Another crypto bull run might be around the corner after Bitcoin price surged above $31k in the early hours of April 14th, 2023. Ethereum was one of the first altcoins that reacted to the price surge. Market data from Cointelegraph Markets Pro and TradingView showed Bitcoin trading above $31k. At the time of writing, it is down again at $30k, but several analysts are already forecasting a new altcoin season. In the data from Cointelegraph, Bitcoin price rose consistently and landed at $31,035 for BTC/USD before it started making a reversal.
The new Bitcoin price surge reinforces the predictions that the crypto market might be bracing for another bull run. It has been a while since early 2022. Since the year started, Bitcoin has not been explosive with its price surge. Instead, it has been increasing on a slow but steady basis. Starting the year at less than $22k, the apex cryptocurrency has added more than $8k in price to reach its new level. Michaël van de Poppe, founder, and CEO of trading firm Eight, made some bold predictions saying that Bitcoin has recently been looking quite strong. He also mentioned that new data shows that Bitcoin has been reacting slowly to the issue of global inflation.
"Bitcoin looks strong, but will have some shallow corrections in an upward trend. I'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," Michaël van de Poppe said in his forecast.
Crypto Traders to Wait for New Trade Levels
According to other crypto analysts, traders should wait for new support levels before entering long positions. Popular trader Crypto Tony shared his thoughts on Twitter, saying that traders that want to go on long positions should wait until new support levels are confirmed. While showing a chart showing the potential high, low, and equilibrium (EQ) level of the new range, Tony said, "We have now crossed into the range of $31,000 EQ and $32,300 Range high ‼️
If you are not yet in a position, I would wait until we flip the EQ we are up against now into support legends."
Another trader in the comment section supported Tony's argument saying, "I'm also looking for the 32k resistance and on the $BTC weekly it looks extremely bullish with potential second breakout of price range
We just need a weekly close above 30k for a nice continuation scenario and I have hope, that we even surpass the 32-33k level."
Altcoins Follow Bitcoin Steps
It seems the crypto industry is finally moving into the long-awaited altcoin season as Ethereum makes big moves in the crypto market. Since Bitcoin crossed the $31k level, Ethereum has also made similar moves after crossing the $2k price level.
The trading pairs ETH/USD went on to hit $2,130, and this is the highest price that has been recorded in its price chart since May 2022. Other altcoins are also recording considerable gains in the crypto market such as ADA and MATIC. A crypto trader called Credible Crypto said, "Coins like $ETH and various others have likely seen their lows and have started the journey to new all time highs."