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.
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.
US March PPI fell 0.5% MoM, below estimate of 0%, in another sign that US #inflation may have peaked. pic.twitter.com/mfI7ab03ev
— Holger Zschaepitz (@Schuldensuehner) April 13, 2023
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.
#Bitcoin looks strong, but will have some shallow corrections in an upwards trend.
I've marked $31.7-32K as important resistance point.
However, $25K was the level everyone wanted to buy. This will probably shift to $28.5K, and then nobody buys.
I'd prefer to focus on $29.7K. pic.twitter.com/m18Qo5UvDn
— Michaël van de Poppe (@CryptoMichNL) April 14, 2023
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.
We have now crossed into the range of $31,000 EQ and $32,300 Range high ‼️
If you are not yet in a position, I would wait util we flip the EQ we are up against now into support legends pic.twitter.com/7NfBxmQvff
— Crypto Tony (@CryptoTony__) April 14, 2023
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.
With the $BTC bottom being in and our final 5th impulse confirmed (imo). I believe that the bottom is likely also in on a lot (not all) of alts. Coins like $ETH and various others have likely seen their lows and have started the journey to new all time highs.
— CrediBULL Crypto (@CredibleCrypto) April 14, 2023
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.
Total2 (Crypto market exc. BTC) market capitalization is +62bln since this tweet.
Altseason is underway.
Gm ☕️ https://t.co/qiJqp1JpXy
— tedtalksmacro (@tedtalksmacro) April 14, 2023
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.