Analysts: Crossing $ 48,000 could take bitcoin to a new high



Analysts say crossing the $ 48,000 bitcoin mark is a sign of a change in the digital currency market and what many traders have been waiting for; But the question that many had was, could bitcoin reach a new historical record with this move?

According to Kevin Telegraph, investors in digital currencies are currently in a very good and happy situation. The reason traders are doing well is that the sudden rise in the price of digital currencies has continued for another day this week. With this upward trend, the price of bitcoin reached $ 48,000, and the price of Atrium reached over $ 3,400.

In the early hours of trading on Monday, Bitcoin first stopped slightly close to the $ 47,000 support level, and then the buying wave that began that afternoon pushed the price of this digital currency over $ 48,000. Analysts now say the next target for bitcoin is $ 52,000.

Analysts: Crossing $ 48,000 could take bitcoin to a new high
Daily chart of bitcoin prices in dollars.

Next, we will look at the opinions of some analysts on the recent movement of bitcoin and explain what will happen if the upward trend of this digital currency continues.

The next target is $ 52,000?

An anonymous Twitter analyst named Nunya Bizniz recently talked about Bitcoin’s next price target. Explaining the chart below, he explained that the price of bitcoin could reach over $ 54,500.

Analysts: Crossing $ 48,000 could take bitcoin to a new high
Daily chart of bitcoin prices in dollars

He said:

If bitcoin moves according to the ascending triangle pattern shown in the chart, its next target will be $ 54,578. Now the question is, can this digital currency get there?

Another technical analyst, Crypto Yoddha, is investigating the upward movement of bitcoin. It could break its upward trend by releasing the chart below, according to bitcoin.

Analysts: Crossing $ 48,000 could take bitcoin to a new high
Chart of the balance of the price of bitcoin in dollars.

He said:

Bitcoin is either withdrawing and resuming its recent profit point, or continues to rise to $ 52,000.

The status of key moving averages has changed

Another unnamed analyst, filbfilb, shared the chart below on Twitter, explaining that the price of bitcoin in the weekly view is very high above the 20-week moving average (WMA) and 50-and-100 moving average (DMA). for weeks.

Analysts: Crossing $ 48,000 could take bitcoin to a new high
Weekly chart of bitcoin prices in dollars.

He said:

Breaking the important weekly resistance or support that marks the middle of the channel in the image (red line on the graph) is very important. Bitcoin is currently below the 100-week moving average, its annual turning point and the level of high trading history.

Will the four-year bitcoin cycle continue?

Another trader, Jordan Lindsey, researched the long-term performance of the price of bitcoin. Explaining the chart below, he explains that the upward trend of bitcoin, which began in early 2021, continues due to the expansion of its four-year price cycle.

Analysts: Crossing $ 48,000 could take bitcoin to a new high
Daily chart of bitcoin prices in dollars.

He said:

Bitcoin has never left its bull market. This digital currency is still on the market in an upward trend that began in 2020. Bitcoin cycles have become longer. The main question is whether the duration of these cycles has increased or their structure has changed?

Analysts’ publication: The $ 48,000 move could take bitcoin to a new all-time high, first appearing in digital currency.

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