Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%

Crypto Price Prediction:

During the Asian trading hours on Tuesday, the Bitcoin price experienced a sudden sell-off, plummeting 3.3% to $61705. Major altcoins like Ethereum (ETH) and Solana (SOL) also declined by 5%, while XRP and Cardano (ADA) dipped 2-3%.

Recent data from Coinglass, a cryptocurrency derivatives analytics firm, indicates a sharp increase in market volatility, with 65,661 traders liquidated in the past 24 hours. The total liquidation value reached $203.81 million.

However, Santiment, a crypto analytics firm, predicts that cryptocurrency trading volumes have fallen to levels last seen in late January, signaling an uncertain market sentiment. Calls to "buy the dip" have decreased, and many traders are hesitant to move their assets, fearing they might miss a potential rally.

📉 #Cryptocurrency trading volume levels were last this low during the final week of January, and it appears that traders have entered into an indecisive sentiment cycle for trading.

The calls to #buythedip have fallen considerably, and those maintaining that #crypto is in a… pic.twitter.com/c9ZGydmvuY

— Santiment (@santimentfeed) April 30, 2024

Notably, Bitcoin's trading volume has dropped by 60-65% since its peak in late February. Santiment suggests monitoring any spikes in trading volume, which could indicate a market turnaround as we approach May.

Also Read: Bitcoin and Ethereum ETFs Are Live In Hong Kong, Will They Meet Expectations?

1) Bitcoin (BTC)

Bitcoin (BTC)| Tradingview

Bitcoin (BTC) is the pioneering cryptocurrency, operating on a decentralized network without the need for a central authority. It utilizes blockchain technology to ensure transparency and immutability of transactions.

Over the past week, BTC has experienced a significant downswing, dropping from $67200 to $61447, registering an 8.5% loss. This decline was accompanied by a surge in 24-hour trading volume to $28.19 Billion, highlighting the sellers' conviction to drive the asset lower.

At press time, Bitcoin's market cap stands at $1.21 Trillion. With sustained selling pressure, the Bitcoin price could decline by 2.5% to reach the support trendline of the symmetrical pattern at $60000.

Investors should closely monitor this pivot level as it could potentially trigger a reversal or a further decline in the coming month.

Also Read: How Will Bitcoin Price React To FOMC Meeting?

2) Cardano (ADA)

Cardano (ADA)| Tradingview