BTC shows strong bullish signal in March

Renowned analyst Justin Bennett said Bitcoin broke out above the descending channel and is likely to start a new rally.

He told his 98,000 Twitter followers that BTC is posting a bullish confirmation pattern towards the end of the month, breaking above the previous few days high.

“Confirming bullishness is forming. Last day of February, not bad.”

Chart BTC/USDT Daily | Source: Justin Benett/Twitter

Bennett also points out that Bitcoin just saw a seven-month high on volume, just as it reversed from $34,000, indicating a drastic change in trend.

“The candle that made the recent low at $34,000 was the day that the pair BTC/USDT has the highest volume on the floor Binance as of the end of July 2021.

Great".

Chart BTC/USDT Daily | Source: Justin Benett/Twitter

Bennett says that a daily close above $39,600 is key for BTC to trigger the continuation of the uptrend.

“BTC closing above $39,600 is key to moving higher.

Notable events for March include CPI on the 10th and FOMC on the 16th, and of course, any developments around Russia-Ukraine.”

Bennett has predicted that March will be a bullish month for cryptocurrency Top. Last week, he argued that the BTC having a rally to $50,000 in March is doable.

“I wanted to show you what I am looking for in March – this potential setup could see BTC rally towards $50,000 in the next few weeks…

Bitcoin has two bottoms here [$34,700 both in mid-January and last week]. This is a potential double bottom for the market.

The first step for this to be confirmed is a break above $39,600. The second step is a close above $46,000. That's the low that made the top [around February 11th], so this would be the neckline of a double bottom."