2024-04-29
Bitcoin and other alternative cryptocurrencies are poised for a positive trend on longer timeframes, despite Bitcoin's price action consolidation.
According to data from Blocksky Bitcoin's price has shown stronger momentum over the weekend.
After hitting a weekly dip of $62,400, the BTC/USD pair reversed its course and has maintained higher levels, currently hovering around $63,500.
Altcoins have also performed well during off-peak trading hours, with the total market capitalization of alternative cryptocurrencies increasing by approximately 1% in a day.
Skew, a popular trader, commented on the recent market patterns, noting that altcoins have displayed positive movement but need to break the trend of reaching weekly highs on Mondays or Tuesdays.
While sell-side pressure was expected to limit Bitcoin's upward movement near range highs, Skew believed that a full-fledged "altseason" could potentially rival the market's previous all-time highs in 2017.
Regarding the dominance chart of the stablecoin Tether USDT, which had previously broken below a rising trendline this year, trader and commentator Moustache suggested that the recent rebound was merely a "backtest."
He further stated that when USDT.D decreases, altcoins tend to increase, and he predicted that the biggest altseason since 2017 is approaching.
Market participants are eagerly awaiting the start of "TradFi" trading, particularly Bitcoin futures, to gain further insights into the trajectory of the cryptocurrency market.
Trader Daan Crypto Trades expressed satisfaction with the weekend's price action but anticipated limited movement in Bitcoin until the reopening of the Chicago Mercantile Exchange (CME).
Despite Bitcoin's consolidation below previous all-time highs, trader Alan Tardigrade remains optimistic, highlighting the bullish nature of Bitcoin's monthly chart.
Tardigrade argued that consolidation is necessary to build a strong foundation for a long and successful bull run in the future.
To support this analysis, a chart compared the current state of Bitcoin to a pre-breakout period for the Nasdaq Composite Index (IXIC) in 2013.
