Bitcoin (BTC) hit a new ten-month high of $31,035 on April 14, prompting bullish hopes for a continued uptrend and potential movements for altcoins. The surge coincided with optimistic macroeconomic data from the United States that indicated a slowdown in inflation rates. While Bitcoin had initially not reacted to the news, the latest uptick reinforced market participants’ conviction in the currency’s strength and a possible break from the long-term downtrend. Trading expert Michaël van de Poppe forecast that Bitcoin would experience small corrections in an upward trend, with a potential resistance point pegged between $31.7-32K. He also highlighted $29.7K as a critical level to focus on. However, Van de Poppe acknowledged previous concerns about deeper corrections and nervous price targets, including the 200-week moving average of about $25,500 and even $22,000.
Altcoins, led by Ethereum (ETH) after its Shapella upgrade in Shanghai, also had a strong showing, with reactions suggesting an overall consensus of crypto market strength. ETH/USD hit its highest levels since May 2022, reaching $2,130. Trading expert Credible Crypto summarised that the bottom was likely in for Bitcoin, with the final 5th impulse confirmed, implying that altcoins such as ETH had reached their low points and were ready to journey towards new all-time highs. While sentiment was peppered with references to “altseason,” it was acknowledged that Bitcoin was still in the driver’s seat, and a cooling-off period was needed for BTC price action to stimulate rapid altcoin growth. Financial commentator Tedtalksmacro declared that altseason was underway, with 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 would follow an initial surge led by Bitcoin.
