It seems a long time ago now when Bitcoin reached its peak of $69k and everyone wanted to know what crypto was all about. In that time we have been forced to put our seatbelts on and ride this one out. This week’s price action though has some analysts predicting that all-time highs might be on the horizon.
It is always a wise thing to not get overexcited when the crypto markets start surging but this bit of analysis is likely to induce some emotion in all of us who have had to endure the markets not soaring as high as we once thought they were.
We Are Heading Towards $52 Next?
No, we are not due a retest according to Nunya Bizniz. He posted a chart on Twitter today that indicates we are going on an upward trend that could see us race past $52k and reach as high as $55k in the next 7 days. This would represent quite the jump, especially when we consider how great a month March has been for the crypto markets.
Crypto Yoddha also posted a chart that he believes gives a strong indication that we are about to break out of this very bearish cycle we have been in for the past few months. He said this when speaking about the possibility of a retest for the crypto markets.
“Either a proper pullback to retest the breakout or price will keep pushing higher to take equal highs at $52,000.”
Does This Mean We Weren’t In A Bear Market?
Definitions of what actually constitutes a bear market do vary and it is not always clear cut. When Bitcoin went from $20k to $3k that was a bear market! And no matter what anyone said this couldn’t be denied. The pullback here though was more than 100% at one point so fears that this was the bull market and that crypto had peaked for a few years at least were not unfair.
Thankfully though, a price jump from below $30k to now $48k should be a clear indication that another bear market would have to be triggered by something like a financial crisis and even if that does occur that would only strengthen cryptos cause.