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

Cryptocurrency investors are in good spirits on March 28 as the week-long market collapse extended another day as Bitcoin (BTC) rallies to $48,000 and Ether trades above $3,400.

Data from Cointelegraph Markets Pro and TradingView shows that after a brief pause near support at $47,000 in early trading on Monday, an afternoon wave of buys helped BTC move above $48,000 and bulls identify $52,000 as the next stop. .

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what various market analysts are saying about this latest move for Bitcoin and what could be coming if the bullish narrative continues to gain momentum.

$52,000 is the next stop

A look at where BTC could be headed was given by analyst and pseudonymous Twitter user ‘Nunya Bizniz’, who Posted the following chart shows a possible move above $54,500.

BTC/USD 1-day chart. Source: Twitter

Nunya Bizniz said:

“Measured displacement target of [the] breakthrough from ascending triangle. Come there?”

A similar vision of the future was expressed by technical analyst ‘Crypto Yoddha’, who: Posted the next chart highlighting “a nice break from the bearish structure.”

BTC/USD 1-day chart. Source: Twitter

Crypto Yoddha said:

“Either a good pullout to retest the breakout, or the price will continue to push higher to reach equal highs at $52,000.”

The main moving averages have flipped

Further insight into Monday’s BTC price action was touched upon by market analyst and pseudonymous Twitter user ‘filbfilb’, who Posted the following chart showing Bitcoin’s “strong weekly close,” closing “above 20 WMA and 50/100 DMA.”

BTC/USD 1 Week Chart. Source: Twitter

filbfilb said,

Criticism also breaks the key weekly support/resistance level that defines the mid-range. Now below 100 DMA and annual spindle and high volume node.

Related: Bitcoin to $58K Next? A 2019-Like Ascending Triangle Reversal Indicates More Upside Potential For BTC

Is the outbreak extending the 4-year cycle?

Analysis of BTC’s long-term price performance was discussed by crypto trader Jordan Lindsey, who: Posted the following chart suggests that the Bitcoin bull run that started in early 2021 is still underway due to an extension of the 4-year cycle.

BTC/USD 3-day chart. Source: Twitter

Lindsey said,

“The bull market breakout has never faded. We are still in a Bitcoin bull market since 2020. Cycles are longer. Extension or new structure? This is the question.”

The total cryptocurrency market cap now stands at $2.168 trillion and Bitcoin’s dominance is 42.1%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risks, you should do your own research when making a decision.

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