Cryptocurrency investors are in high spirits on March 28 as the market's week-long meltdown extended another day with Bitcoin (BTC) rising to $48,000 and Ether trading above $3,400.
Data of Markets Cointelegraph Pro and TradingView shows that after a brief pause near support at $47,000 in early Monday trading, an afternoon buying spree helped lift BTC above $48,000 and bulls are identifying $52,000 as the next stop.
Here is a look at what various market analysts are saying about this latest move for Bitcoin and what could come next as the bullish narrative continues to gather momentum.
$52,000 is the next stop
Analyst and pseudonymous Twitter user 'Nunya Bizniz' provided a look at where BTC could be headed, who aware the chart below outlining a potential move above $54,500.
Nunya Bizniz said,
โMeasured motion target of [the] ascending triangle breakout Go there?"
A similar outlook going forward was expressed by technical analyst 'Crypto Yoddha', who aware the chart below highlights "a nice breakout of the bearish structure."
Crypto Yoddha said,
โEither a proper pullback to retest the breakout or the price will continue to rise to equal highs at $52,000.โ
Key moving averages have reversed
Further understanding of Monday's BTC price action was referred to by market analyst and pseudonymous Twitter user 'filbfilb', who aware the chart below shows โBitcoin's strong weekly closeโ, which closed โabove 20 WMA and 50/100 DMAโ.
filbfilb said,
โAlso critically breaking through the key weekly support/resistance level that defines the middle of the range. It now sat below the 100 DMA and the yearly pivot and a high volume node.โ
Related: Bitcoin at $58K next? A 'reverse ascending triangle' similar to 2019 hints at more upside for BTC
Does the breakup extend the 4-year cycle?
Cryptocurrency trader Jordan Lindsey discussed the long-term price performance analysis of BTC, who aware the chart below suggests that the Bitcoin bull run that started in early 2021 is still continuing due to a 4-year cycle extension.
lindsey said,
โThe bull market breakout has never faded. We continue in a Bitcoin bull market since 2020. The cycles are longer. Lengthening or new structure? This is the question."
The total cryptocurrency market capitalization is now $2.168 trillion and the dominance rate of Bitcoin is 42.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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