Bitcoin price cracks key price level as indicators herald next bull run to $70,000 or more
A positive move in the bitcoin price overnight has brought local highs of $54,500 and fresh hope. BTC bulls are speculating that the $52,000 price level will finally Bitcoin Bank establish itself as a support level. With this level as a base, there would be plenty of room to move up again. Meanwhile, indicators symbolise that the next price rally could already be around the corner.
The bitcoin price broke the crucial resistance of $52,000 overnight on 9 March and is currently trading just below the all-time high at $54,000. In this article, we look at the opinions of various analysts to find out what this could mean for the price of the number one cryptocurrency.
Bitcoin price bull run is different from 2017
The Bitcoin price hit its highest local point in 2 weeks today (Tuesday) at $54,500. Many analysts see the $52,000 level as particularly important. Securing it as support would, in their opinion, trigger the next phase of the BTC bull run. The recent positive price movement now gives many reasons for hope again. Holger Zschaepitz, market commentator and contributor to the German daily Die Welt, summarised the events and their possible significance for his Twitter followers as follows:
Bitcoin jumps >$54k supported by more signs of institutional interest in the largest cryptocurrency. Institutional interest sets the recent bull run apart from the retail-driven surge in 2017, Goldman says. Much of the institutional demand has been driven by fears over asset devaluation
Zschaepitz was referring to findings from Goldman Sachs, which also revealed, among other things, that 40% of its own clients already have exposure to cryptocurrencies.
Indicator announces renewed price rally for BTC
In the Telegram channel of Bitcoin-Bude, a hint was also given that an imminent renewed upward wave could currently be announced by the Moving Average Convergence/Divergence (MACD) indicator. There, it shows a setup last seen in early February’21 and mid-December’20 just before significant Bitcoin (BTC) price rallies. The most recent one took the Bitcoin price to its all-time high of $58,300.
BTC bulls are hoping this will lead to a possible repeat of events and thus another parabolic rise in the Bitcoin price.
Meanwhile, Cointelegraph market analyst filbfilb, who goes by the pseudonym, is forecasting a target range of $70,000 or higher using the Fibonacci level.
The market is thus waiting in suspense to see whether we will possibly see a renewed rush to the all-time high and thus the $60,000 mark as early as this week.