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.
Here’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.
“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).
Swift said,
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.
Phoenix said,
Related: Kitchen table Bitcoin: How should average investors approach crypto?
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.
Rekt Capital said,
The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 42.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves
Read more on cointelegraph.com
