As the much anticipated halving approaches, investors and traders are at their wits’ end. With Bitcoin’s big price retracements in the last month generating concerns about the sustainability of the whole cryptocurrency industry, investors continue to rush to BCH-tracked futures, which doubled to $500 million on Thursday from $213 million the previous week. Given the rapid price fluctuations, it is a pressing question to ask: what does the future of the largest cryptocurrency look like?
Doctor Profit’s Take on Bitcoin
In the world of trading, one analyst stands out among the rest: Doctor Profit. Renowned for his accurate predictions and insightful price analysis, he has gained a loyal following. What sets him apart is his unique approach, incorporating psychology into his trading strategies. With a substantial following of over 280 thousand, he has become a trusted source for traders seeking to make quick profits. On Sunday, the official X website carried a piece in which he shared his opinions on the future of Bitcoin with his followers.
In the Sunday report, it appeared that Bitcoin was experiencing a period of sideways movement, which is a common occurrence for cryptocurrencies with large market capitalizations. The current support level above the 2021 all-time high of $62,500 is of great importance for BTC’s future growth, as Doctor Profit mentioned. Bitcoin reached its all-time high on the chart, although it did not reflect the same in the real market, which is based on the value of the dollar. With inflation on the rise, BTC would need to exceed 78k in order to reach the highest level in history.
The ATH’s value against the dollar remains lower than its all-time high, indicating that there is still room for additional rise. Currently, there are only 1.7 million BTC on exchanges, and this figure is steadily falling. This trend is extremely positive since it suggests that demand for BTC remains robust while available supply continues to decline. When market conditions are favorable, these regions may contemplate introducing altcoins, which might provide a lucrative chance for people who have yet to invest in BTC.
It is only a matter of time until market makers pull the trigger, at which point the supercycle will occur. The projected targets for the mid-long term are significantly higher than 100k, with expectations of reaching 170-200k by mid-2025. It is important to exercise patience because market makers will act quickly to push prices higher, as predicted by Doctor Profit.
Our Price Analysis
With no resistance seen in Bitcoin’s price chart and higher prices predicted investors are generally positive about the medium-long-term direction of the cryptocurrency. The Relative Strength Index (RSI) diverges negatively, suggesting possible downward movements and the currency has support at about 40000 points. Given the favorable prognosis indicated by the technical analysis, investors are recommended to hold Bitcoin for at least the medium term.
Source: https://www.cryptonewsz.com/bitcoins-future-x-based-trader-doctor-profit-predicts-whats-next/