The Bitcoin price is up over 2% and the ETH price double that – is it time to buy new cryptocurrencies for altcoin season? What do traders predict?
Bitcoin Price Up
The crypto markets still have to contend with PPI data later today then CPI and FOMC next week, but at press time Bitcoin has closed two four hour candles over the 200 moving average, and just below the 200 EMA, trading at around $17,200.
A high timeframe candle close above $17,500 would be a bullish reclaim of the June 2022 lows and a move back into a five month trading range, making all of the bearish action following FTX exchange’s insolvency in November appear to be a short term deviation below that range on the Bitcoin price chart.
Then the next logical price target for Bitcoin would be the top of that range, around $25,000 and $2,000 for the Ethereum price.
Ethereum Price Leading – Altcoin Season?
The ETH price outperforming BTC is often cited as an indicator of an ‘alt season’, i.e. that it’s a good time to build a position in altcoins.
Many of the best crypto traders to follow on Twitter predict that ETH/BTC, currently at 0.075, will continue its multi-year uptrend to hit 0.1 – 0.12.