A retest is expected, but most analysts expect Bitcoin price to end up much higher

Cryptocurrency market sentiment has improved significantly over the past week as Bitcoin prices surge (Bitcoin) is now trading near $48,000, while Ether (ETH) trying to hold above $3,400.

Data from Cointelegraph Markets Pro and trading view shows that Bitcoin’s price has been hovering around $48,000 since it broke above $45,000 early on March 28, and bulls are now debating whether a bull run to $80,000 is imminent.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts in the market are saying about the outlook for BTC going forward and what levels to watch in the event of a price decline or another breakout to the upside.

Bitcoin breaks its 1-year moving average

“It’s often best to keep it simple,” according to independent market analyst Philip Swift, who Posted The chart below shows Bitcoin’s price relative to its 1-year moving average (MA).

BTC/USD 1 day chart. Source: Twitter

Swift said

“Price is now breaking back above the 1-year MA. Historically, this is an important level for Bitcoin, signaling the start of an uptrend.”

Possible entry at $45,000

A glimpse of a possible entry point in the event of a Bitcoin price drop was brought up by crypto trader and pseudonymous Twitter user “Phoenix”, who Posted The chart below outlines a possible trajectory that BTC could take over the next few weeks.

BTC/USDT 6 hour chart. Source: Twitter

phoenix said

“Those who missed the boat can hope for a perfect start with a $45,000 retest. But BTC often doesn’t give perfect entries. Clearly bullish in my opinion after that clean break above the range.”

Related: Kitchen Table Bitcoin: How Should Average Investors Approach Crypto?

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

As for areas to watch for, BTC should continue to move higher, according to market analyst and pseudonymous Twitter user Rekt Capital. Posted The chart below suggests that if major obstacles do not appear, the price could soon head towards $57,000.

BTC/USD 1 month chart. Source: Twitter

Rekt Capital said:

“Technically, if BTC flips the ~$47k monthly black level into support this March… There is little major monthly resistance until ~$57k (red).”

The total cryptocurrency market cap is now $2.151 trillion and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed herein 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.