A retest is expected, but most analysts expect Bitcoin price to extend much higher
The mood across the cryptocurrency market has seen a notable improvement in the last week as prices are on the rise with Bitcoin (BTC) now trading near $48,000 while Ether (ETH) attempting to hold above $3,400.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has been oscillating around $48,000 since it broke out above $45,000 early on March 28 and bulls are now debating whether a bull run to $80,000 is on the cards.
BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the outlook for BTC moving forward and what levels to keep an eye on in case of a price pullback or another breakout to the upside.
Bitcoin breaks above its 1-year moving average
“Keeping it simple is often best” according to independent market analyst Philip Swift, who posted the following chart showing Bitcoin's price relative to its 1-year moving average (MA).
BTC/USD 1-day chart. Source: TwitterSwift said,
“Price is now breaking back above the 1yr MA. Historically this is an important level for Bitcoin signaling the start of a bullish trend.”Possible entry at $45,000
Insight into a possible entry point in the case of a pullback in the price of Bitcoin was touched on by crypto trader and pseudonymous Twitter user ‘Phoenix’, who posted the following chart outlining a possible trajectory BTC could take over the next few weeks.
BTC/USDT 6-hour chart. Source: TwitterPhoenix said,
“Those that missed the boat may hope for a perfect entry with a mid $45,000 retest. But, BTC often doesn't give perfect entries. Clearly bullish after this clean break above the range in my opinion.”Related: Kitchen table Bitcoin: How should average investors approach crypto?
Little resistance between $47,500 and $57,000
As for the areas to look out for should BTC continue to head higher, market analyst and pseudonymous Twitter user ‘Rekt Captial’ posted the following chart suggesting the price could soon head toward $57,000 baring any major roadblocks.
BTC/USD 1-month chart. Source: TwitterRekt Capital said,
“Technically, if BTC flips the black ~$47,000 Monthly level into support this March… There's little major Monthly resistance until ~$57000 (red).”The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 42.1%.
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