Bitcoin’s surge above $48,000, according to analysts, is the unmistakable macro trend change that traders have been waiting for, but are new all-time highs on the way?
On March 28, cryptocurrency investors were in great spirits as the market’s week-long meltdown continued, with Bitcoin (BTC) surging to $48,000 and Ether trading beyond $3,400.
According to data from Cointelegraph Markets Pro and TradingView, following a brief pause around support at $47,000 in early trading on Monday, a surge of buying in the afternoon sent BTC beyond $48,000, with bulls eyeing $52,000 as the next target.
Here’s what a few market analysts had to say about Bitcoin’s current surge and what could happen next as the optimistic narrative continues to gain traction.
The next stop is $52,000
Analyst and pseudonymous Twitter user ‘Nunya Bizniz’ took a glimpse at where BTC might be headed, posting the graphic below, which shows a likely climb above $54,500.
Nunya Bizniz expressed herself as follows:
“Measured move target of [the] ascending triangle breakout. “How did you get there?”
Technical expert ‘Crypto Yoddha’ shared a similar forecast for the future, highlighting “a nice breakout of the bearish structure” in the chart below.
According to Crypto Yoddha,
“Either there will be a fair pullback to retest the breakout or price will continue to rise to equal highs at $52,000.”
The pivotal moving averages have been reversed.
Market analyst and pseudonymous Twitter user ‘filbfilb’ provided additional insight into Monday’s BTC price action, posting the following chart showing the “solid weekly closing by Bitcoin,” which ended “above the 20 WMA and 50/100 DMA.”
“Critically, the important weekly support/resistance level marking the range’s centre was also broken. Now sitting just below the 100 DMA and yearly pivot, as well as a high volume node.”
Is the 4-year cycle extended by the breakout?
Crypto trader Jordan Lindsey analysed the long-term price performance of BTC, posting the chart below, which suggests that the Bitcoin bull run, which began in early 2021, is still happening due to a 4-year cycle extension.
According to Lindsey,
“There has never been a bull market breakout that hasn’t faded.” Since 2020, we’ve been in a Bitcoin bull market. The cycles are becoming longer. Is it better to lengthen or build a new structure? “This is the issue.”
The total cryptocurrency market capitalization is currently $2.168 trillion, with Bitcoin commanding 42.1 percent of the market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.