The price of bitcoin increased by more than 2.30% and that of ETH doubled. Therefore, it is worth asking whether the altcoin season is not an opportunity to buy new cryptocurrencies. What are the traders forecast?
Bitcoin price on the rise
The cryptocurrency market still faces PPI data later today, followed by CPI and FOMC data next week. Nevertheless, at the time of writing, bitcoin closed above the 200 moving average, and just below the 200 moving average, trading around $17,218.83.
A session close of the high time candle above $17,500 would constitute a bullish rally around the June 2022 lows and a return to a five-month trading range. Thus, the entire decline that followed the insolvency of the FTX trading platform in November appears to be a simple short-term move below this range on the bitcoin price chart.
The next price target for bitcoin would then logically be above this range, i.e. around $25,000and $2,000 for the price of Ethereum.
Ethereum price in mind: is it altcoin season?
The outperformance of ETH price against BTC is often cited as an indicator of an “altcoin season”. In other words, now is a good time to take a position in altcoins.
Many of the top cryptocurrency traders to follow on Twitter are predicting that the‘ETH/BTCcurrently at 0.075, will continue its multi-year uptrend to reach 0.1-0.12.
Zoran Kole’s Cryptocurrency Price Predictions
Zoran Kole recently tweeted the Bitcoin price prediction above and the ETH prediction for 2023. Both of these predictions are worth considering even if they are in a “surrender” scenario in the first place.
His bullish Ethereum price prediction, if accurate, will not necessarily benefit all altcoins, as he notes that old cryptocurrency tokens or “dinosaur cryptos” would not be a good investment. Indeed, these would underperform the simple holding of ETH.
Jacob Bury: Cryptocurrency Price Predictions
Our acryptocurrency analyst Jacob Crypto Bury posted a bullish bitcoin price prediction on YouTube this month.
He leads a Discord channel cryptocurrency focused on investing in new cryptocurrencies with high potential for future growth.
Since his bitcoin price prediction video, the price of bitcoin has increased by nearly $1,000.
Koroush AK’s Cryptocurrency Price Predictions
Koroush AK also tweeted this week that 99% of existing cryptocurrencies will become “dead crypto” by the next cycle. Indeed, tokens such asAntshares (NEO)Raiblocks (NANO) and Verge (XVG) were largely ignored even during the 2021 cryptocurrency bull run.
You should know that the two professional traders have nearly half a million followers on Twitter, Telegram and YouTube combined.
Time to buy new cryptocurrencies?
Koroush AK pointed out that the sentiment of many cryptocurrency traders is the same. He believes that if you want to invest in altcoins, it is best to choose new cryptosas they have the greatest upside potential.
According to him, even new cryptocurrencies that turn out to be “shitcoins” can generate ” insane profits in the short term, far exceeding the “poor performance” of “dino coins”.
The best cryptocurrencies to buy right now
On November 10, 2021, the price of bitcoin reached a high of $69,000 on Binance against the USDT. As of this date, the current bear cycle, dubbed “cryptocurrency winter”, has been going on for a year and a month.
Despite this, new cryptocurrency projects have managed to grow and make headlines. In parallel, new cryptocurrency pre-saless saw huge buying levels from investors who wanted to hold the next big cryptocurrency. Some of the token presales we talked about recently are now about to close. These tokens will soon be launched on cryptocurrency exchange platforms.
Among the latter is the Carbon Emissions Reduction Cryptocurrency Project TAXwhich has raised over $16 million on impt.io and ends December 11.
Not far behind is Dash 2 Trade (D2T) which topped $9 million on dash2trade.com, the native token of an upcoming cryptocurrency analysis platform that helps traders decide on the best cryptos to buy.
You can read more about these tokens and our guide to new assets in cryptocurrencies.