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

As the week-long meltdown across the market continues, cryptocurrency investors are feeling optimistic on March 28, with Bitcoin (BTC), rallying to $48,000, and Ether trading above $3,000.

Cointelegraph Markets Pro and TradingView data show that there was a brief pause at support at $47,000 on Monday’s early trading. However, a wave of buying in the afternoon lifted BTC to $48,000 and bulls are now identifying $52,000 as their next stop.

BTC/USDT 1-day chart. Source: TradingView

Here are some market analysts’ thoughts on the latest Bitcoin move and what might happen next, as the bullish narrative gains momentum.

The next stop is $52,000

Analyst and pseudonymous user on Twitter, ‘Nunya’ Bizniz posted this chart showing a potential move above $54,500.

BTC/USD 1-day chart. Source: Twitter

Nunya Bizniz said,

“Measured move target for [the] breakout of the ascending triangle. “Get there!”

Technical analyst “Crypto Yodha” shared a similar outlook for the future and posted the following chart, which highlights “a nice breakout from the bearish structure.”

BTC/USD 1-day chart. Source: Twitter

Crypto Yoddha said,

“Either there will be a pullback to retest breakout, or the price will continue pushing higher to reach equal highs of $52,000.”

The key moving averages were flipped

Market analyst and pseudonymous Twitter User ‘filbfilb, who posted this chart showing Monday’s BTC price action, added more insight. It shows the “strong weekly close” by Bitcoin. The closing “above the 20/100 DMA and 50/100 DMA.”

BTC/USD 1-week chart. Source: Twitter

Filbfilb stated,

“Critically, also broke the key weekly support/resistance levels defining the middle part of the range. Now below the 100 DMA, yearly pivot, and high volume node.

Related: Bitcoin to $58K Next? BTC may have more upside with a 2019-like “reversal ascending triangular”

Is the breakout extending the 4-year cycle?

Crypto trader Jordan Lindsey posted this chart showing that the Bitcoin bull market that started in early 2021 continues due to an extension on the 4-year cycle.

BTC/USD 3-day chart. Source: Twitter

Lindsey stated,

“Bull market recovery has not faded. Since 2020, we are still in a bull market for Bitcoin. The cycles are longer. Are you looking for a new structure or lengthening? It is up to you.

The total cryptocurrency market is now worth $2.168 trillion, and Bitcoin’s dominance rate of 42.1%.

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

https://cointelegraph.com/news/analysts-say-bitcoin-daily-close-above-48k-opens-a-clear-path-to-a-new-all-time-high