Bitcoin price could return to all-time highs if $46K holds — analysts

Bitcoin (BTC) went connected to deed its highest level since Jan. 2 connected Monday's Wall Street unfastened arsenic its latest bull tally kept up the pace.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

BTC dip nonessential but "would beryllium healthy"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $47,900 connected Bitstamp, conscionable $100 distant from a caller 2022 peak.

The determination followed a beardown determination into the play close, which continued Monday, producing play gains of astir 17%.

— Rekt Capital (@rektcapital) March 28, 2022

While immoderate began to telephone for a retracement to enactment up caller enactment levels, excitement nevertheless remained arsenic the driving temper astatine the clip of writing.

"Multi-month authorities of some spot premium and quarterlies backwardation + Massive on-chain accumulation by respective measures. All we've been missing is momentum," Blockware pb insights expert William Clemente explained.

"As agelong arsenic $46K holds, deliberation momentum/trend-based marketplace participants propulsion this backmost to scope highs."

That position was echoed by Rekt Capital, who identified 2 cardinal moving averages arsenic providing the imaginable substance to nonstop the largest cryptocurrency backmost to all-time highs.

— Rekt Capital (@rektcapital) March 28, 2022

Clemente added a illustration showing that Bitcoin's moving mean convergence divergence (MACD) indicator had flipped green, signalling the commencement of an uptrend, for the archetypal clip since November's all-time highs.

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

On-chain monitoring assets Whalemap meantime reiterated that $47,400 was a cardinal country connected macro levels acknowledgment to accumulation having taken spot determination previously.

— whalemap (@whale_map) March 28, 2022

In an further motion to the existent rally being much sustainable than erstwhile ones this year, expert Philip Swift highlighted that backing rates connected derivatives platforms remained curiously debased contempt optimism successful some sentiment and marketplace performance.

2022 "won't beryllium that easy" for hazard assets

For macro analysts, the absorption was connected whether Bitcoin was breaking retired against accepted assets with its latest gains.

Related: Buy unit ‘in bull marketplace territory’ — 5 things to cognize successful Bitcoin this week

U.S. stocks were mostly level connected Monday's open, portion golden enjoyed lone a humble uptick.

Discussing the trend, Mike McGlone, elder commodity strategist astatine Bloomberg Intelligence, queried whether BTC mightiness beryllium "taking the risk-off baton."

"1Q whitethorn beryllium conscionable different blip successful the inclination of rising hazard assets amid the highest ostentation successful 40 years and warfare successful Europe, yet our bias is that the 2022 endgame isn't apt to beryllium that easy," helium reasoned.

McGlone added that Bitcoin was nevertheless "showing divergent strength."

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

The expert had recently said that BTC/USD could "easily" instrumentality to $30,000 earlier achieving six figures successful existent macro conditions.