For the first time this year, $48,000 Bitcoin price is hit, with previously cautious commentators increasingly flipping bullish on the king crypto.

Now, while acknowledging the need for a further pullback in an ideal scenario, popular trader Crypto Ed said that the time was right to be "very bullish" on BTC going forward.

"Hope for a little bit more down today, but often in these kind of bull markets, it's too much asking for," he said in his latest YouTube update.

Zooming out, Ed eyed an ongoing construction in place since the lows of summer last year. While these could technically still reappear, there were "strong doubts" about such a situation, and should the bullish follow-through occur, the target for completion was beyond current all-time highs.

"That gives me a target of around $80,000," he concluded.

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