Bitcoin (BTC<\/a>) broke through $31,000 on April 14 as bulls hoped that altcoins would soon follow.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> captured new ten-month highs of $31,035 for BTC\/USD on Bitstamp.<\/p>\n The pair had risen gradually the day prior after a consolidatory period<\/a> around new macroeconomic data prints from the United States.<\/p>\n These had furthered the bullish risk asset narrative, with both the Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showing<\/a> inflation slowing faster than expected.<\/p>\n While Bitcoin did not react immediately, the latest uptick reinforced market participants\u2019 convictions over continued strength and a break with the long-term downtrend.<\/p>\n \u201cBitcoin looks strong, but will have some shallow corrections in an upwards trend,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight forecast<\/a> on the day. <\/p>\n \u201cI’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.\u201d<\/p><\/blockquote>\n Van de Poppe referenced previous concerns over a deeper correction<\/a> on BTC\/USD, with nervous price targets including the 200-week moving average at around $25,500 and even $22,000.<\/p>\n Related: Best and worst countries for crypto taxes \u2014 plus crypto tax tips<\/a><\/em><\/strong><\/p>\n Popular trader Crypto Tony nonetheless advised potential long position entries to wait until confirmation of new support levels.<\/p>\n \u201cWe have now crossed into the range of $31,000 EQ and $32,300 Range high,\u201d part of the day\u2019s Twitter analysis stated<\/a>, alongside a chart showing the potential high, low and equilibrium (EQ) level of the new range.<\/p>\n Once again stealing the show, however, were altcoins, led by Ethereum (ETH<\/a>) after its Shanghai upgrade, also known as Shapella<\/a>.<\/p>\n Related: Bitcoin\u2019s dominance knocked by ETH\u2019s post-Shapella rally<\/a><\/em><\/strong><\/p>\n After teasing a reclaim of $2,000 the day prior, ETH\/USD went on to hit $2,130 \u2014 its highest levels since May 2022.<\/p>\n Unsurprisingly, reactions were highly complimentary of overall crypto market strength.<\/p>\n \u201cWith 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,\u201d popular trader Credible Crypto summarized<\/a>, referring to a theory from a recent YouTube video<\/a>. <\/p>\n \u201cCoins like $ETH and various others have likely seen their lows and have started the journey to new all time highs.\u201d<\/p><\/blockquote>\n Credible Crypto acknowledged that it was Bitcoin \u201cin the drivers seat mid-term,\u201d and that it would take a cooling off for BTC price action to stimulate rapid altcoin growth.<\/p>\n That said, sentiment was peppered with references to \u201caltseason\u201d on the day, including from former BitMEX CEO, Arthur Hayes.<\/p>\n Allow me to reintroduce myself. My name is ALTSZN!!! pic.twitter.com\/yIzE7Zxpaw<\/a><\/p>\n \u2014 Arthur Hayes (@CryptoHayes) April 14, 2023<\/a><\/p><\/blockquote>\n Financial commentator Tedtalksmacro likewise declared<\/a> altseason \u201cunderway,\u201d noting the total altcoin market cap adding $62 billion in two weeks.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/e31e1fe7-06c0-435f-a44e-315d50f28f71.png\")
Analyst eyes potential dip under $30,000\u00a0<\/h2>\n
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“Altseason is underway”<\/h2>\n
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