The BTC price is edging closer to reaching its former all-time high as it trades just above the $19K mark. 

 BTCUSD Chart By TradingView 

The ongoing attempt from the BTC bulls to clear $20K has boosted investor confidence. Many crypto enthusiasts are now salivating at the milestone that could be reached any day now. 

Bitcoin’s bullish price action momentarily managed to bring investor interest back to altcoins in a big way. At the start of this week, some altcoins started surging by dozens of percent as BTC only saw slight gains of about 5%. 

That altcoin resurgence marked a significant shift from past weeks when the king coin was leading the crypto market, leaving its competitors down in the dumps. 

However, as soon as the top-ranked cryptocurrency broke above $19,000 in yesterday’s trading, altcoins have experienced a substantial pullback. Investors are now dumping their altcoins back into BTC as they anticipate the flagship crypto asset to push higher and hit a new ATH. 

Could Bitcoin Have Ended the Altcoin Season?

Since the BTC/USD pair hit $19,500, most altcoins have suffered nothing but carnage. For instance, Ethereum has tanked below $600 in today’s sessions, with the top altcoin even breaking below $585 before it found support near the $580 level.

And now, Mike Novogratz, the CEO of Galaxy Digital, believes that the altcoin squeeze could be winding down as attention shifts back to Bitcoin.

“I’ve been up since 2am trading crypto. Haven’t touched $BTC. Im HODLing there. Can’t tell if the alt squeeze is over but feels like it might be,” tweeted the Wall Street investor. 

Novogratz Is Extremely Bullish on BTC

The Galaxy Digital CEO remains bullish on BTC even as he anticipates the altcoin rally to grind to a halt. He recently advised Maisie Williams, the Game of Thrones actress, that BTC is a worthwhile investment that she should consider, as it will likely shoot to $20k, followed by a surge toward $65,000 in the future. 

The crypto enthusiast and analyst, who purchased tens of thousands of coins early on when BTC was worth a $100, still owns a substantial portion of his net worth in the crypto space.

Source: thedailychain.com

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