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. $BTC 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 $BTC dip deeper from here.”
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