Bitcoin Bulls Aim at $45K as Some Analysts Warn of Possible Correction

The bullish narrative begins to build in the cryptocurrency ecosystem on March 22, when Bitcoin (BTC) price briefly peaked above $43,000, while Ether (ETH) has regained support at $3,000 after depositing $110 million in cash. ETH in Lido’s liquidity pools.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price rose 6.15% from a low of $40,884 in the early hours of Tuesday to an intraday high of $43,380 before consolidating around support at $42,300.

BTC/USDT 1-day chart. Source: TradingView

Here’s what several analysts are saying about Bitcoin’s recent price action and what support and resistance levels to watch for.

BTC price could correct lower

A foreshadowing of Bitcoin’s March 22 move was given by market analyst and pseudonymous Twitter user “Rekt Captial,” who Posted the next chart states that “If Bitcoin successfully retests the green dotted diagonal as new support,” it will “jump toward the green resistance of ~$43100.”

BTC/USD 1 Week Chart. Source: Twitter

According to the trader, this was a notable development as it “confirmed” the end of the “multi-month streak of lower highs” for Bitcoin and suggests we could move higher soon.

Despite this bullish turn of events, fellow trader and pseudonymous Twitter user “Ed_NL” warned that it might still be a bit premature to open a BTC long based on price action following the pump.

BTC/USD 15 minute chart. Source: Twitter

“BTC is forming a bearish flag after the initial decline, but this feels like a typical trap where we first remove the early shorts before moving down to correct,” the analyst said.

Potential pressure higher

The uptrend for BTC was also highlighted by crypto trader and host of The Wolf of All Streets podcast Scott Melker, who Posted the following chart shows that Bitcoin is “still making higher lows and consolidating towards the key level around $45,500.”

BTC/USD 1-day chart. Source: Twitter

Options trader and pseudonymous Twitter user “Joh Wick” too noted this upward drift on the BTC chart, suggesting that there is potential pressure at play that could lead to further price gains.

BTC/USD 1-day chart. Source: Twitter

Wick further explained:

“Remember, we have a shadow zone that looks like it’s about to break out! Could be the technical catalyst to take us past the $45,000 – $46,000 resistance.”

Related: Bitcoin Soars At $43K On Wall Street Amid Rising Fever Over Terra’s $3B BTC Buy-in

Needs $42,300 support

A final bit of insight was provided by Michaël van de Poppe, crypto trader and CoinTelegraph contributor, who: Posted the following chart shows the build-up to Bitcoin, which has managed to hold a “critical support”.

BTC/USDT 2 hour chart. Source: Twitter

“If Bitcoin can sustain those levels, it seems to me that we will have a period of some relief in the markets. Would be good’, from the Poppe explained

The total cryptocurrency market cap now stands at $1,923 trillion and Bitcoin’s dominance is 42%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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