Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months.
Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential, emphasizing the importance of zooming out and considering broader market trends.
Bitcoin is currently trading at $25,800, displaying a stagnant pattern within a narrow range of $25,700 to $26,200. The cryptocurrency’s recent attempt to consolidate above $27,000 and surpass its strongest resistance at $28,000 proved unsuccessful.
Furthermore, the BTC market has exhibited signs of fear and outflows in recent weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous bullish momentum, awaiting a catalyst that could reignite its upward trajectory.
On this matter, while acknowledging the possibility of further market manipulations, pump-and-dump schemes, and the dissemination of fear, uncertainty, and doubt (FUD), Doctor Profit advises investors to maintain resilience and navigate through these challenging conditions.
According to Doctor Profit, two crucial factors will drive Bitcoin’s surge to new heights. Firstly, the upcoming halving event, a phenomenon occurring every four years that historically triggers a bull cycle in BTC with remarkable accuracy.
Secondly, the anticipated approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy.
Doctor Profit points out an interesting correlation between the BlackRock ETF approval and the BTC halving. The deadline for the BlackRock ETF falls in March, just one month before the anticipated halving.
This synchronicity, in Doctor Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO” bull market, potentially igniting a period of significant upward momentum.
Based on his analysis and historical trends, Doctor Profit forecasts a sudden BTC pump above $30,000, with initial targets ranging from $40,000 to $45,000 in 2023. He further predicts a consolidation period followed by a surge in July or June 2024, projecting conservative targets of $90,000 and optimistic targets exceeding $150,000.
In the short term, Doctor Profit anticipates a sideways consolidation in Bitcoin’s price until the following week. With lower trading volume and fewer data releases, the market is expected to remain calm.
He identifies two liquidity pools around the $28,500 region, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points out a liquidity pool at around $25,200 that could be utilized for quick profit-taking through short-term long scalps.
Drawing upon historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He warns against disregarding this historical trend, cautioning investors against assuming that the current market conditions are different.
The chart patterns, liquidity dynamics, psychological factors, and Bitcoin’s cycle all point towards a downward trajectory, suggesting the need for caution and preparedness.
Featured image from iStock, chart from TradingView.com
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