The global cryptocurrency market capitalization has stabilized around $2.6 trillion in the past few days as the bulls attempt to regain control. In the past three days, Bitcoin’s (BTC) price has been trying to reclaim the crucial support level above $67,000. With most of the altcoin pairs against the US dollar and Bitcoin down between 20-40 percent in the past few weeks, it is safe to assume a violent uproar is on the horizon.
Furthermore, the calm before the storm is bolstered by the upcoming Bitcoin halving, expected to happen between April 16 and 25th.
Bitcoin Price Analysis
Most major stock market indexes, gold, and silver have already signaled the onset of a macro-bullish outlook. With Bitcoin expected to outperform them all after the upcoming halving, more cash inflows have been recorded in the past few weeks.
According to a Bitcoin price analysis by a popular crypto analyst, Captain Faibik, the flagship coin aims for $82,000 after filling the CME gap around $63k. Furthermore, Bitcoin prices in the weekly and daily time frames have formed a bullish pennant pattern.
The Big Catcher
Remember, #Altseason is yet to come!
Altseason will Start in May 2024 (after Halving).
Accumulate and HODL your Altcoin Bags with patience (Patience will pay off).
Early Sellers will Regret later.
Avoid FOMO Buying or Panic selling – always Buy the dip.
Don’t play with High… pic.twitter.com/hv6H66kvV4
— Captain Faibik (@CryptoFaibik) April 4, 2024
The micro Bitcoin rally is primarily threatened by an impending altcoin season in the coming weeks. Furthermore, Bitcoin’s dominance has experienced a psychological resistance level of around 54 percent, thus signaling an inevitable reversal.
With the heightened speculation on the approval of spot Ethereum ETFs in the United States next month, Captain Faibik believes a fresh Altseason will kickstart.
Was this writing helpful? No Yes
Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.
