Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital for Bitcoin (BTC) presently, which could possibly propel the crypto asset’s price to unprecedented heights at a very fast pace.
For the most part, the cryptocurrency community is concerned about the way that Bitcoin’s price has performed during the last week. Nonetheless, Doctor Profit’s latest weekly update on the crypto market and Bitcoin has provided optimism for investors within the crypto space.
Bitcoin For A Massive Leg Up To $100,000
In his analysis, Doctor Profit explores the Life Cycle Assessment (LCA), psychological analysis, and technical analysis (TA) of Bitcoin’s recent performance.
Drawing attention to the previous Sunday report, the analyst predicted a sideways movement for Bitcoin in the longer term. However, the largest cryptocurrency asset is currently moving in the indicated sideways region, as he points out.
Related Reading: Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says
The expert claims that some people are unable to see the wider picture playing out within the sideways movement. Due to this, they fail to understand that price fluctuations in the 20% range are normal and even beneficial for moves in big market caps.
Thus, Bitcoin is preparing for its next big move, which will push prices over $80,000 and hit $100,000 at high speed. He noted that this bullish sideways movement is referred to as an accumulation area in trading terminology.
During this stage, a convergence of profit-taking, incoming investment, and undecided money, practically leads to a mid-term consolidation. Consequently, he is bullish about the sideways trend and anticipates a looming upward surge.
Furthermore, Doctor Profit underscored the significance of Bitcoin’s recent breakout above its previous all-time high (ATH) of $69,000, and the necessity of exercising patience as the coin consolidates close to its peak level.
He stated:
What many fail to understand is that Bitcoin just broke through its all-time high (ATH) in the last few weeks and is now slowly building support near the ATH region. People don’t realize that this is a process that takes weeks.
Doctor Profit asserts that before continuing to rise and entering the super cycle, the market would spend weeks in the area of the Golden Bull. “After confirmation at $72,500, it won’t be long until BTC rises beyond $70,000 and enters the super cycle,” he added.
Recent Retest Pattern Aligns With Past Trends
Doctor Profit seems to be pleased with Bitcoin retesting its previous ATH level in the $60,000 range. He highlights the potential of Bitcoin and the slow transformation of the $60,000 resistance level into a solid support point, paving the way for the upcoming super cycle similar to other ATH breakouts.
Related Reading: Bitcoin Pre-Halving Dip Expected: Will BTC Rally Before US Fed Decision?
“Bitcoin now appears mature enough to withstand this pressure at $60,000 and maintain its above-average price without any difficulty,” he stated. Despite ongoing corrections, the analyst has urged investors to be confident, citing the Bitcoin Halving as a catalyst for an impending upward surge.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
