While Bitcoin (BTC) is successfully exiting the $35,000 – $45,000 range, experts interpreting technical indicators suggest that Bitcoin may continue to grow and may soon exceed $50,000.
What are analysts saying about Bitcoin’s recent momentum?
Several financial experts have concluded that there is a substantial chance that Bitcoin’s bullish growth will continue not just as high as $50,000 but beyond. Fadi Aboualfa, head of research at the Copper investment firm, told Bloomberg on March 27 that Bitcoin could face the next level of resistance at $52,000. Aboualfa believes that if it breaks this level, its price could reach $65,000, which is close to the ATH level it reached in November 2021.
According to Bloomberg’s chart, Bitcoin has been significantly above its 50-day moving average in recent days and was around $41,085 at the time of writing. According to Bespoke Investment Group, “this puts Bitcoin in the 80th to 90th percentile and “overbought” range”. However, the firm argues that while for many assets this indicates the potential for a drop in price, the reverse has historically been true for Bitcoin, stating in a report:
Bitcoin has been similarly overbought in its history (over the past five years). , averaged significant gains between one to 12 months.
Michaël van de Poppe believes a return to $40,000 is possible
In another analysis, Michaël van de Poppe, founder of crypto consulting firm Eight, analyzed a Bitcoin price chart on March 28. He tweeted and suggested that if he “can change the level”, BTC will definitely continue towards $50,000 and above. The leading crypto analyst also points out that Bitcoin has “pushed liquidity above highs.” He also talks about the Bitcoin price staying above $44,837. Otherwise, he believes, “a return to $40,000 is possible.”
“$56k could open doors to $58k”
According to Cred of Twitter, $47,100 is a high time frame of multiple moving averages It’s a “nice converged area” where it slopes around the resistance zone and an important price level. According to the analyst, “21-week moving average, 50-week moving average, 200-day moving average – all this seems to converge between $46,000 and $48,000, and it is also at the top of this monthly cluster.” Cred says that once the price convincingly rises above the resistance level, BTC should have enough momentum to approach $60,000 once again:
BTC: At this point, the gates are closing much harder from $56,000 to $58,000. will open up to action.
Institutions and whales did not sell Bitcoin
Popular analyst Nicholas Merten says that the fact that whales and other institutional investors do not sell their Bitcoins despite macroeconomic and geopolitical uncertainty is the catalyst behind the sudden price increase of BTC.
Merten goes on to explain that whales have been loading up on crypto bags over the past six months as short-term and leveraged traders drive price action.
Over that time period, we’ve seen an increase of about 10% from September and October of 2021 to where we are at the end of March.
Merten concludes his analysis by reaffirming his long-held view that BTC is not in a bear market, despite a 50% drop from ATH in November to over $69,000.
Tech Dev says a metric gives a rare signal that a big rise is coming for Bitcoin
In a recent tweet, the analyst said that 3-week candles and a metric that identifies trend reversals for any asset. shares a Bitcoin chart with a vortex indicator (VI).
The vortex indicator metric measures two trendlines: VI+ and VI-. According to TechDev, Bitcoin’s two VI trendlines have crossed for only the third time since 2015. Each transition resulted in a significant price increase for the leading crypto asset. Next, the analyst investigates Chaikin Money Flow (CMF), a metric that measures the volume-weighted average accumulation and distribution over a period of time:
The CMF metric takes into account candle closing performance by volume to extract relative buy/sell pressure. . The intersection of the 0 line indicates a pending trend reversal on that TF.
Using the CMF metric, the analyst highlights how Bitcoin has crossed the bullish line for only the fifth time in crypto history. As with the
Bitcoin vortex indicator metric, TechDev points out that each crossing of the CMF bull line precedes the uptrends in BTC.
Raoul Pal warns of an economic trend change lurking
Former Goldman Sachs executive, whose analysis we share as Kriptokoin.com, points to the sudden strengthening of the US dollar against the Japanese yen and evaluates its possible effects on the crypto money market. . Looking at the graph below, Pal says:
Something big is happening at FX… it’s huge. I don’t know what it means yet…Dollar JPY is testing a massive 20-year upside (head and shoulders) neckline…
At the same time, Pal is a big long-term euro’s points out that it is on the verge of collapse with its support level:
Euro tests the 40-year trend…
CEO of Real Vision, if these two trends are broken, a large amount of capital will be He says he could be forced to move out of each relevant market and flee to US bonds and stocks and possibly crypto and precious metals. He also adds that he disagrees with the pessimistic mentality of some investors who are “waiting for the end of the world.” He says he sees adopting emerging technologies such as Bitcoin (BTC) and Ethereum (ETH) as a pragmatic move to break free from the accelerating pace of change in global financial markets:
BTC and ETH playing the biggest role and Web 3 This is what cryptocurrencies will all follow as it completely changes all future business models. Anti-fragile is the name of the game and on top of that exponential age technology will rise unceasingly…
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