Analysts say Bitcoin daily close above $48K opens a clear path to a new all-time high


Cryptocurrency investors are in a great mood on March 28, as the week-long meltdown through the market extended another day with Bitcoin (BTC) accumulating to $ 48,000 and Ether trading above $ 3,400.

Data from Cointelegraph Markets Pro and TradingView shows that after a brief break near support at $ 47,000 in early trading on Monday, an afternoon wave of buying helped lift BTC above $ 48,000 and bulls identify $ 52,000 as the next stop.

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BTC / USDT 1-day chart. Source: TradingView

Here’s a look at what several market analysts are saying about this latest move for Bitcoin and what might come next as the bullish story continues to gain momentum.

$ 52,000 is the next stop

A look at where BTC could be headed was provided by analyst and pseudonymous Twitter user “Nunya Bizniz”, who posted the following diagram outlining a possible move above $ 54,500.

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BTC / USD 1-day chart. Source: Twitter

Nunya Bizniz said,

“Measured displacement target of [the] rupture of an ascending triangle. Come there? ”

A similar perspective advance was expressed by technical analyst ‘Crypto Yoddha’, who posted the following diagram highlighting “a nice break from the bearish structure.”

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BTC / USD 1-day chart. Source: Twitter

Crypto Yoddha said,

“Either a proper pullback to rethink the breakout or price will continue to push higher to reach equal highs of $ 52,000.”

Key moving averages were reversed

Further information on Monday’s BTC price action was touched by market analyst and pseudonymous Twitter user ‘filbfilb’, who posted the following chart showing the “strong weekly closing of Bitcoin”, which closed “above the 20 WMA and 50/100 DMA.”

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BTC / USD 1-week chart. Source: Twitter

Filbfilb said,

“Despite also breaking the key weekly support / resistance level by defining the middle of the range. Now sat below the 100 DMA and annual pivot and high volume node.”

Related: Bitcoin to $ 58K later? A 2019-like “inverse upward triangle” suggests more advantage for BTC

Does the rupture extend the 4-year cycle

An analysis of BTC’s long-term price performance was discussed by crypto trader Jordan Lindsey, who posted the following chart suggesting that the Bitcoin bull run, which began in early 2021, is still ongoing due to an extension of the 4-year cycle.

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BTC / USD 3-day chart. Source: Twitter

Lindsey said,

“The boom market has never faded. We have been in the Bitcoin market since 2020. Cycles are longer. Extension or new structure? That’s the question.”

The overall market cap of cryptocurrency now stands at $ 2.168 billion and the dominance of Bitcoin is 42.1%.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Every investment and business move involves risk, you need to do your own research when deciding.