Bitcoin price action remains higher, with analysis showing the 200-week moving average potentially returning towards support. In this environment, analysts’ Bitcoin forecasts seem generally optimistic.
Bitcoin bulls should ‘step up’ to protect $26,000
cryptocoin.comAs you follow, Bitcoin rose above $28,000 over the weekend. However, further rise of the bulls has been blocked for now. This has led market participants to weigh in on the possibility of Bitcoin returning to test support. Popular trader Crypto Tony said, “I keep my long position above $25,500. However, we eventually lost the $27,000 support, so we will likely go down and test $26,100. According to the analyst, the important thing is that the bulls definitely step in at that moment.
Michaël van de Poppe, founder and CEO of trading firm Eight, is optimistic about the short-term outlook despite BTC falling over the weekend. The analyst makes the following assessment:
Are we staying above $26,800? The answer is obvious; Yes. This means that the trend will continue until $26,800 is lost. In part of the analysis on March 18, a final sweep to $28,300-28,900 is expected followed by a reversal.
Still, the next post that day highlighted the importance of close support just $300 below the current spot price. Van de Poppe said, “$26,800 is very important for Bitcoin. Now there were two tests. If we do one more test, it will likely break and cause a deeper and more drastic fix. Next up – it has a hold above $28,500,” he summed up.
Bitcoin predictions: Is the bear trend ending?
On weekly timeframes, BTC was in line for an impressive candle close, last moving around $27,000 in June 2022. For trader and analyst Rekt Capital, there is additional reason for optimism, thanks to Bitcoin’s potential to completely overtake the intervening downtrend.
“When an old multi-month BTC downtrend is broken… A new multi-month BTC uptrend is emerging,” he wrote in one of several weekend Twitter posts. Rekt Capital highlighted the continued importance of the 200-period moving average (MA) on weekly timeframes. This indicator is currently sitting at $25,350 and is preparing for a resistance or support turn.
Bitcoin predictions for Easter Day
CoinCodex’s self-learning machine technology determined the price of Bitcoin in 2023 over Easter day. The software predicts that Bitcoin’s momentum will slow down and based on information obtained on March 19, it could be trading at $27,845 that day.
Meanwhile, it’s worth noting that CoinPriceForecast, another AI-based technology, predicts that Bitcoin will likely rally to $30,000 by the end of the year. According to the Trade platform, Bitcoin will be worth $33,047 by the end of 2023.
After days of consistent capital flow, Bitcoin was trading at $28,102 as of publication. Bitcoin, with a market cap of $540 billion, has gained over 30% on the weekly chart, despite only modestly correcting roughly 1% in the past day.
A positive outlook prevails in the one-week Bitcoin technical analysis received by TradingView. The summary and moving averages of the indicators at 16 and 12 respectively give a ‘strong buy’ recommendation.
Bitcoin’s bullish trend has resulted in a growing belief that the current banking crisis has changed the perception of the asset. Despite this, inflation and rising Fed Funds rates continue to significantly affect the value of cryptocurrencies. The Fed is less likely to raise interest rates due to slowing inflation statistics. This is also expected to act as a bullish trigger for Bitcoin to potentially retake the $30,000 level.
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