Regarded as the mother and father of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) surged to highs unwitnessed for a prolonged period of time, and the crypto market bulls are hoping that altcoins will soon follow suit.

The price of Bitcoin breached the $31,000 mark on April 14, capturing 10-month highs after some slight consolidation amid macroeconomic data prints from the United States. Adding to the bullish narrative for BTC, founder and CEO of trading firm Eight, Michaël van de Poppe, believes that Bitcoin looks robust but that he expects “some shallow corrections in an upward trend”.

The CEO also highlighted key price points in a tweet on the same day of the surge: “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.” Popular trader Crypto Tony has also weighed in on the current situation surrounding Bitcoin, advising long traders to be patient and await confirmation of new support levels.

In another light, Ethereum witnessed a spike following the highly-followed Shapella upgrade, hitting the $2,130 mark which it hasn’t re-visited since May of 2022. Well known trader Credible Crypto believes that ETH is on its way towards new highs, referring to a theory from a recent YouTube video:

“Coins like $ETH and various others have likely seen their lows and have started the journey to new all time highs.”

Sources:

https://cointelegraph.com/news/bitcoin-price-spikes-above-31k-as-ethereum-gains-spark-altseason-calls

https://twitter.com/CryptoMichNL/status/1646789366042198019

https://twitter.com/CredibleCrypto/status/1646724454331056128

https://www.youtube.com/watch?v=uAVlOfpxRMQ