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Bitcoin (BTC) before another test: Analysts expect a very strong increase

 


Cryptocurrency market sentiment has improved significantly over the past week on the back of gains. Bitcoin ( BTC ) is now hovering around $48,000 and Ether ( ETH ) is attempting to sustain above $3,400. 


Data shows bitcoin price hovering around $48,000 since breaking out above $45,000 on March 28. Now the bulls are hoping for a rally towards $80,000.

What are analysts saying about the outlook for BTC and what levels to watch if there is a pullback or another breakout?


Bitcoin 1-year moving average report out

"Keeping it simple is often best," said independent market analyst Philip Swift. To do this, he uploaded the chart below , which plots Bitcoin's price against its 1-year moving average.

Swift explained:


“Price is now breaking out above the 1-year moving average. Historically, this has been a key level where Bitcoin has signaled that a new bullish trend is starting.”

Possible entry at $45,000

Crypto trader and Twitter user, "Phoenix," has outlined a possible entry point in the event of a dip. He uploaded the chart below , which plots possible BTC progression over the next few weeks.

Phoenix said:


“People who missed the train might be hoping for a perfect entry if there is a retest around $45,000. But often, BTC doesn't make a perfect entry. After that clear breakout above the range I'm definitely optimistic."

Related : Bitcoin and the Average Investor: How to Approach Crypto?


Little resistance between $47,500 and $57,000

Market analyst Rekt Capital talks about the areas to watch for further BTC gains. He has uploaded the chart below , which shows that the price could soon rally towards $57,000 without much resistance.


“Technically, if Bitcoin turns the black monthly level around $47,000 into support in March, there is little resistance until $57,000 (red)."

The total market cap of all cryptocurrencies is now $2.151 trillion and Bitcoin’s market share is 42.1 percent.

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