2023-03-20 13:37:28 ET
Bitcoin ( BTC/USD ) rallying to highs of $28,500 this weekend saw the benchmark cryptocurrency make a macro higher high and break the macro downtrend. The cryptocurrency is currently trading around $27,800 on major Crypto exchanges . Here we highlight the outlook of three top crypto analysts.
Bitcoin makes macro higher high – analysts suggest bear bias is over
Scott Melker, a top crypto investor and technical analyst, says the price action to the new YTD highs confirms the end of the bear market. This is because Bitcoin just made a macro higher high since hitting the all-time highs of $69k in November 2022.
In a tweet as BTC price crossed over the $28k level, Melker noted:
“The bear market is officially over. made its first higher high ($25,212) since the all-time high. That confirms a new bullish trend. Price can still go down, but that would be a new trend, not a continuation of the previous bear market. Congrats everyone.”
Crypto analyst Rekt Capital has also shared a similar outlook for Bitcoin. As previously highlighted , the analyst has been predicting a technical breakout for BTC was imminent. The analyst now says a new macro higher high suggests an invaludation of the immediate “macro bear bias.”
BTC defies challenging market conditions
Bitcoin’s strong performance this past week comes at a time when the broader market is navigating challenging conditions, particularly after what has been a few days of major crisis for the banking industry . The Fed and leading US banks have injected much needed liquidity and facilitated swap lines to shield the system from further chaos. Swiss banking giant UBS ( NYSE: UBS ) has also moved to acquire the troubled bank Credit Suisse .
Despite these moves, the market remains vulnerable to fresh shocks. If there is a black swan event in the short term, Bitcoin price could react negatively alongside the global financial market.
According to crypto analyst Michael van de Poppe, Bitcoin needs to hold the $27,700 price level. If it does, the bullish momentum could push price to $30k. However, he says bulls appear to be slightly exhausted, which could inform a potential retreat to support around $25k.
Rekt Capital also highlights the first major demand zone to be the 200-week moving average zone. He says the price level at the technical indicator formed a stubborn resistance area in recent weeks. He noted earlier Monday:
“The 200-week MA acted as a strong resistance for BTC over the past months. It’s a logical retest point should dip deeper from here.”
The post Is the bear market “officially” over? Crypto analysts share Bitcoin price outlook appeared first on Invezz .