Bitcoin is making big moves, and the whole crypto market is feeling the excitement. After a strong rally, Bitcoin’s price is hovering around $103,000, and everyone’s wondering what’s next: will it break its all-time high, or will we see a pullback? Either way, it’s going to have a big impact on other cryptocurrencies (altcoins).
Altcoins Heating Up?
Many analysts think we’re on the verge of “altseason”—a period where investors shift their money from Bitcoin to other cryptocurrencies. A metric called the “Bitcoin Market Performance & Altcoin Spread” is a key indicator. It measures how well altcoins like Ethereum (ETH) and Solana (SOL) are doing compared to Bitcoin. Right now, it’s at 38%. Historically, when this metric hits 50%, it signals the start of altseason. We’re only 12 percentage points away!
Bitcoin’s Recent Rally and What’s Next
Bitcoin’s price has been on a tear lately, up over 12% in the past week and more than 40% since its low in early April. This shows investors are feeling confident. It’s trading just below its all-time high near $109,000. The next few weeks will be crucial. Some experts predict a clean break above the all-time high, continuing the bull run. Others think we might see some profit-taking and a short-term correction.
Bitcoin’s Weekly Chart: A Look at the Big Picture
The weekly Bitcoin chart shows the price consolidating just below its all-time high. It hit $105,706 before pulling back. The $100,000 level is a key psychological support level, and Bitcoin is holding above it. Long-term indicators also look bullish. However, breaking above $105,000 on a weekly close would be a strong signal for further gains, potentially towards $109,000. Failure to hold above $100,000 could lead to a deeper correction. Despite this, the overall momentum is still positive.