The latest US banking crisis that saw SVB and Silvergate becoming insolvent could not stop bitcoin (BTC) and the overall crypto market from printing green candles.
Rather it boosted investor trust in crypto assets and magnified the relevance of the developing industry. In turn, unusual buying pressure is seen in the crypto market as many coins and tokens recorded massive rallies. At press time, Bitcoin is up approximately 8% in the last 7 days, having surpassed $28,400 on Tuesday.
The rally seems to be far from over as several crypto strategists including Venture capitalist Chris Burniske predict more BTC upside. On Monday, the venture capitalist who called the 2022 crypto bottom said a beautiful set-up is forming for BTC.
According to Burniske, BTC is on track for a massive rally to $35k and possibly $50k as it reclaimed a critical technical indicator — the 200-week simple moving average (SMA).
“For those that are new here, the 200-week SMA was always support for BTC in cycles past – this bear was an anomaly in that regard,” he wrote. As per a chart he shared BTC is bullish as it is trading above the 200-week SMA.
“Even if we consolidate for a bit, BTC convincingly cleared and closed back above the 200W SMA (yellow) – having that as support again would be beautiful,” he added.
Historically, BTC has always gained momentum whenever it stays above this indicator line. Hence, the former ARK Invest analyst predicts that the top-ranked crypto asset could touch $50,000 per coin if it manages to overcome the $35,000 resistance. At the time of writing, BTC is exchanging at $28,142.
He wrote, “Could see us making a run for even higher (serious calls for $50,000 come after $30,000-$35,000 is slain); too early to de-risk, in my opinion, but not too early to have a plan.”
This goes in line with the analysis shared by the pseudonymous TA expert PlanB. On the other hand, legendary trader Tone Vays issued a Bitcoin warning, saying the BTC surge to its current level was “way too fast”.
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