Since 2017, when the price of Bitcoin has cooled, the Crypto trader sees the best ‘altseason’
Bitcoin (BTC) surpassed $64,000 ahead of the April 28 weekly close as Altcoins look to recover.
Altcoins Tether is set to increase its dominance.
Data from Cointelegraph Markets Pro and TradingView tracked strong BTC prices over the weekend.
After entering the weekly low of $62,400, BTC/USD managed to maintain a higher position, which at the time of writing was around $63,500.
Altcoins also performed well for “out-of-hours” trading, with the overall altcoin market up about 1% on the day.
“Alts have grown very nicely, but the trend of setting weekly highs from Monday to Tuesday should still be broken,” popular trader Skew responded on X (formerly Twitter), referring to recent market patterns.
However, Skew is suspected to put sell-side pressure on Bitcoin at higher highs, preventing bulls from moving too high.
Continuing on altcoins, trader and analyst Mustu was willing to bet on an entire “altseason” in the next entry, one that would rival anything seen since the market hit an all-time high in 2017.
The monthly dominance chart suggests that Tether (USDT), the largest stable coin Tether (USDT) trying to regain dominance after breaking below the rising trend this year, is only a “last ditch effort”.
“When USDT.D goes down, Altcoins go up,” he wrote.
“The biggest Altseason since 2017 is loading imo.”
Others have been waiting for the launch of “TradFi” trading, including Bitcoin futures, for further signals about the direction of the crypto market.
“Weekend price action has been good so far,” affiliate trader Diane CryptoTrades told X followers.
“From this point until the CME reserve opens, we will undoubtedly see any meaningful movement from $BTC.”
“Very Bullish” BTC Price Structure Keeps Bull Market On Radar.
Despite consolidating in the region below the previous cycle's all-time highs, Bitcoin hasn't disappointed everyone.
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For trader Alan Tardigrade, the monthly BTC/USD chart looks promising.
“On the monthly chart, Bitcoin is still sitting above the top of the triangle, which is very bullish,” argued a recent X analysis.
“In order to have a long and strong bull run ahead, it is important to build consolidation.”
The accompanying chart compares Bitcoin now to the pre-launch period for the Nasdaq Composite Index (IXIC) in 2013.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
