BTC price rises beyond $43,000 as bulls aim for $45,000, but some analysts warn that a bearish flag is forming, which might lead to a market fall.
On March 22, the bullish narrative began to emerge across the cryptocurrency ecosystem, with Bitcoin (BTC) temporarily rising above $43,000 and Ether (ETH) reclaiming support near $3,000 following the deposit of $110 million worth of ETH into Lido’s liquidity pools.
Bitcoin’s price rose 6.15 percent from a low of $40,884 in the early hours of Tuesday to an intraday high of $43,380 before settling around support at $42,300, according to data from multiple analysts.
Here’s what a few analysts had to say about Bitcoin’s recent price activity, as well as potential support and resistance levels to watch in the future.
The price of Bitcoin could fall.
Market analyst and pseudonymous Twitter user “Rekt Captial” provided a forecast of Bitcoin’s rise on March 22, posting the following chart, saying that “If Bitcoin successfully retests the green dashed diagonal as fresh support,” it “will spring into the green $43100 resistance ahead.”
This was a significant milestone, according to the trader, because it “confirmed” the end of Bitcoin’s “multi-month trend of lower highs” and signals the price could shortly rise.
Despite this bullish change of events, fellow trader and pseudonymous Twitter user “Ed NL” cautioned that opening a BTC long based on price movement following the pump could be premature.
“BTC is forming a bearish flag following the initial dip,” the analyst said, “but this feels like a traditional trap where we first take out the early shorts before heading down to correct.”
Squeeze potential is higher.
Bitcoin is “continuing making higher lows, consolidating towards the important mark around $45,500,” according to crypto trader and presenter of The Wolf of All Streets podcast Scott Melker, who shared the following graphic.
“BTC is forming a bearish flag following the initial dip,” the analyst said, “but this feels like a traditional trap where we first take out the early shorts before heading down to correct.”
Squeeze potential is higher.
Bitcoin is “continuing making higher lows, consolidating towards the important mark around $45,500,” according to crypto trader and presenter of The Wolf of All Streets podcast Scott Melker, who shared the following graphic.
“Remember we have a squeezing shading zone that looks like it wants to break out!” Wick added. “This could be the technical spark that propels us past the $45,000-$46,000 barrier level.”
The total cryptocurrency market capitalisation is currently $1.923 trillion, with Bitcoin holding a 42 percent market share.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
