Bitcoin bulls take aim at $45K while some analysts warn of possible correction

On March 22, the bullish narrative began to emerge across the cryptocurrency ecosystem. Bitcoin (BTC), briefly soared above $43,000, while Ether (ETH), has reclaimed support at $3,000. This is after a $110 million deposit of ETH into Lido’s liquidity pools.

Cointelegraph Markets Pro and TradingView data show that Bitcoin prices rallied 6.15%, from $40,884 on Tuesday to an intraday high of $43,380. The price then stabilized around $42,300.

BTC/USDT 1-day chart. Source: TradingView

Here are the views of several analysts on Bitcoin’s price action in recent days and which support or resistance levels should be kept in mind as we move forward.

BTC prices could fall

Market analyst and pseudonymous user on Twitter, “Rekt Captial,” posted this chart indicating that Bitcoin “will spring towards the green resistance of $43100 if it successfully retests” the green diagonal.

BTC/USD 1-week chart. Source: Twitter

The trader said that this was a significant development as it “confirmed the end of the multi-month series lower highs for Bitcoin” and suggested that we might soon be heading higher.

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

BTC/USD 15-minute chart. Source: Twitter

Analyst said that BTC formed a bearish flag following the initial drop. However, this felt like a trap in which we first remove the shorters before correcting.

Potential squeeze higher

Scott Melker, crypto trader and host of The Wolf of All Streets podcast, highlighted the upward trend in BTC. He posted the following chart, noting that Bitcoin “still makes higher lows, consolidating towards a key level of $45,500.”

BTC/USD 1-day chart. Source: Twitter

Option trader “Joh Wick”, a pseudonymous Twitter user, also noticed an upward trend on the BTC chart. This suggests that there may be a squeeze in play that could cause further price increases.

BTC/USD 1-day chart. Source: Twitter

Wick also explained:

“Remember, we have a squeeze shading zone that looks like its trying to break! This could be the technical catalyst that will allow us to break through $45,000- $46,000 resistance.

Related: Bitcoin hovers around $43K on Wall Street Open amid growing excitement over Terra’s $3B BTC Buy-In

Support needed at $42,300

Michael van de Poppe (crypto trader, contributor to Cointelegraph) provided the final insight. He posted the following chart, which highlights the rise in Bitcoin and how it has held on to “crucial support.”

BTC/USDT 2-hour chart. Source: Twitter

“If Bitcoin can maintain those levels, it seems that we’re seeing some relief rallies across the markets. Would be good,” van de Poppe explained.

The total cryptocurrency market is now worth $1.923 trillion. Bitcoin’s dominance rate at 42% is also impressive.

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