Dogecoin (DOGE) Price Predictions, Bitcoin’s Attempt at $70K, Shiba Inu (SHIB) Adoption, : Bits Recap April 8




  • BTC briefly rebounds to over $70K, hinting at a potential bull run ahead of the Bitcoin halving event, which historically leads to significant price rallies.
  • DOGE regains the $0.20 mark with predictions of a dramatic increase in value, driven by a speculative “Cycle of 7 years” theory.
  • SHIB gains support from a major cryptocurrency platform, enhancing its usability and accessibility.

BTC Returns to Green Territory

The leading cryptocurrency did not start April on the right foot (considering the record gains in March), plunging to as low as $65,000 last week. However, bulls stepped in over the weekend, with BTC’s price exceeding the $70K mark once again. Currently, the asset is trading at approximately $69,700 (per CoinGecko’s data).

According to many, the bull run is still at its starting point due to important upcoming factors like the Bitcoin halving. The event, which occurs roughly every four years, slashes the rewards distributed to miners in half, thus reducing the rate of producing new coins. Limited supply could lead to rising prices, assuming demand rises or stays the same.

Historically, the halving has been a precursor of a massive rally for the biggest cryptocurrency and the entire market. The next such event is slated to take place later this month.

The popular cryptocurrency analyst using the X handle Mags recently reminded how BTC’s price exploded after each previous halving. 

“BTC is only 2 weeks away from the halving. This is the first time the price has hit a new ATH before the halving and is currently consolidating near the ATH with one of the highest monthly close ever,” the analyst noted.

Mags also outlined a strategy that may lead to substantial investor profits. In their view, people should purchase BTC 500 days before the halving, HODL for some time, and eventually cash out 500 days after the halving.

Those willing to learn more about one of the most anticipated events in the crypto sector, feel free to watch our dedicated video below:

How’s DOGE Doing?

The biggest meme coin in terms of total market capitalization made the headlines in the past few days by reclaiming the $0.20 mark. Several analysts think the asset has much more room for growth, envisioning impressive increases.

The X user Trader Tardigrade recently suggested that Dogecoin runs the “Cycle of 7 years,” predicting that its price can skyrocket to $2, $9, and even $40 in the future.

The crypto enthusiast with hundreds of thousands of followers – Jake Gagain – was bullish, too, forecasting that the dog-themed meme coin could reach the $1 milestone next year.

SHIB Gains More Support

DOGE’s largest rival in the meme coin realm – Shiba Inu – has also made waves as of late, capturing the attention of one popular cryptocurrency platform. 

As CryptoPotato reported, Nexo allowed users to buy SHIB, explaining that card transactions can be accepted “in seconds.” The company also enabled swap with rewards, borrowing against the token, and sending assets to a friend via a phone number or email.

Other leading crypto firms that have already embraced SHIB include Binance, Coinbase, Kraken, Gemini, KuCoin, OKX, GroveX, and many more.

Despite the latest support from Nexo, Shiba Inu’s price remains in the red on a weekly scale. On the other hand, the asset is up nearly 200% since the end of February.

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!


Source link

You might also like
Leave A Reply

Your email address will not be published.