Bitcoin price could return to all-time highs if $46,000 holds – analysts

Bitcoin (Bitcoin) hit the highest level since Wall Street opened on March 28 since Jan. 2, when its recent bull run maintained the pace.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

BTC dip not necessary, but “would be healthy”

Data from Cointelegraph Markets Pro and trading view showed BTC/USD touching $47,900 on Bitstamp, just $100 away from a new high in 2022.

The move followed a strong move into the weekly close that continued on March 28th and produced weekly gains of almost 17%.

While some were beginning to call for a retracement to shore up new support levels, excitement nonetheless remains the driving sentiment at the time of writing.

“Multi-month regime of both Spot Premium and Quarterly Backwardation + Massive On-Chain Accumulation through multiple measures. All we’ve been missing is momentum,” notes Blockware Insights analyst William Clemente explained.

“As long as $46k holds think market participants will push this back to highs on a momentum/trend basis.”

This perspective was confirmed by Rekt Capital, which identified two key moving averages as potential fuel to send the largest cryptocurrency back to all-time highs.

Clemens added a chart showing that Bitcoin’s moving average convergence divergence (MACD) indicator had turned green for the first time since November’s all-time highs, signaling the start of an uptrend.

BTC/USD chart with MACD. Source: William Clemente/Twitter

On-chain monitoring resource Whalemap, meanwhile, reiterated that $47,400 is a key area at the macro level as there has been accumulation there previously.

In an additional nod to the current rally this year being more sustainable than previous ones, analyst Philip Swift said highlighted that funding rates on derivatives platforms remained oddly low despite optimism in both sentiment and market performance.

2022 “will not be so easy” for risk assets

For macro analysts, the focus has been on whether Bitcoin would break out against traditional assets with its recent gains.

Related: Buying pressure “in bull market territory” – 5 things to know about Bitcoin this week

US stocks were broadly flat at the March 28 open, while gold saw only a modest uptrend.

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, discussed the trend and questioned whether BTC might be “taking the baton of risk avoidance.”

“Q1 may be just another blip in the trend of rising risk assets amid the highest inflation in 40 years and war in Europe, but we think the 2022 endgame is unlikely to be that easy,” he said justified.

McGlone added that Bitcoin is “showing variable strength” nonetheless.

Nasdaq 100 vs BTC/USD 1 week chart with 50 week moving average. Source: Mike McGlone/Twitter

That’s what the analyst recently said BTC/USD could “easily” return to $30,000 before reaching a six-digit number under the current macro conditions.