Bitcoin Bulls Target $45,000 While Some Analysts Warn of Possible Pullback

On March 22, as the price of Bitcoin (BTC) briefly surged above $43,000, Ethereum (ETH) rallied back towards the $3,000 support level after $110 million worth of ETH was deposited into Lido’s liquidity pool , a bullish narrative began to form across the cryptocurrency ecosystem.

Bitcoin prices rose 6.15% from a low of $40,884 early Tuesday to an intraday high of $43,380 before consolidating around support at $42,300, data from Cointelegraph Markets Pro and TradingView showed.

Here's what a few analysts have to say about Bitcoin's recent price action, and which support and resistance levels to watch.

BTC Price May Head Lower

Market analyst and anonymous Twitter user "Rekt Capital" made a prediction for Bitcoin on March 22, posting the following chart stating that "if Bitcoin succeeds in retesting the green dotted line as a new support level," then it will "Will head towards green ~$43,100 resistance."

According to the trader, this is a noteworthy development as it "confirms" the end of Bitcoin's "series of lower highs over several months" and suggests that we may soon be headed higher.

Despite the bullish picture, another trader and anonymous Twitter user “Ed_NL” warned that it may be premature to open long positions in Bitcoin based on price action after the surge.

“BTC produced bearish new numbers after the initial dip, but this feels like a classic trap where we first kill early bears before a downside correction,” the analyst opined.

Extrusion is more likely

BTC’s uptrend was also highlighted by cryptocurrency trader and host of The Wolf of All Streets podcast Scott Melker, who posted the chart below, noting that Bitcoin “is still making higher lows, with consolidation around $45,500 key level."

Options trader and anonymous Twitter user "Joh Wick" also noticed this uptrend on the BTC chart, suggesting a squeeze could be in store, leading to further price gains.

Wick further explained:

“Keep in mind we have the squeeze shadow area and it looks like it wants to break! Could be a technical catalyst for us to break above $45,000-$46,000 resistance.”

Support needs to hold at $42,300

A final bit of insight was provided by cryptocurrency trader and Cointelegraph contributor Michaël van de Poppe, who posted the following chart highlighting Bitcoin’s rise, which managed to hold a “key support level.”

“If Bitcoin can maintain these levels, then in my opinion, the market as a whole is in for a period of relief rally. That’s good,” explained Michaël van de Poppe.

Currently, the total market capitalization of cryptocurrencies is $1.923 trillion, with Bitcoin dominance at 42%.