Published on april 29, 2024, 12:27 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin and altcoins are expected to continue a bullish trend soon, with Bitcoin recently surpassing $64,000 and altcoins showing signs of recovery. Altcoins face challenges in breaking weekly high trends but traders anticipate a potential 'altseason' ahead. Stablecoin Tether dominance could impact Altcoin trends positively. Traditional financial institutions' interest in cryptocurrency trading adds optimism to market sentiments. However, readers are advised to conduct thorough research before making any investment decisions." } ] ```
Bitcoin and altcoins are expected to resume a bullish trend in the near future, despite Bitcoin’s current consolidation phase. Recent data shows that Bitcoin (BTC) surged past $64,000 just before the weekly close on April 28th, while altcoins were also aiming for a recovery.
The weekend saw stronger momentum in Bitcoin prices, with BTC/USD rebounding from weekly lows of $62,400 to stabilize around $63,500. Altcoins also experienced positive trading with a 1% increase in the total altcoin market capitalization.
Market experts note that although altcoins have shown promising rebounds recently, there is still a challenge in breaking the trend of setting weekly highs early in the week. However, traders like Moustache are optimistic about the potential for a significant “altseason” ahead, possibly rivaling the market’s previous surge to all-time highs in 2017.
Analyzing stablecoin Tether (USDT) dominance charts, analysts predict that as Tether dominance rises again after a brief decline earlier this year, it could lead to an upward trend for Altcoins. This correlation suggests that when Tether dominance decreases, Altcoins tend to appreciate.
As cryptocurrency enthusiasts eagerly await traditional financial institutions’ involvement through platforms like Bitcoin futures trading (“TradFi” trading), there is cautious optimism regarding the weekend’s positive price actions. Despite Bitcoin still trading below its previous all-time highs from earlier market cycles, experts like trader Alan Tardigrade find the monthly BTC/USD chart to be promising and bullish.
In conclusion, it’s important to note that this article is not intended as investment advice. All trading and investment decisions come with inherent risks; readers are encouraged to conduct thorough research before making any financial decisions related to cryptocurrencies or any other investment opportunity.
Original article posted by Fox News
