What could a Bitcoin surge look like?
The cryptocurrency market has seen a remarkable improvement in the last week, as prices are rising, with Bitcoin (BTC) now trading near $48,000 (€43,168) and recovering the levels of the beginning of the year after a rather bad start to 2022. However, several experts anticipate that this will not be the peak and that the market's most dominant cryptocurrency could go as high as $54,000 (€48,564). BTC is trading at $47,478.22 (€42,687.67) at writing and is up almost 16% from its price a week ago. Bulls are now debating whether there is a rise to $80,000 (€71,928) in the betting pools.
Bitcoin above its 1-year moving average
Independent market analyst Philip Swift has highlighted the 1-year moving average indicator to express his optimism. "Keeping it simple is best," he says, smoothing the charts to create an easily decipherable trend indicator. "Price is now breaking above the 1-year moving average (MA). Historically, this is an important level for Bitcoin signaling the start of an uptrend." Other users were also enthusiastic about the trend: "And with a longer-term average like that, it may be worth seeing where the monthly candle closes..." or "It's going to be an intense two days! It's curious to see where this monthly candle closes".
Possibility of perfect entry
Information about a possible entry point in the event of a slight pullback in the Bitcoin price was addressed by cryptocurrency trader and pseudonymous Twitter user Phoenix. Like his nickname, Bitcoin could lose a bit of steam to move back up again, which would be the timing of a perfect entry that BTC doesn't often provide. "Those who missed the boat can expect a perfect entry with a retest of 45,000. But, BTC often does not give perfect entries. Bullish after this clear break above the range in my view."
Other users noted that "BTC looks great, consolidates, then goes back up and now tests $47,000. We are now back to our major monthly resistance in the $47,000-50,000 region."
Could it be headed for $57,000?
As for areas to consider if BTC continues to move higher, a market analyst with the pseudonym Rekt Captial published a chart showing how little resistance there would be to get to $57,000. "Technically, if BTC turns the monthly black level of ~$47,000 to support this March, there is little significant monthly resistance until ~$57,000 (red)." Some responses to this forecast concluded that "The 200-day moving average (MA) is right around $48,000. So if it gets above that with conviction, it's on."
As you can see from these three predictions, each is based on a current aspect of the uptrend Bitcoin has experienced in a rather profitable March. With tomorrow still to go, Bitcoin prices will rise again.