Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital to Bitcoin (BTC) currently, which could potentially push the price of crypto assets to unprecedented heights at a very rapid pace.
For the most part, the cryptocurrency community is concerned about the way Bitcoin’s price has performed over the past week. Nevertheless, Doctor Profit’s latest weekly update in the crypto market and Bitcoin has created optimism among investors within the crypto space.
Bitcoin for a huge leg up to $100,000
In his analysis, Doctor Profit examines the life cycle analysis (LCA), psychological analysis and technical analysis (TA) of Bitcoin’s recent performance.
The analyst drew attention to the previous Sunday report and predicted a longer-term sideways move for Bitcoin. However, the largest cryptocurrency assets are currently moving in the indicated sideways region, as he points out.
The expert claims that some people cannot see the bigger picture of the sideways movement. As a result, they do not understand that price fluctuations in the region of 20% are normal and even beneficial for movements in large market capitalizations.
Bitcoin is thus preparing for its next big move, which will push prices above $80,000 and reach $100,000 at high speed. He noted that this bullish sideways move is called an accumulation zone in trading terminology.
During this phase, a convergence of profit-taking, inward investments and undecided money practically leads to medium-term consolidation. He is therefore optimistic about the sideways trend and expects an imminent upward movement.
Moreover, Doctor Profit underlined the importance of Bitcoin’s recent breakout over its previous one all-time high (ATH) of $69,000, and the need to exercise patience as the coin consolidates close to its peak level.
He claimed:
What many don’t understand is that Bitcoin just broke its all-time high (ATH) in recent 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 claims that before rising further and entering the super cycle, the market would spend weeks in Golden Bull territory. “After confirmation at $72,500, it won’t be long before BTC rises above $70,000 and enters the super cycle,” he added.
Recent retest pattern is consistent with past trends
Doctor Profit seems to be happy with Bitcoin retesting its previous ATH level in the $60,000 range. He highlights Bitcoin’s potential and its slow transformation from the $60,000 resistance level to a solid support point, paving the way for the coming super cycle, similar to other ATH breakouts.
“Bitcoin now seems mature enough to withstand this $60,000 pressure and maintain its above-average price without any difficulty,” he stated. Despite ongoing corrections, the analyst has urged investors to have confidence, citing the numbers Bitcoin halving as a catalyst for an impending upward wave.
Featured image from iStock, chart from Tradingview.com
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