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As Bitcoin stabilizes above $64,000, traders forecast a burgeoning altcoin market that may mirror the explosive growth last seen in 2017.
Bitcoin Rebounds Over Weekend, Traders Anticipate Potential Altcoin Surge
Bitcoin and altcoins are expected to reenter bullish territory over longer periods, with the signs becoming evident despite consolidating BTC price action.
Bitcoin surpassed $64,000 ahead of the weekly close on April 28 as altcoins sought to rebound.
Cointelegraph Markets Pro and TradingView data showed that BTC price momentum increased during the weekend. After hitting weekly lows of $62,400, BTC/USD reversed and managed to stay higher, hovering at $63,500 at the time of writing.
Altcoins also performed strongly during "out-of-hours" trading, with the total altcoin market capitalization rising by roughly 1% on the day.
Alts bounced very nicely but still have to break the trend of setting week highs around monday to tuesday,” popular trader Skew responded on X (formerly Twitter), referencing recent market patterns.
Skew predicted that sell-side pressure will emerge on Bitcoin near range highs, preventing bulls from pushing much further.
Continuing with altcoins, trader and analyst Moustache was willing to bet on a full-fledged "altseason" into next year, rivaling anything seen since the market's climb to all-time highs in 2017.
He suggested that the monthly dominance chart for largest stablecoin Tether, which is striving to restore control after falling below a rising trendline this year, was only a "backtest."
"When USDT.D goes down, Altcoins go up," he penned. "Biggest Altseason since 2017 is loading imo."
Traders Eye Traditional Finance Cues as Bitcoin Shows Promising Consolidation
Others waited for the introduction of "TradFi" trading, which included Bitcoin futures, to get more clues about the crypto market's trajectory.
"Weekend price action so far so good," fellow trader Daan Crypto Trades informed X followers. “Doubt we see any meaningful move from $BTC from this point until after CME opens back up.”
Despite settling in a range that remains below the previous cycle's all-time highs, Bitcoin did not disappoint everyone.
For trader Alan Tardigrade, the monthly BTC/USD chart looked promising.
“On monthly chart, Bitcoin is still sitting above the Triangle Top, which is very Bullish,” he argued in recent X analysis. “To have a long and solid Bull Run in the future, Consolidation is necessary to be built up.”
An accompanying chart compares Bitcoin's current price to the Nasdaq Composite Index (IXIC) before its breakthrough in 2013.
Photo: Microsoft Bing
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