Bitcoin headed towards $33k as altseason is trending

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Last Updated on 6 November 2023 by CryptoTips.eu

We’ve had quite a week again. Binance no longer found a banker in the US, Bitcoin broke through $30k smoothly, Ethereum got a technical upgrade that put it above $2,000, AI adjusted its year-end price forecast for Bitcoin and FTX suddenly recovered 7 billion dollars in customer funds.

Meanwhile, all the lights are green for Bitcoin to head for its next target (analysts think it’s around $33,000) and some are already murmuring ‘altseason’.

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Bitcoin heads to $33k

The largest cryptocurrency, Bitcoin, broke through the psychologically significant $30,000 mark on Monday night and analysts are now expecting a small pause before heading for its next target. Consensus says it is at $33,000.

Well-known Dutch analyst Michael van de Poppe, who tweets under the moniker Cryptomich, pretty much agreed, though he saw some possible pauses along the way.

“Bitcoin looks strong, but will have some shallow corrections in an upward trend,” said Michaël.

Altseason is trending

Former BitMEX CEO Arthur Hayes is still a highly respected long-term analyst when it comes to crypto. He was one of the first to announce the crypto winter of 2022 last year and is now also one of the first to declare that the bottom is officially in.

Also, Arthur stated this week that altseason is on its way, especially with Ethereum trading above $2,000 again. Altseason is the period of time in which larger investors diversify their portfolios and also purchase smaller cryptocurrencies, which usually makes them go up by a good 20 to even 50% in a few weeks.

The last time altseason took place was in the summer of 2022, when Bitcoin also seemed to be recovering and Ethereum was preparing for the ‘Merge’, the successful technical upgrade from proof of work to proof of stake.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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