Creek Digital, Jason Williams told his followers on Twitter that Bitcoin price is likely to go down henceforth into the May halving. On the brighter side, Williams believes that post having (during summer) the price will rise to hit the all-time high around $20,000 in September.
The world is trading #bitcoin 24 hours a day. 7 days a week.
— JWilliamsFstmed (@JWilliamsFstmed) April 2, 2020
New ATH coming in Sept of this year IMO. pic.twitter.com/X2mygZMVkV
Bitcoin halving refers to the reduction in mining reward every four years (after every 210,000 blocks). Currently, miners get 12.5 BTC for every BTC block mined. Following halving, the reward will be slashed by half to 6.25 BTC. This will greatly impact the supply of Bitcoin and if demand remains high, it could eventually lead to a surge in the price of the coin. Past halving events have seen Bitcoin rally and in spite of the recent crash, experts believe that this year’s halving will have a positive impact on Bitcoin.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
