Crypto Trader: Best Altseason Since 2017 Unfolds as Bitcoin Price Slows


Bitcoin (BTC) and altcoins recovered beyond $64,000 before the April 28 weekly closure.

The monthly BTC/USD chart seems hopeful despite the stabilization below the previous cycle's all-time highs.

Bitcoin rose beyond $64,000 before the weekly closure on April 28 over the weekend. This time saw altcoins rebound.

Altcoins and Bitcoin Gain Momentum
Bitcoin recovered from weekly lows of $62,400 to $63,500. In out-of-hours trading, cryptocurrencies gained 1% in market cap.

Renowned trader Skew observed that cryptocurrencies have rebounded but must break the weekly high trend of Monday to Tuesday. He also claimed sell-side pressure may limit Bitcoin's growth.

Expecting a ‘Altseason’

Trader and analyst Moustache predicted a full-fledged "altseason" that might match anything seen since the market's 2017 peak. He said the biggest stablecoin Tether (USDT) trying to recoup after falling below a rising trendline this year was a “backtest”.

Altcoins grow when Tether's influence declines. Moustache said the “biggest Altseason since 2017 is loading”.

Some traders await conventional finance trading, such as Bitcoin futures, to gauge the crypto market's direction. Trader Daan Crypto Trades said weekend price activity was encouraging but doubted Bitcoin would rise till the CME reopens.

Bitcoin has been consolidating in a range below the previous cycle's all-time highs, but not all traders are dissatisfied. Trader Alan Tardigrade noted that Bitcoin is staying above the Triangle Top on the monthly chart, a positive indicator. He believed a lengthy Bull Run requires consolidation.

Tardigrade suggested similarities between Bitcoin and the 2013 Nasdaq Composite Index (IXIC) pre-breakout timeframe.

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