The Bitcoin price is up over 2% and the ETH price double that – is it time to buy new cryptocurrencies for altcoin season? What do traders predict?
Bitcoin Price Up
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 two four hour candles 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 bullish 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 appear to be a short term deviation below that range on the Bitcoin price chart.
Then the next logical price target for Bitcoin would be the top of that range, around $25,000 and $2,000 for the Ethereum price.
Ethereum Price Leading – Altcoin Season?
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’s Crypto Price Predictions
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.
Koroush AK’s Crypto Price Predictions
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 professional traders have almost half a million followers across Twitter, Telegram and YouTube combined.
Time to Buy New Cryptocurrency Tokens?
An interesting follow up comment Koroush AK made echoes the sentiment of many crypto traders – that if choosing to invest in altcoins, pick new coins as those will have the highest upside potential.
Even the new cryptocurrency assets that later turn out to be ‘shitcoins‘ could still result in ‘insane gains’ in the short term, far outperforming the ‘lagging pumps’ of dino coins.
Best Crypto to Buy Now
The Bitcoin price topped out at $69,000 on Binance against USDT on November 10th, 2021 – the current bear cycle dubbed ‘crypto winter’ has lasted one year and one month measured from then.
Despite that, new cryptocurrency projects have managed to pump and make headlines, and new crypto presales have seen huge levels of buying from early investors wanting to hold the next big crypto. Some new token sales we’ve reported on recently are now close to selling out and launching on crypto exchanges.
Those include carbon offsetting crypto project IMPT which has now raised over $16 million at impt.io and ends December 11th.
Not far behind is Dash 2 Trade (D2T) which has passed $9 million at dash2trade.com, the native token of an upcoming cryptocurrency analytics platform which in itself helps traders decide on the best cryptos to buy.
Learn more about those tokens and more on our guide to new cryptocurrency assets.
Visit IMPT Presale
Source: Crypto News