Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital for Bitcoin (BTC) currently, which could drive the price of the crypto asset to unprecedented levels at a very fast pace.
For the most part, the cryptocurrency community is concerned about Bitcoin’s price performance over the past week. However, Doctor Profit latest weekly update in the crypto market and Bitcoin has provided optimism to investors in the crypto space.
Bitcoin Takes a Huge Leg Up to $100,000
In his analysis, Doctor Profit explores Life Cycle Assessment (LCA), psychological analysis, and technical analysis (TA) of Bitcoin’s recent performance.
Drawing attention to the previous Sunday’s report, the analyst predicted a sideways movement for Bitcoin in the long term. However, the largest cryptocurrency asset is currently moving in the indicated sideways region, as highlighted.
The expert says that some people fail to see the bigger picture that unfolds in the side hustle. Due to this, they fail to understand that price fluctuations in the 20% range are normal and even beneficial for movements in large market capitalizations.
Thus, Bitcoin is preparing for its next big move, which will push prices above $80,000 and reach $100,000 at high speed. He noted that this upward sideways movement is known as an accumulation area in trading terminology.
![To infinity and beyond: analyst predicts Bitcoin will reach $100,000 at high speed 1 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/03/Doctor-Profits-Bitcoin-Chart.jpg)
During this phase, a convergence between profit-taking, incoming investment and undecided cash practically leads to medium-term consolidation. Consequently, he is optimistic about the sideways trend and anticipates an imminent rise.
Additionally, Doctor Profit highlighted the importance of Bitcoin’s recent breakout above its previous value all-time high (ATH) of $69,000 and the need to exercise patience as the currency consolidates near its all-time high.
He stated:
What many fail to understand is that Bitcoin has just surpassed 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 states that before continuing to rise and entering the supercycle, the market would spend weeks in the Golden Bull area. “After confirmation at $72,500, it won’t be long until BTC moves higher. plus $70,000 and enters the supercycle”, he added.
Recent retest pattern aligns with past trends
Doctor Profit appears to be pleased with Bitcoin retesting its previous ATH level in the $60,000 range. It highlights Bitcoin’s potential and the slow transformation of the $60,000 resistance level into a solid support point, paving the way for the next supercycle similar to other ATH breakouts.
“Bitcoin now appears mature enough to withstand this $60,000 pressure and maintain its above-average price without any difficulty,” he said. Despite the ongoing corrections, the analyst urged investors to be confident, citing the Bitcoin Halving as a catalyst for an imminent upward wave.
Featured image from iStock, chart from Tradingview.com
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