Bitcoin Surges Past $64,000: Anticipation of Altcoin Recovery and Potential 'Altseason' Ahead
Summary:
Bitcoin (BTC) has surged past $64,000 ahead of the April 28 weekly close, hinting at recovery for altcoins. As BTC price momentum strengthened, altcoins possibly enter a significant 'altseason', mimicking the vigorous market highs of 2017. Speculation is rising about the influence of traditional finance trading, such as Bitcoin futures, on the crypto market trajectory. The monthly BTC/USD chart suggests promising prospects despite Bitcoin still being below past cycle all-time highs. However, investors are advised to research thoroughly as every trading move involves risk.
As the weekly close of April 28 approaches, Bitcoin (BTC) has surged past the $64,000 mark, indicating a potential recovery for altcoins. Charts indicate a robust BTC price momentum coming into this week. After declining to a weekly low of $62,400, the BTC/USD reversed its trend and has managed to hold a higher ground, hitting $63,500 at the time of reporting.
Out-of-hours trading has seen favourable performance for altcoins, with the total altcoin market cap rising approximately 1% for the day. A noted trend of weekly altcoin highs being set around Monday to Tuesday has emerged. Despite this, some traders expect increased selling pressure on Bitcoin at range highs, potentially inhibiting further advances.
There are those within the trading community predicting an imminent 'altseason', an occurrence that would rival the market highs reached in 2017. While the largest stablecoin Tether (USDT) has seen trying dominance this year, some suggest that its attempt to reclaim its spot under a rising trendline is only a 'backtest'. As the dominance of USDT declines, altcoins are seen to rise. As a result, some predict the start of the most dramatic altseason since 2017.
With the advent of traditional finance trading—including Bitcoin futures—expected, market watchers anticipate a clearer direction for crypto market performance. Although Bitcoin still remains below the all-time highs of past cycles, it hasn't disappointed its believers.
In recent analysis, the monthly BTC/USD chart is seen as promising, with Bitcoin currently resting above the triangle top—a bullish signal. This period of consolidation seems necessary for a stable bull run in the future.
The accompanying chart, which compares Bitcoin to the pre-breakout period of Nasdaq Composite Index (IXIC) in 2013, suggests that Bitcoin is mirroring historical trends. However, it is vital to note that any investment or trading move involves risk and it is advised for readers to do their own research before making investment decisions.
Published At
4/28/2024 2:26:32 PM
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