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Bitcoin (BTC) Price Flips $31K as Altcoin Season Beacons

Bitcoin (BTC) Price Flips $31K as Altcoin Season Beacons

The world’s largest cryptocurrency by market cap, Bitcoin, surpassed $31,000 on April 14 with Ethereum also recording a significant milestone above $2,000 according to CoinMarketCap data. Given the impressive performance of Bitcoin and Ethereum in recent weeks, there are increasing calls that the bottom is in and altcoin season may soon take over.

According to TradingView data, BTC/USD pair marked ten-month highs of $31,035. It was a significant milestone having relentlessly struggled to hit $30,000 after weeks of persistent rejections. 

BTC/USD pair marked ten-month highs of $31,035

It appears that emerging news is also in favor of the risk asset. It was recently disclosed that the Consumer Price Index (CPI) and Producer Price Inflation (PPI) revealed that inflation is slowing faster than anticipated.

Reviewing the state of Bitcoin, Michael van de Popppe, founder and CEO of trading firm Eight, remarked that Bitcoin looks very strong but projected that some sort of shallow corrections are inevitable. 

In the same vein, Popular trader Crypto Tony urged long-position traders to trade with extreme caution because new support levels are yet to be confirmed. He emphasized that the $32,300 range is far from being hit. 

Meanwhile, Altcoins are being teased to follow the upward trend following the impressive performance of Bitcoin. As of now, only Ethereum being an altcoin has seized the moment following the Shanghai upgrade known as Shapella.

A popular trader Credible Crypto remarked that the BTC and Ethereum bottoms have been seen, but sternly warned that not all altcoins have seen their bottoms. 

Is the Bear Market Fully Over?

The recent development has sent the wave across the crypto market that the bear market is almost over with the return of BTC and ETH above $30,000 and $2,000 respectively. 

In light of the above, Financial commentator Tedtalksmacro pronounced the incoming of altseason, stressing that the altcoin market cap will likely add $62 billion in two weeks.  

The cryptocurrency market has generally proven to be a viable option due to its reaction to the U.S. bank crises. More than at any other time, investors are considering digital assets like Bitcoin (BTC) as a way to protect their wealth from inflation and economic uncertainty. 

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