Bitcoin and Ethereum have once again taken the lead in the crypto market, as excitement over future gains continues to grow. According to recent analysis, the “bottom is in,” and many investors are eagerly anticipating a surge in altcoin prices. On April 14, Bitcoin broke through the $31,000 mark, with analysts hoping that altcoins would soon follow suit. Data from Cointelegraph Markets Pro and TradingView showed new ten-month highs of $31,035 for BTC/USD on Bitstamp. This rise followed a consolidatory period around new macroeconomic data prints from the United States, which furthered the bullish risk asset narrative.
The Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showed inflation slowing faster than expected, which reinforced market participants’ convictions over continued strength and a break with the long-term downtrend. Michaël van de Poppe, founder and CEO of trading firm Eight, forecasted that “Bitcoin looks strong, but will have some shallow corrections in an upwards trend.” He marked $31.7-32K as an important resistance point, but added that $25K was the level everyone wanted to buy. This will likely shift to $28.5K, and then nobody buys. He preferred to focus on $29.7K. Van de Poppe referenced previous concerns over a deeper correction on BTC/USD, with nervous price targets including the 200-week moving average at around $25,500 and even $22,000. Popular trader Crypto Tony advised potential long position entries to wait until confirmation of new support levels.
Altcoins, led by Ethereum (ETH) after its Shanghai upgrade, also known as Shapella, once again stole the show. After teasing a reclaim of $2,000 the day prior, ETH/USD went on to hit $2,130 — its highest levels since May 2022. Reactions were highly complimentary of overall crypto market strength. Popular trader Credible Crypto summarized, “With the $BTC bottom being in and our final 5th impulse confirmed (imo). I believe that the bottom is likely also in on a lot (not all) of alts. Coins like $ETH and various others have likely seen their lows and have started the journey to new all-time highs.” Credible Crypto acknowledged that it was Bitcoin “in the driver’s seat mid-term,” and that it would take a cooling off for BTC price action to stimulate rapid altcoin growth. That said, sentiment was peppered with references to “altseason” on the day, including from former BitMEX CEO, Arthur Hayes. Financial commentator Tedtalksmacro likewise declared altseason “underway,” noting the total altcoin market cap adding $62 billion in two weeks. Others variously referenced “mini altseason” and “altseason 2.0,” arguing that copycat gains on altcoins should follow an initial surge led by Bitcoin.
Overall, the crypto market is showing signs of continued strength, with Bitcoin and Ethereum leading the way. Investors are eagerly anticipating a surge in altcoin prices, with many analysts predicting that the “bottom is in.” However, caution is advised, as the market is known for its volatility and sudden shifts. As always, it is important to do your own research and invest wisely.