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
“Price is now rising above the 1 year 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
“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 by ‘Rekt Captial, suggests that the price 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’s dominance rate of 42.1%.
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