Crypto Price Prediction: Key Altcoins to Watch as Bitcoin Heading to $60K

Crypto Price Prediction

The cryptocurrency market has experienced a significant downturn this week, following the Post-halving correction in Bitcoin. This supply pressure could be attributed to renewed geopolitical tensions in the Middle East and notable outflow in Spot BTC ETFS. From its upswing of $67250, the BTC price plunged 6.6% to currently trade at $62751.

Wu Blockchain reports a significant decrease in Bitcoin volatility, with levels compressing from 70% to 50%, and a deepening in Ethereum risk reversals to -13%. These changes may reflect market concerns over delays in the US SEC's approval of an ETH spot ETF.

QCP

This week saw BTC vols drastically compress from 70% to 50%. The downside skew in ETH risk reversals have also deepened to -13% in the front-end, possibly in anticipation of further delays in the US SECs approval of ETH spot ETF. There is a potentially positive catalyst next...

— Wu Blockchain (@WuBlockchain) April 27, 2024

On a brighter note, the launch of BTC and ETH spot ETFs in Hong Kong could act as a catalyst, signaling the growing interest of Asian institutional investors in the crypto market. Next week's upcoming event could be a critical gateway for the influx of Asian institutional capital into the crypto space.

Also Read: Best Time To Buy Longs In Bitcoin (BTC) and Ethereum (ETH): QCP Capital

1) Ethereum (ETH)

Ethereum (ETH) is distinguished by its robust smart contract functionality, which has become a foundational technology for decentralized applications (DApps) and decentralized finance (DeFi).

Over the past two weeks, the ETH price witnessed high volatility resonating between the two horizontal levels of $3290 and $2875. The daily chart projecting neutral candles with higher wicks on either side indicates no clear dominance from bulls or buyers.

The Ethereum price currently trades at $3123, holding a market cap of $381.19 Billion. For buyers to regain control over the asset, they must break the overhead trendline of the falling wedge pattern in daily charts.

The potential breakout could bolster the ETH price to target $3730, followed by a $4010 high.

2) TRON (TRX)

TRON (TRX) is a blockchain-based decentralized platform aiming to build a free, global digital content entertainment system. It uses peer-to-peer technology to eliminate intermediaries, which can reduce costs and increase operational efficiency in digital content sharing.