We all knew Bitcoin’s big break was only a matter of time. After months of uncertainty and low prices, it started getting more confident last week. Experts were expecting a bull run and it finally came toward the end of last week when it broke the $40,000 deadlock. However, unlike before, Bitcoin pushed past it. One by one, the new test levels fell until it hit an apparent snag at $47,000, which is the current price as well.
Bitcoin has been holding its ground pretty well in the past 24-48 hours, and everyone is expecting for an even higher push. The possible entry is at $45,000 for those that missed the boat, although a retest is needed. No matter if you invested or missed the boat, one thing is clear – Bitcoin is back, and experts believe that it’ll fly higher than ever this time around.
Clearly Bullish Market
The price is currently breaking over the 1-year MA. This is historically an important level for Bitcoin and signifies the start of a bullish market. Over the next few weeks, it is expected to reach higher points, as there’s little resistance between the current price and $57,000.
Of course, Bitcoin never offers perfect entries, but the market is clearly bullish right now, and investors know they shouldn’t miss the boat before it sails off into the sunset. And it’s not just Bitcoin. The whole market in in green right now thanks to Bitcoin’s bull run start.
Things will only get better from here on. Pending any setback, the price could move toward $57,000 soon. For the past few days, Bitcoin has been hovering over $47,000, seemingly not being able to break further. That could all change in the coming days or next week, since there are no major monthly resistance points on the way to $57,000. In order for that to happen, though, it needs to flip the March monthly black level of $47,000. Which shouldn’t be hard at all since it’s already there.
Ether and Solana Among the Risers Too
Ethereum is currently trading in the green with over 2.5% increase in the past 24 hours. A rally toward $4,000 is expected soon, but not without resistance on the way. If it goes down, experts recommend buying the dip. With Bitcoin on its way up, Ether’s price will rise too.
There’s been a lot of momentum in the altcoin market too. SOL has gained about 1% in the past 24 hours, CHZ is up too, and Loopring has made a fantastic comeback in the past week as well. The ratio between Ethereum and Bitcoin is currently at 0.071, which is up from 0.065 last week. Historically, when this ratio increases, good things happen. It’s an indicator of a strong market, the one we’ve all been waiting for months.
In times of uncertainty, cryptocurrencies have shown they can hold their ground. It was only a matter of time before Bitcoin shatters new records, and we’re possibly seeing the start of it.