Doctor Profit, a cryptocurrency expert and analyst, has identified areas that are crucial for Bitcoin (BTC) The price of the cryptocurrency asset could reach unprecedented levels at an incredibly fast rate.
Most of the crypto community is worried about how Bitcoin’s performance has changed over the last seven days. However, the Doctor Profit’s latest weekly update Bitcoin, the leading cryptocurrency on the market today, has sparked investor optimism in the crypto sector.
The Bitcoin Price Increases to $100,000
Doctor Profit’s analysis explores Bitcoin’s performance in terms of the Life Cycle Assessment, psychological analysis and technical analysis.
In a previous report published on Sunday, the analyst had predicted a long-term sideways movement of Bitcoin. As he notes, however, Bitcoin is moving sideways in the region indicated.
Experts claim that people cannot see the bigger picture when they are in a sideways motion. This is why they don’t understand that price changes in the 20% range can be normal and beneficial to big market caps.
Bitcoin has been preparing to enter the mainstream. next The price will quickly reach $100,000 and then go over $80.000. This bullish, sideways move is known in trading terminology as an accumulation region.
A convergence of profit taking, new investment and undecided money leads to an almost mid-term consolidating stage. In this way, he’s bullish and believes that a surge upward is imminent.
Doctor Profit has also brought attention to the recent Bitcoin breakout. all-time high (ATH) It is important to be patient as the coin consolidates near the peak.
“He said:
Many people don’t realize that Bitcoin has just broken through its previous all-time highest (ATH) and now is slowly building up support in the ATH area. Many people don’t know that it takes several weeks for this process to be completed.
According to Doctor Profit, before the market enters the supercycle it will be in the Golden Bull for a few weeks. BTC is likely to rise after confirmation that it has reached $72,500. beyond $70,000 “And enters the Super Cycle,” he said.
The Recent Pattern of Retests Aligns with Past Trends
Doctor Profit is pleased that Bitcoin is retesting its $60,000 ATH. He emphasizes the potential of Bitcoin, and how the $60,000 level has slowly transformed into a strong support. This will pave the way for a super-cycle similar to previous ATH breakouts.
“Bitcoin now appears mature enough to withstand this pressure at $60,000 and maintain its above-average price without any difficulty,” He stated. The analyst encouraged investors to remain confident despite ongoing corrections. Bitcoin Halving As a catalyst to an imminent upward surge.
Chart from Tradingview.com, iStock image.
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