To Infinity And Beyond: Analyst Forecasts Bitcoin To Hit $100,000 In High-Speed
26 March 2024 - 4:00AM
NEWSBTC
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
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