Mar 12, 2024 12:05
Bitcoin, the world’s largest cryptocurrency asset, has finally entered a new price threshold, surpassing its previous all-time high (ATH) of $69,000, accomplished nearly three ago. Following the latest milestone, crypto enthusiasts and experts are very bullish on the digital asset, predicting further upward movement to unprecedented heights in the upcoming months. Bitcoin Super Cycle Area Set At $80,0000 Cryptocurrency analyst Doctor Profit has shared a positive forecast for BTC with the crypto community on the social media platform X. His analysis, tagged “Big Sunday Report,” delves into the next step that BTC is expected to take amid the general market optimism. Related Reading: Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst Doctor Profit’s projection is based on Technical Analysis (TA), Life-Cycle-Assessment (LCA), and Psychological analysis. Drawing attention to a previous forecast, Doctor Profit stated that a breakout above $48,500 would send the price “all the way to the old ATH very quickly.” Interestingly, this took place in a matter of weeks, at a swift pace. He highlighted that the breakout, which sent Bitcoin to exactly $60,000 as predicted weeks earlier, signaled the start of the “Golden bull phase.” According to the analyst, any movement in the range of “$48,500 to $70,000” right now is considered to be in the golden bull market. Meanwhile, “anything above $72,000” marks the beginning of the “Super Cycle Phase,” indicated by “significant green candle returns and surges.” The expert is confident that before the asset goes higher, it will maintain a “movement inside the golden bull and super cycle.” Specifically, these sideways movements will go on for a while, primarily between “$60,000 (Golden Bull area) and $80,000 (Super Cycle area).” Doctor Profit noted that the movement is not because Bitcoin seems weak or needs to be corrected. Instead, its rally was very swift making it difficult for big market cap altcoins to keep up with the crypto asset. Despite Bitcoin reaching a new peak, major altcoins like ETH, BNB, or SOL still have not been able to record significant inflows, suggesting a pending activation of a robust altcoin market. BTC To Move In Four Phase In This Bull Cycle So far, Doctor Profit expects Bitcoin to move in four distinct phases in this upcoming bull run. The experts underlined the first aspect, “signifying the conclusion of the bear market,” was between $16,000 and $25,000. Related Reading: Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC He explains that the next phase, the “pre-bull market,” comprises two aspects. According to the analyst, the initial pre-bull step opened up “between $25,000 and $38,500,” while the second stretched between “$38,000 to $48,000.” Meanwhile, from “$48,000 to $70,000 is when the golden bull phase began.” This, he expects, to lead to the Super Cycle area that will “last from $72,500 to unprecedented levels.” Currently, the price of Bitcoin has increased by over 3% in the last 24 hours, trading at $72,139. Its trading volume and market cap are also showing strength, rising by 78% and 3% respectively. Featured image from iStock, chart from Tradingview.com
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