The cryptocurrency market has seen a marked improvement in the last week as prices are rising, with Bitcoin (BTC) now trading near $48,000 (€43,168) and recovering to year-end levels after a 2022 start. pretty bad.
Several experts anticipate that this will not be the maximum point and that the most dominant cryptocurrency in the market could reach up to 54,000 dollars (48,564 euros). BTC is trading at $47,478.22 ($42,687.67) at the time of writing and is up almost 16% from its price a week ago. The bulls are now even debating whether there is a rally to $80,000 in the pools.
Bitcoin above its 1-year moving average
Independent market analyst Philip Swift has highlighted the 1-year moving average indicator to express his optimism. “Keeping it simple is best,” he says referring to smoothing out charts to create an easily decipherable trend indicator.
Keeping it simple is often best.
Price is now breaking back above the 1yr MA.
Historically this is an important level for #bitcoin signaling the start of bullish trend. pic.twitter.com/sLvHcb7mLI
— Philip Swift (@PositiveCrypto) March 29, 2022
“The price is now above the 1-year moving average (MA). Historically, this is an important level for Bitcoin that signals the start of an uptrend.”
Other users were also enthusiastic about the trend: ” And with a longer-term average like that, it may be worth seeing where the monthly candle closes… ” or ” It’s going to be an intense 2 days!” Curious to see where this monthly candle closes .”
Perfect entry chance
Information about a possible entry point in the event of a slight retracement in the price of Bitcoin was addressed by cryptocurrency trader and pseudonymous Twitter user Phoenix . Like its nickname , Bitcoin could run out of steam a bit to rise again, which would be the perfect entry point that BTC doesn’t often give.
Those that missed the boat may hope for a perfect entry with a mid 45K retest.
But, $BTC often doesn’t give perfect entries.
Clearly bullish after this clean break above the range imo #Bitcoin pic.twitter.com/wHp9WaLeTi
– Phoenix (@Phoenix_Ash3s) March 29, 2022
“Those who missed the boat can expect a perfect entry with a new proof of 45,000. But, BTC often does not give perfect returns. Clearly bullish after this clear break above the range in my opinion.”
Other users agreed, noting that “ BTC looks great, consolidates, then goes back up and now tests $47,000. We are now back at our highest monthly resistance in the $47,000-$50,000 region .”
Could it be headed for $57,000?
As for the areas to watch if BTC continues to rally, pseudonymous market analyst Rekt Captial posted a chart showing how little resistance there would be to go as high as $57,000.
Technically, if #BTC flips the black ~$47000 Monthly level into support this March…
There’s little major Monthly resistance until ~$57000 (red) $BTC #Crypto #Bitcoin pic.twitter.com/mh4sJyrhRd
– Rekt Capital (@rektcapital) March 29, 2022
“Technically, if BTC flips the ~$47,000 monthly black level to support this March, there is little major monthly resistance until ~$57,000 (red).”
Some responses to this forecast concurred in noting that “The 200-day moving average (MA) is right around $48,000. If you get through that with conviction, you’re on your way.”
As you can see from these three predictions, each based on a current aspect of the upward trend that Bitcoin has experienced in a very profitable month of March pending the end of tomorrow, it seems that Bitcoin prices will rise again.