Bitcoin Soars Past $64,000, Igniting Altcoin Recovery and Potential 'Altseason'

Amidst an altcoin recovery, Bitcoin surged past $64,000 on April 28th. BTC price momentum improved, with altcoins also performing well during weekend trading. Analysts observed a potential decline in Tether dominance, indicating a potential boost for altcoins. Traders anticipated further market cues with the opening of TradFi trading, including Bitcoin futures, to gauge the cryptocurrency market's trajectory. Despite consolidation, some analysts remained bullish on Bitcoin's price structure, comparing it to a pre-breakout period for the Nasdaq Composite Index in 2013.

Bitcoin Surges Past $64,000, Signaling Altcoin Recovery and a Potential 'Altseason'

April 29, 2023

Amidst anticipation for the April 28 weekly close, Bitcoin (BTC) has surged past the $64,000 mark, sparking optimism in the altcoin market. Data from Cointelegraph Markets Pro and TradingView reveals a significant upswing in BTC price momentum over the weekend.

After briefly dipping to a weekly low of $62,400, BTC/USD reversed and reclaimed higher ground, hovering around $63,500 at the time of writing. Altcoins also exhibited a positive performance during "out-of-hours" trading, with the total altcoin market capitalization rising approximately 1% on the day.

Popular trader Skew observed that altcoins "bounced nicely" but still needed to break the trend of setting weekly highs around Monday and Tuesday. Skew also anticipates that sell-side pressure will likely emerge around Bitcoin's range highs, limiting further upward momentum for bulls.

Altcoins Poised for a Revival as Tether Dominance Wanes

Trader and commentator Moustache expressed optimism for a full-fledged "altseason" in the near future, surpassing the heights witnessed during the market's ascent to all-time highs in 2017. He pointed to the monthly dominance chart of Tether (USDT), the largest stablecoin, which attempted to reclaim lost ground after breaking below a rising trendline earlier this year.

"When USDT.D goes down, Altcoins go up," he asserted. "Biggest Altseason since 2017 is loading imo."

TradFi Trading Signals Awaited

Market participants await the commencement of traditional finance (TradFi) trading, including Bitcoin futures, for further insights into the trajectory of the crypto market. Fellow trader Daan Crypto Trades remarked that weekend price action has been encouraging but expects significant movement to materialize once CME Bitcoin futures trading resumes.

Bullish BTC Structure Sustains Market Optimism

Despite consolidating below previous cycle all-time highs, Bitcoin's price structure remains bullish, offering hope for sustained growth. Trader Alan Tardigrade highlighted the promising technical setup on the monthly BTC/USD chart.

"On monthly chart, Bitcoin is still sitting above the Triangle Top, which is very Bullish," Tardigrade stated. "To have a long and solid Bull Run in the future, Consolidation is necessary to be built up."

A comparative chart between Bitcoin's current position and a pre-breakout period for the Nasdaq Composite Index (IXIC) in 2013 further bolsters this optimistic outlook.

It is essential to note that this article does not constitute investment advice or recommendations. All investment and trading decisions should be made after thorough research and due consideration of personal circumstances.