The euphoric calls for a bull market return may have been a bit early, especially after Bitcoin (BTC) bulls failed to push the price above the $46,000 level on March 31. Even with the current pullback, analysts continue to wait for a retest of lower support at the $45,000 level.
Data from Cointelegraph Markets Pro and TradingView shows that today’s attempt to push BTC price above $47,500 was roundly rejected by bears, sending the top cryptocurrency crashing to $45,500.
BTC/USDT 1-day chart. Source: TradingView
Here is a look at what various analysts in the market are saying about the BTC price pullback and whether or not traders should brace for more losses or prepare for another move higher.
This is just a short-term correction.
Not all traders were surprised by Thursday’s move lower in Bitcoin, including market analyst and pseudonymous Twitter user ‘IncomeSharks’, who aware the following chart before the price drop notes that “the 4 hours seem to want to correct a bit”.
BTC/USDT 4-hour chart. Source: Twitter
“I’m not being bearish, I’m just noting 3 reasons why a small correction makes sense. The supertrend is stalling, we will probably retest this breakout and may bounce off the trend line. It’s a good time for me to take profits.”
BTC looks for support between $42,000 and $45,000
The next available levels of support to watch out for were discussed by market analyst and economist Caleb Franzen, who aware The chart below shows the 21, 55, and 200-day exponential moving averages (EMAs) for Bitcoin stating: “Sometimes it’s helpful to cut out all the noise, remove the price structure analysis, and just look at the exponential moving averages.”
BTC/USD 1-day chart. Source: Twitter
“All are potential support for Bitcoin, giving us a range of $42,000 – $45,000.”
Related: Bitcoin Derivatives Metrics Favor A Move To $48K, But Only After Retesting Lower Support
A necessary period of lateral consolidation
Analyst and Twitter user pseudonym ‘BTCFuel’ provided a more macro look at what’s coming next for Bitcoin, who aware The chart below compares BTC’s 2012 price action to its current movement and suggests that “after rising 28% in the last 2 weeks and breaking major resistance, some sideways consolidation should be good for Bitcoin.”
BTC/USD price in 2012 vs. BTC/USD price in 2022. Source: Twitter
“In the next few months, I think Bitcoin will move slowly and steadily like it was in 2012. But altcoins will go crazy.”
The total cryptocurrency market capitalization is now $2.087 trillion and the dominance rate of Bitcoin is 41.6%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
This post Analysts Debate Bitcoin’s Next Step After Today’s $45.5K Retest
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