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

The bullish narrative is beginning to build across the cryptocurrency ecosystem on March 22 as the price of Bitcoin (BTC) briefly spiked above $43,000 while Ether (ETH) has reclaimed support at $3,000 following a deposit of $110 million worth of ETH into Lido’s liquidity pools.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rallied 6.15% from a low of $40,884 in the early hours of Tuesday to an intraday high at $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 which support and resistance levels to keep an eye on moving forward.

BTC price could correct lower

A foreshadowing of Bitcoin’s move on March 22 was provided by market analyst and pseudonymous Twitter user “Rekt Captial,” who posted the following chart noting that “If Bitcoin successfully retests the green dashed diagonal as new support,” then it “will spring towards the green ~$43100 resistance ahead.”

BTC/USD 1-week chart. Source: Twitter

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

Despite this bullish turn of events, fellow trader and pseudonymous Twitter user “Ed_NL” warned that it may 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 forming a bearish flag after the initial drop, but this feels like a typical trap where we first take out the early shorters before going down to correct,” the analyst opined. 

Potential squeeze higher

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

BTC/USD 1-day chart. Source: Twitter

Options trader and pseudonymous Twitter user “Joh Wick” also noted this upward drift on the BTC chart, suggesting that there is a…

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