Bitcoin: Analysts weigh in on $50K target after new 2022 high

ambcrypto.com:

Bitcoin, the largest cryptocurrency, achieved a new three-month high this week, thereby wiping all the incurred losses in 2022. The cryptocurrency hit $48,070 on 29 March, before sliding back below the $47,810 mark. Nevertheless, at last, the Fear and Greed index ticked towards ‘Greed’ after a very long time. 

Bitcoin is attempting to reclaim a key long-term moving average as optimism increased that Bitcoin could challenge November’s all-time highs based on that fact. Market analyst and pseudonymous Twitter user filbfilb posted the following chart. The graph showcased the “strong weekly close by Bitcoin,” which closed “above the 20 WMA and 50/100 DMA.”

Very strong weekly close by Bitcoin, closing above the 20 WMA and 50/100 DMA.

Critically also breaking the key weekly support/resistance level defining the middle of the range.

Now sat below the 100 DMA and yearly pivot & a high vol node:https://t.co/NCJlne4t5E

— filbfilb (@filbfilb) March 28, 2022

The 200-day moving average (DMA), currently stood at around $48,300. The 200 DMA is a critical component of the Mayer Multiple metric, which measures spot price ratio in order to determine potentially profitable market entry points.

In a series of tweets on 29 March, on-chain monitoring resource Ecoinometrics eyed a classic entry for BTC/USD as flagged by the Mayer Multiple.

“That’s a good time to buy,” Ecoinometrics asserted in comments. Even if a breakout from the 200DMA is a bull trap, losses in such situations have historically been small.”

Using this momentum, BTC could achieve a target above the $50K mark. Twitter user Nunya Bizniz highlighted this scenario where the following chart outlined a possible move above $54,500.

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