Amid the global banking crisis and fears of worldwide recession, analysts have plotted macro money inflow into the Bitcoin market in the past few weeks. As a result, the Bitcoin price printed its largest weekly gains since the January 2023 market reversal.
Having invalidated the 2022 crypto bear market, the Bitcoin price has continued to stay above the 200 WMA. Despite the 200 WMA acting as a crucial support level, the fears of a pullback induced by the weekly death cross still linger in most swing traders.
Consequently, most analysts are watching if Bitcoin can close the next few weeks above $25k, which could mean $30k is around the corner.
With the Federal Open Market Committee (FOMC) data on interest rates expected tomorrow, Bitcoin’s volatility is expected to heighten, and perhaps reach $30k. A continued bull case tomorrow will induce a fresh bull run on the altcoin market, where most traders make more profits on low-cap projects.
Analyst’s Take on Bitcoin Market and Alt Season
In his latest YouTube video, popular crypto analyst Joe Parys disputed the recent narrative that Bitcoin can hit $1 million in 90 days. According to Parys, Balaji’s bet is not sensible as at the moment Bitcoin price has been moving towards diminishing returns. As such, the analyst noted that high returns are currently based on altcoins like HEX, which has gained over 59 percent in the past 30 days.
Arguably, Bitcoin is bound to hit $1 million due to more countries like Venezuela whose economies are struggling with hyperinflation.
Notably, Parys thinks the altcoin season is about to kickstart with Ethereum headed for $2,000 soon. Moreover, Parys noted that Bitcoin’s dominance has historically declined after a bull market, which typically flows to the altcoin industry.