As a crypto investor, I’ve noticed some exciting movements in the market recently. Bitcoin (BTC) surged past $64,000 before the weekly close on April 28, while altcoins sought recovery. After hitting weekly lows of $62,400, BTC bounced back and maintained a steady price around $63,500 at the time of writing.
As a Bitcoin analyst, I’ve observed an uptick in its price, surpassing the $64,000 mark prior to the weekly closure on April 28. Meanwhile, altcoins have been attempting a rebound.
Altcoins set for boost on waning Tether dominance
Over the weekend, the pricing trends for Bitcoin, as monitored by CryptoMoon Markets Pro and TradingView, displayed increased strength.
Following a dip to $62,400 as its weekly low, Bitcoin’s value against the US dollar bounced back, staying above the $63,500 mark at present.
During off-market hours, altcoins demonstrated strong gains, contributing approximately 1% to the overall altcoin market capitalization for the day.
“In a pleasant development, alts showed good gains, but they need to surpass the habitual pattern of reaching their weekly peaks on Mondays or Tuesdays, as noted by trader Skew on platform X.”
Despite his suspicions, Skew believed that selling forces might intervene near Bitcoin’s resistance levels, preventing the bulls from making significant gains.
As a crypto investor, I’ve been closely watching the altcoin market and following the insights of trader and commentator Moustache. He’s expressed confidence that we could be on the brink of another “altseason,” a significant surge in altcoin prices akin to what we experienced during the market’s unprecedented rise to all-time highs back in 2017.
The proposed monthly chart showing Tether (USDT) as the largest stablecoin regaining dominance after dipping beneath an ascending trendline in 2023 could be considered just a “rehearsal” or “trial run” of this potential trend.
“When USDT.D goes down, Altcoins go up,” he wrote.
“Biggest Altseason since 2017 is loading imo.”
As a crypto investor, I eagerly anticipated the commencement of traditional finance (TradFi) trading, such as Bitcoin futures, for additional insights into the crypto market trend.
“Weekend price action so far so good,” fellow trader Daan Crypto Trades told X followers.
“Doubt we see any meaningful move from $BTC from this point until after CME opens back up.”
“Very bullish” BTC price structure keeps bull market on radar
Although Bitcoin hasn’t reached its past peak prices yet, it didn’t fail to satisfy some investors.
For trader Alan Tardigrade, the monthly BTC/USD chart looked promising.
In his latest Bitcoin analysis, he pointed out that on the monthly chart, the cryptocurrency remains above the Triangle’s peak, indicating a bullish trend.
“To have a long and solid Bull Run in the future, Consolidation is necessary to be built up.”
A parallel chart illustrates the current state of Bitcoin against the Nasdaq Composite Index (IXIC) prior to its breakout in 2013.
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2024-04-28 14:31