Analysts say Bitcoin’s daily close above $48,000 paves a clear path to a new all-time high

Cryptocurrency investors are in high spirits on March 28 as Bitcoin’s week-long market meltdown extended by another day (Bitcoin) rallied to $48,000 and Ether traded above $3,400.

Data from Cointelegraph Markets Pro and trading view shows that after a brief pause near the $47,000 support in early Monday trading, an afternoon buying wave helped push BTC above $48,000 and bulls are identifying $52,000 as the next stop.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what multiple market analysts have to say about this latest move for Bitcoin, and what could come next if 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’s journey could be headed. Posted The chart below shows a possible move above $54,500.

BTC/USD 1 day chart. Source: Twitter

Nunya Bizniz said:

“Measured movement target from [the] Breakout from ascending triangle. Arrive?”

Technical analyst Crypto Yoddha expressed a similar outlook for the future. Posted The chart below highlights “a nice breakout of the bearish structure.”

BTC/USD 1 day chart. Source: Twitter

Crypto Yoddha said:

“Either a proper pullback to retest the breakout or the price will continue to push higher to reach the same highs of $52,000.”

Major moving averages have been flipped

Further insight into Monday’s BTC price action was brought up by market analyst and pseudonymous Twitter user “filbfilb,” who Posted The chart below shows Bitcoin’s “strong weekly close,” which closed “above the 20 WMA and 50/100 DMA.”

BTC/USD 1 week chart. Source: Twitter

Filbfilb said

“Also critical is the break of the key weekly support/resistance level that defines the middle of the range. Now he was sitting below the 100 DMA and annual pivot and a high volume node.”

Related: Bitcoin next to $58,000? A 2019-like “inverting ascending triangle” suggests more upside potential for BTC

Is the eruption extending the 4-year cycle?

Analysis of BTC’s long-term price action was discussed by crypto trader Jordan Lindsey, who Posted The chart below suggests that the Bitcoin bull run that began in early 2021 is still ongoing due to an extension of the 4-year cycle.

BTC/USD 3-day chart. Source: Twitter

Lindsey said

“The bull market breakout has never faded. We have remained in a bitcoin bull market since 2020. The cycles are longer. Extension or new construction? That is the question.”

The total cryptocurrency market cap is now $2.168 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 Every investment and trading move involves risk, you should do your own research when making a decision.