Bitcoin (BTC) saw a boost in price as it reached $63,000 before the Wall Street open on April 18. This modest increase in BTC prices lifted traders’ spirits after the cryptocurrency hit its lowest levels since early March at $59,700. While some analysts predicted that BTC would need to clear liquidity at $57,000 and potentially even lower, others found reasons for optimism. Popular trader and analyst Rekt Capital noted that BTC was in a “re-accumulation range” with price behavior suggesting an upcoming uptrend. This pattern has been observed throughout the current market cycle, with BTC experiencing temporary price lows before making significant gains.
Another trader named Jelle analyzed on-chain signals and came to similar conclusions. He pointed out that BTC had recently tested the 3-day RSI 50 level and the 3d 33EMA, which had previously resulted in higher prices. Based on this observation, Jelle predicted that BTC’s sideways price movement would likely continue, even after the upcoming block subsidy halving.
Altcoins, Faced a brutal downtrend and bore the brunt of the recent crypto market correction. Some analysts believe that they may have reached the bottom of this correction. Michaël van de Poppe, the founder and CEO of trading firm MNTrading, explained that Bitcoin may remain in a period of consolidation and boredom for the coming months, but he anticipates that altcoins have hit their lowest point. He identified potential targets for a deeper correction at around $52,000 and $45,000.
At the time of writing, the total altcoin market cap stood at $256.7 billion. Although this marks a nearly 17% increase from the two-month lows observed on April 13, altcoins still face difficulty breaking out of the strong downtrend they are currently experiencing. Despite this, the overall outlook for BTC remains positive, with potential for continued price strength and a subsequent uptrend on the horizon.
Bitcoin may be in a period of consolidation, but it’s still holding strong. Exciting times ahead!
Altcoins might have hit rock bottom? This is exciting news for those who believe in their potential!
The recent increase in altcoin market cap means nothing if they can’t sustain it
Jelle’s analysis supports the idea of Bitcoin’s sideways movement and potential for higher prices. Can’t wait to see how it unfolds! 🔍