- Bitcoin’s half-life event may tarnish bullish predictions
- Cardano MATIC is expected to surge, but investors need to be ready for a short-term loss
Bitcoin’s [BTC] The halving of a pound is approximately ten days awayThis event will lower the block reward from 3.125 BTC to 3,125 BTC. The price may be set because everybody knows the date, but many other variables aren’t.
Bitcoin is consolidating over the $60k mark since the start of the month. Although it set a record high at $73.7k the crypto quickly fell on the charts. How will the price of altcoins react to the new halving? Cardano [ADA] You can also find out more about the following: MATIC] Are you affected by this?
Comparison of current prices to 2020 and 2016 price halvings
BTC was halved on the 11th of May 2020, and again on 9th July 2016. Bitcoin formed an 8500-to-10000 range from May 2020. In the month prior, cryptocurrency rose from $6,000 up to $9400.
Bitcoin rallied from $440 up to $785 in 2016’s May and June. Around the time of the halving in July, price movement was muted. Prices stayed between $630 and $ 680 for almost a whole month.
In the two-month period that ended on February 28, 2016, prices were more in line with 2020 than 2016. A rally before the half-off, then a formation of ranges are the similarities. A deep retracement to $500 happened in August 2016 – If the similarities continue to hold, it could see Bitcoin retreat towards $50k in May.
What can Cardano MATIC Investors expect?
![ADA Santiment](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/Cardano-and-MATICs-latest-buy-opportunity-Will-Bitcoin-have.png)
Source: Santiment
AMBCrypto examined the metrics on the chain of both altcoins in order to gauge investor confidence over the past few weeks. Cardano’s 30-day MVRV was a negative number since 17 March. I. fact, it has not yet climbed into positive territory – A sign that holders were at a loss.
During the same period, the average coin age started to move steadily upwards. It is important to note that this can be interpreted as a buy signal, as it indicates accumulation despite recent pressures. The sentiment was tepid.
![MATIC Santiment](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/1712733372_301_Cardano-and-MATICs-latest-buy-opportunity-Will-Bitcoin-have.png)
![MATIC Santiment](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/1712733372_301_Cardano-and-MATICs-latest-buy-opportunity-Will-Bitcoin-have.png)
Source: Santiment
MATIC also seemed to be facing a similar problem. Recently, the weighted opinion has been negatively skewed due to a bearish engagement on social media. The mean coinage appeared to be on an upward trend, but not quite as strongly as ADA.
Click Here to Read Polygon’s [MATIC] Price Prediction 2024-25
Like Cardano, the 30-day MVRV was negative. Another strong buy signal. Investors should however be aware of the possibility of Bitcoin experiencing a massive wave of sales in the next few weeks. The investors should prepare to take advantage of a possible deep dive if one occurs.
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Source: ambcrypto.com