A retest is expected, but most analysts expect Bitcoin price to extend much higher

The cryptocurrency market is experiencing a noticeable improvement as prices have risen. Bitcoin (BTC), which trades at $48,000, has been trading well while Ether (ETH), which tries to hold above $3,000.

Cointelegraph Markets Pro and TradingView data show that Bitcoin’s price has fluctuated around $48,000 since it broke above $45,000 on March 28th. Bulls are now debating if a bull run to $80,000 might be possible.

BTC/USDT 1-day chart. Source: TradingView

Below is a list of what market analysts have to say about BTC’s future prospects. Also, what levels should you be watching in case there is a pullback in price or a breakout to the upside.

Bitcoin surpasses its 1-year moving mean

According to Philip Swift, an independent market analyst, “Keeping it simple is often the best,” he posted the following chart that shows Bitcoin’s current price relative to its 1-year moving mean (MA).

BTC/USD 1-day chart. Source: Twitter

Swift stated,

“Price is now rising above the 1yr MA. This is historically a crucial level for Bitcoin, signaling the beginning of a bullish pattern.

Entry possible at $45,000

Crypto trader and pseudonymous user on Twitter, Phoenix, shared insight into a possible entry point in case of a pullback of Bitcoin’s price. He posted the following chart showing a possible trajectory BTC could follow over the next few days.

BTC/USDT 6-hour chart. Source: Twitter

Phoenix said,

“Those who missed the boat might hope for a perfect entry with a mid $45,000 test. But, BTC often doesn’t give perfect entries. I am clearly bullish following this clear break above the range.

Related: Kitchen table Bitcoin: How should average crypto investors approach it?

There is little resistance between $47.500 and $57,000

The following chart, which was posted by a market analyst and pseudonymous user on Twitter, suggests that the price of Bitcoin could soon reach $57,000 if there are no major roadblocks.

BTC/USD 1-month chart. Source: Twitter

Rekt Capital said,

Technically, if BTC flips $47,000 Monthly into support this March… there’s little Monthly resistance until $57000 red.

The total cryptocurrency market is now worth $2.151 trillion, and Bitcoin is the dominant currency at 42.1%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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