Altcoin projects are on the lookout for a rebound while Bitcoin has managed to surpass the $64,000 mark before the weekly close on April 28. According to data from TradingView, Bitcoin’s price momentum was stronger over the weekend. After reaching a low of $62,400 for the week, the BTC/USD pair turned around and is currently trading around $63,700 at the time of writing.
Meanwhile, altcoin projects have also performed well in after-hours trading, with the total altcoin market value increasing by approximately 1% during the day. Renowned analyst Skew referred to recent market models via X, stating that there could be selling pressure at high levels, which could prevent the bulls from pushing the price much higher.
Trader and commentator Moustache expressed optimism about altcoin projects, predicting that a significant altcoin season could be on the horizon. He believes it could rival anything seen since the market’s all-time highs in 2017. Moustache also commented on the monthly dominance chart of the largest stablecoin Tether, which experienced a recovery after falling below a rising trend line earlier this year. According to him, it was just a retrospective test.
Many crypto analysts are eagerly awaiting the start of Traditional Finance (TradFi) transactions, including Bitcoin futures, for more clues on the direction of the crypto market. Daan Crypto Trades informed his followers via X that the weekend price action has been very positive so far. Despite consolidating below the all-time highs of the previous cycle, Bitcoin has not disappointed. Investor Alan Tardigrade also finds promise in the monthly BTC/USD pair.
It is important to note that the information in this article should not be considered investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
