Crypto trader sees best ‘altseason’ since 2017 as Bitcoin price cools

    29 Apr 2024

    Bitcoin bounced past $64,000 ahead of the April 28 weekly close as altcoins sought a recovery.

    Altcoins set for boost on waning Tether dominance

    Data from Cointelegraph Markets Pro and TradingView tracked stronger BTC price momentum over the weekend.

    After putting in weekly lows of $62,400, BTC/USD reversed and managed to maintain higher ground, circling $63,500 at the time of writing.

    Altcoins also performed well for “out-of-hours” trading, with the total altcoin market cap up around 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 nonetheless suspected that sell-side pressure would step in on Bitcoin around range highs, keeping bulls from advancing much higher.

    Continuing on altcoins, trader and commentator Moustache was willing to bet on a full-fledged “altseason” entering next, this rivalling anything seen since the market’s ascent to all-time highs on 2017.

    The monthly dominance chart for largest stablecoin Tether dominance attempting a reclaim after breaking below a rising trendline this year, he suggested, was merely a “backtest.”

    “When USDT.D goes down, Altcoins go up,” he wrote.

    “Biggest Altseason since 2017 is loading imo.”

    Others thus awaited the start of “TradFi” trading, including Bitcoin futures, for further cues as to crypto market trajectory.

    “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

    Despite consolidating in a range still below previous cycle 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 compared Bitcoin now to a pre-breakout period for the Nasdaq Composite Index (IXIC) in 2013.


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