Traders say the multi-year highs seen from many tokens prove that an altcoin season is at hand. If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway.
Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects.
Due to this reaction, Lilly sees a possible retest of the $54,000 level to “grind away some of the FOMO” still found at that level, but he doesn’t see the price dropping any lower due to solid on-chain support at this level.
“Either way, we are setting up for a strong later half for April and beyond especially with the Grayscale Effect kicking in around that time.”
At the time of writing, BTC is trading at a price of $59,200, with the Bitcoin dominance rate at 55.7%.