Analysts are predicting long-term upside potential for bitcoin as it trades above $44,000

It is a bullish signal for Bitcoin in particular and the cryptocurrency market in general. Bitcoin’s catastrophic price drop ahead of the Lunar New Year has shown signs of stopping.

Yesterday, as previously mentioned, the leading cryptocurrency BTC traded above $44,000, a promising figure for the upcoming long-term bullish predictions.

Bitcoin is trading above $44,000

Yesterday at 18:18 UTC, BTC was trading at $44,310, up 6% in a day and 14% in a week. ETH is trading at $3,161, up 5% in one day and 19% in one week.

Bitcoin’s bullish move on Monday took the coin’s price above its 50-day moving average, a key level on the chart often watched by technical analysts. This crossover marks the first time bitcoin has traded above the key level since last November and could indicate a more bullish chart structure is forming.

“Bitcoin has broken a few key levels and a downtrend line here for the past few days and is showing bullish signs.” Vijay Ayyar, head of Asia Pacific at crypto exchange Luno, told Bloomberg in a comment yesterday.

BTC saw a strong bullish move on Friday as the coin surged above $40,000 after trading below a psychologically significant level for two weeks, while ETH surpassed $3,000 the next day.

Analysts are predicting Bitcoin to be bullish in the long term as it trades above $44,000

This surge in Bitcoin price has led many analysts to make predictions about the price in the near future. In addition to the negative opinion, there are still promising assessments that Bitcoin will certainly go further in the long term.

Although BTC/USD has shown strength since rallying to $39,600, it has yet to convince most analysts that its broader downtrend is over.

After US inflation data came out at 7% yoy in December, these doubts lingered even as spot prices briefly topped $44,000.

In late November, after bitcoin hit an all-time high of $69,000, this exact phenomenon occurred, and the result was a rapid drop below $50,000.

Also, many predictions of a long-term bull run will happen if Bitcoin trades above $44,000.

Luno exchange head Vijay Ayyar added that BTC “is capped by the 50-DMA and needs to close above it” and that the near-term target is likely to be in the $46,000-$47,000 region.

Even more optimistic is financial research firm FSInsight, which said in a report last week that it expects “macro favorable conditions” in the second half of the year, combined with an expected surge in Bitcoin’s (MVRV) market value to take BTC to $200,000 by year-end.

The report adds that several other potential catalysts for Bitcoin are also in development this year. That includes a spot-based exchange-traded fund (ETF) that could be authorized in the US, sovereign states following in El Salvador’s footsteps and accepting BTC as a legitimate and potential offer, Turkey said.

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