Cryptocurrency investors are in high spirits on March 28 as the week-long meltdown in the market extended for a day with Bitcoin ( BTC ) ...
Cryptocurrency investors are in high spirits on March 28 as the week-long meltdown in the market extended for a day with Bitcoin (BTC) rallying to $48,000 and Ether trading above $3,400.
Data from Cointelegraph Markets Pro and TradingView shows that after a brief pause near support at $47,000 in early trading on Monday, a flurry of afternoon buying helped lift BTC above $48,000 and bulls identify 52,000 $ as the next stop.
Here’s a look at what several market analysts are saying about this latest move for Bitcoin and what may follow as the bullish narrative continues to gain momentum.
$52,000 is the next stop
A glimpse of where BTC might be headed was provided by analyst and pseudonymous Twitter user “Nunya Bizniz,” who job the following chart outlining a possible move above $54,500.
Nunya Bizniz said,
“Measured move target of [the] out of the ascending triangle. Go for it ? »
A similar outlook for the future was expressed by technical analyst ‘Crypto Yoddha’, who job the following chart highlighting “a nice breakout of the bearish structure”.
Crypto Yoddha said:
“Either a proper pullback to retest the breakout or the price will continue higher to reach highs equal to $52,000.”
The major moving averages have been reversed
Additional insight into Monday’s BTC price action was taken by market analyst and pseudonymous Twitter user ‘filbfilb’, who job the following chart showing Bitcoin’s “strong weekly close”, which closed “above the 20 WMA and 50/100 DMA”.
Filbfilb said,
“It also critically breaks the key weekly support/resistance level defining the midpoint of the range. Now sitting below the 100 DMA and yearly pivot and a high volume node.
Related: Bitcoin at $58,000 next? 2019-like ‘inverted ascending triangle’ hints at more upside for BTC
Does the breakout extend the 4 year cycle
Analysis of BTC’s long-term price performance was discussed by crypto trader Jordan Lindsey, who job the following chart suggesting that the Bitcoin bull run that started in early 2021 is still ongoing due to a 4-year cycle extension.
Lindsey said,
“The bull market breakout never faded. We continue to be in a Bitcoin bull market since 2020. The cycles are longer. Elongation or new structure? That is the question.”
The overall cryptocurrency market capitalization now stands at $2.168 trillion, and Bitcoin’s dominance rate is 42.1%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
COMMENTS