Mediaboss Marketing

Bitcoin (BTC) broke through $31,000 on April 14 as bulls hoped altcoins would soon follow.

Data from Cointelegraph Markets Pro and TradingView captured new 10-month highs of $31,035 for BTC/USD on Bitstamp.

The pair had risen gradually the day before after a consolidatory period around new macroeconomic data prints from the United States.

These had furthered the bullish risk asset narrative, with the Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showing inflation slowing faster than expected.

While Bitcoin did not react immediately, the latest uptick reinforced market participants convictions over continued strength and a break with the long-term downtrend.

Bitcoin looks strong, but will have some shallow corrections in an upward trend, Michal van de Poppe, founder and CEO of trading firm Eight forecasted on the day.

Van de Poppe referenced previous concerns over a deeper correction on BTC/USD, with nervous price targets including the 200-week moving average at around $25,500 and even $22,000.

Related: Best and worst countries for crypto taxes plus crypto tax tips

Popular trader Crypto Tony nonetheless advised potential long position entries to wait until confirmation of new support levels.

We have now crossed into the range of $31,000 EQ and $32,300 Range high, part of the days Twitter analysis stated, alongside a chart showing the potential high, low and equilibrium (EQ) level of the new range.

Once again stealing the show, however, were altcoins, led by Ether (ETH) after its Shapella upgrade.

Related: Bitcoins dominance knocked by ETHs post-Shapella rally

After teasing a reclaim of $2,000 the day prior, ETH/USD went on to hit $2,130, its highest level since May 2022.

Unsurprisingly, reactions were highly complimentary of the overall crypto market strength.

With 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, popular trader Credible Crypto summarized, referring to a theory from a recent YouTube video.

Credible Crypto acknowledged that it was Bitcoin in the drivers seat mid-term, and that it would take a cooling off for BTC price action to stimulate rapid altcoin growth.

That said, the sentiment was peppered with references to altseason on the day, including from former BitMEX CEO Arthur Hayes.

Financial commentator Tedtalksmacro likewise declared altseason underway, noting the total altcoin market cap adding $62 billion in two weeks.

Others variously referenced mini altseason and altseason 2.0, arguing that copycat gains on altcoins should follow an initial surge led by Bitcoin.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Read more from the original source:

Bitcoin price spikes above $31K as Ethereum gains spark altseason calls - Cointelegraph