After Bitcoin & Ethereum Price Recovery New Crypto Coins Set to Pump? Trader Predictions
The Bitcoin price is up over 2% and the ETH price nearly double that - is it time to buy new cryptocurrencies for altcoin season?
The crypto markets still have to contend with PPI data later today then CPI and FOMC next week, but at press time Bitcoin has closed four hour candles just over the 200 moving average, and just below the 200 EMA, trading at around $17,200.
A high timeframe candle close above $17,500 would be a significant reclaim of the June 2022 lows and a move back into a five month trading range, making all of the bearish action following FTX exchange's insolvency in November just a short term deviation below that range.
The next logical price target for Bitcoin would then be the top of that range, around $25,000 and $2,000 for the Ethereum price.
The ETH price outperforming BTC is often cited as an indicator of an 'alt season', i.e. that it's a good time to build a position in altcoins.
Many of the best crypto traders to follow on Twitter predict that ETH/BTC, currently at 0.075, will continue its multi-year uptrend to hit 0.1 - 0.12.
Zoran Kole recently tweeted the above Bitcoin price prediction and ETH prediction for 2023, even if both do dip first in a 'capitulation' scenario.
His bullish Ethereum price forecast if accurate wouldn't necessarily benefit all altcoins however - as he notes old cryptocurrency tokens or 'dinosaur coins' would not be a good investment as they would underperform simply holding ETH.
That same sentiment was shared by Koroush AK who tweeted that 99% of existing crypto assets would become 'dead coins' by the next cycle - just as tokens like Antshares (NEO), Raiblocks (NANO), and Verge (XVG) were largely ignored even in the 2021 crypto bull run.
The two traders combined have almost half a
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