Bitcoin halving is just 52 days away, and the BTC price is only 20% away from its current ATH at $68,789.63. Besides, the spot ETF inflows are marking new highs, which has been one of the major reasons that the BTC price recovered from the FTX fiasco in just 16 months. Looking at the broader market figures, the altcoins maintain their calmness without recording huge bullish candles.
It appears that these tokens are patiently waiting for their time, which may begin once BTC bulls repose. But When?
With the latest move, the BTC price has officially marked its presence within the final price range before the ATH. The price is testing the key resistance levels, which are very important to be cleared to mark new highs for the prevailing bull run. However, the bulls appear to have held a tight grip over the rally, due to which achieving a new ATH may not be a tedious job.
Now that the BTC price is close to record new highs, when will the altcoins be on their journey to the ATH? It is worth noting that BTC is close to its ATH and has also achieved new highs in various parts of the world, but altcoins are way behind their target, due to which the start of an AltSeason may differ.
The altcoin market cap has cleared one of the key resistance levels at $936.44 billion and is heading to reach the milestone of $1 billion. Achieving this breakthrough may not be a tedious job, as the markets are in favour of the bulls. Hence, a weekly close above these levels may push the prices of the altcoins higher as the technicals are flowing in favour of bulls. The RSI has surpassed the upper threshold and is expected to hover within the levels, it did before during the 2021 bull run.
Therefore, once the levels hit the milestone at $1 billion, a minor retracement can be expected, which may not be a pullback as the markets may continue to remain under bullish influence. One of the popular analysts, anonymously known as Captian Faibik, says that the Bitcoin price may find its new highs somewhere in April or May and hence the AltSeason may also begin at the same time, after the Bitcoin halving.
