Bitcoin (BTC) surpassed $31,000 on April 14 because the bulls hoped that altcoins would follow shortly.
The analyst believes a possible drop below $30,000
Data from Cointelegraph Markets Pro and TradingView hit recent ten-month highs of $31,035 for BTC/USD on Bitstamp.
The pair rose regularly a day earlier after a period of consolidation around recent macroeconomic data printouts from the United States.
These helped boost the chance asset narrative, with each the Consumer Price Index (CPI) and Producer Price Inflation (PPI) indices showing inflation slowing faster than expected.
While Bitcoin didn’t react immediately, the recent rally has reinforced market participants’ belief in continued strength and a break from the long-term downtrend.
“Bitcoin looks strong but may have some shallow corrections in uptrend,” Michaël van de Poppe, founder and CEO of trading firm Eight forecast in day.
“I marked 31.7-32 thousand. USD as a very important resistance point. However, $25,000 was the extent everyone desired to buy. This will probably move as much as $28.5K after which nobody will buy. I’d fairly concentrate on $29,700.
Van de Poppe addressed earlier concerns a few deeper BTC/USD correction, with nervous price targets including a 200-week moving average of around $25,500 and even $22,000.
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Still, popular Crypto trader Tony advised potential long entries to attend until recent support levels were confirmed.
“We’ve now crossed the $31,000 EQ and $32,300 Range high,” a part of Twitter’s every day evaluation he statedtogether with a graph showing the potential high, low and balanced level (EQ) of the brand new range.
“Alternate season is underway”
However, once more, altcoins were stealing the show, led by Ethereum (ETH) after its update in Shanghai, also often called Shapella.
Related: Bitcoin dominance shattered by ETH rally on Shapella
After teasing a $2,000 recovery the day before, ETH/USD hit $2,130 – its highest level since May 2022.
Unsurprisingly, the reactions were very complementary to the general strength of the crypto market.
“After hitting the underside of $BTC and confirming our last fifth pulse (imo). I think the underside might be also for a lot of (not all) alts,” popular trader Credible Crypto summarizedreferring to the idea from the recent YouTube video.
“Coins like $ETH and various others have probably experienced their lows and began a journey to recent all-time highs.”
Credible Crypto acknowledged that Bitcoin was “taking the motive force’s seat in the midst of the period” and that BTC’s price motion would want to chill all the way down to stimulate rapid growth in altcoins.
That said, the sentiment was filled with “altseason” references on the day, including from former BitMEX CEO Arthur Hayes.
Let me introduce myself. My name is ALTSZN!!! pic.twitter.com/yIzE7Zxpaw
— Arthur Hayes (@CryptoHayes) April 14, 2023
So is financial commentator Tedtalksmacro decided altseason “in progress”, noting that the entire market capitalization of altcoins increased by $62 billion in two weeks.
Others vary appeals “mini altseason” and “altseason 2.0”, arguing that altcoin follower gains should follow the initial rise led by Bitcoin.
The views, thoughts and opinions expressed herein are solely those of the authors and don’t necessarily reflect or represent the views and opinions of Cointelegraph.
