There has been a notable price improvement in the overall cryptocurrency market as Bitcoin holds onto $47,000. BTC’s price has been oscillating around $48,000 since it breached the $45,000 mark on March 28. Bulls expect further gains up to $80,000.
Philip Swift, an independent market analyst, believes keeping it simple is for the best. He pointed out that the Bitcoin price is breaking back above the one-year moving average. Swift explained that this is historically an important level for the popular crypto. It indicates the start of a bullish trend.
Phoenix, a crypto trader, says a possible trajectory Bitcoin could take over the next few weeks. Traders may hope for a perfect entry with a mid-$45,000 retest. But then Bitcoin doesn’t give perfect entries. It may opt for a bullish run. Rekt Capital, a market analyst, outlined that Bitcoin would continue to head higher. It is likely to head toward $57,000. The analyst said that if the popular crypto flips the black $47,000, there is little major monthly resistance until the big red of $57,000.
The second most popular cryptocurrency Ethereum is currently trading at $3,384. It is up by 0.36% in the last 24-hours. Ether has seen price gains of nearly 15% in the past week. But the altcoins have been showing a mixed price reaction. Some are in green and some, in red. Terra LUNA, Solana, Polkadot, and Cosmos ATOM have gained 0.50% – 3%. Ripple’s XRP, Cardano, Avalanche, Polygon, and Dogecoin are in the red.
Meanwhile, crypto watchers have warned against euphoric sentiment for the popular Bitcoin. Sentiment indicators suggested a price correction is likely.