Bitcoin price could return to all-time highs if $46K holds — Analysts

Bitcoin (BTC), which was at its highest level since Jan. 2, March 28th’s Wall Street Open, reached its highest point as the latest bull run continued to keep up the pace.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC dip not necessary but “would be good for health”

Cointelegraph Markets Pro and TradingView data showed that BTC/USD reached $47,900 on Bitstamp. This is just $100 from a new 2022 peak.

This move came after a strong weekly close move that continued on March 28 and produced weekly gains of almost 17%.

But it doesn’t have be. A #BTC drop would be healthy. Price would be able go ahead and reclaim previous resistance as new support. Same applies to many Altcoins, which have experienced strong moves since late$BTC #Crypto.
— Rekt Capital (@rektcapital) March 28, 2022

Although some started to call for a retracement in order to increase support levels, the driving emotion at the time was still excitement.

“Multi-month regime with spot premium and quarterlies forwardation + Massive accumulation on-chain by multiple measures. “All we have been lacking is momentum,” Blockware lead insight analyst William Clemente stated.

“As long $46K remains, think momentum/trend-based participants in the market push this back towards range highs.

Rekt Capital shared this perspective and identified two moving averages that could provide the fuel needed to send the largest cryptocurrency to new all-time highs.

The moment #BTC is able to breach the mid-range resistance… Is the moment that $BTC will ascend into the upper half of its Macro Re-Accumulation Range#Crypto #Bitcoin
— Rekt Capital (@rektcapital) March 28, 2022

Clemente created a chart that showed Bitcoin’s moving average divergence indicator (MACD) had turned green. This signaled the beginning of an uptrend for the first time since November’s all-time highs.

Chart of BTC/USD with MACD Source: William Clemente/Twitter

Whalemap, an on-chain monitoring resource, reiterated that $47,000.00 was a key area at macro levels due to accumulation occurring there previously.

The macro outlook stays the same as in the tweet below 47.4k is the most important level in the 47k area right now Lets see how #Bitcoin reacts
— Whalemap (@whale_map), March 28, 2022

Analyst Philip Swift pointed out that the funding rates for derivatives platforms remain curiously low despite optimistic market performance and sentiment.

2022 is not going to be easy for risk assets

Macro analysts were primarily concerned with whether Bitcoin was gaining ground against other assets, or if it was a threat to traditional assets.

Related: 5 Things You Need to Know About Bitcoin This Week

The U.S. stock market was mostly flat at the open on March 28, while gold saw a slight uptick.

Mike McGlone, senior commodity strategist for Bloomberg Intelligence, asked about the trend and whether BTC might “take the risk-off baton.”

He stated that “1Q” may just be another blip in the trend to rising risk assets amid high inflation for 40 years and war in Europe. However, his bias was that 2022 is not likely to be that simple.

McGlone stated that Bitcoin is still “showing divergent strengths.”

BTC/USD 1 week chart with 50-week moving mean. Source: Mike McGlone/Twitter

According to the analyst, BTC/USD could return to $30,000 in a matter of days before reaching six figures under current macro conditions.