A bull silhouette on the financial stock market chart represents a rising stock market or investment uptrend, 3D illustration
The renowned crypto expert and market analyst Doctor Profit has encouraged predictions around Bitcoin (BTC) claimed that the cryptocurrency is poised for a significant uptrend in the coming months.
Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential and stresses the importance of staying on top of things and considering broader market trends.
Bitcoin Rising to $90,000?
Bitcoin is currently trading at $25,800 and is showing a flat pattern within a narrow range of $25,700 to $26,200. The cryptocurrency’s recent attempt to consolidate above $27,000 and clear its top resistance at $28,000 proved fruitless.
BTC price is moving sideways on the daily chart. Source: BTCUSDT on TradingView.com
BTC price is moving sideways on the daily chart. Source: BTCUSDT on TradingView.comAdditionally, the BTC market has been showing signs of fear and outflows for the past few weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous upside momentum and is awaiting a catalyst that could restart its uptrend.
While acknowledging the possibility of further market manipulation, pump-and-dump schemes and the spread of Fear, Uncertainty and Doubt (FUD) on this matter, Doctor Profit advises investors to maintain resilience and navigate these challenging conditions.
According to Doctor Profit, two key factors will propel Bitcoin’s rise to new heights. First, the upcoming halving event, a phenomenon that occurs every four years and has historically triggered a bull cycle in BTC with remarkable accuracy.
Second, the expected approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy.
Doctor Profit points to an interesting connection between BlackRock ETF approval and the BTC halving. The BlackRock ETF’s deadline falls in March, just a month before the expected halving.
According to Doctor Profit, this synchronicity is setting the stage for the “ETF, Institution, BTC FOMO” bull market, potentially sparking a period of significant bullish momentum.
Based on its analysis and historical trends, Doctor Profit forecasts a sudden BTC surge above $30,000 with initial targets in 2023 ranging from $40,000 to $45,000. He also forecasts a consolidation phase followed by a surge in July or June 2024 and forecasts conservative targets of $90,000 and bullish targets above $150,000.
BTC price is set for sideways consolidation
Short term Doctor Profit expected a sideways consolidation of the bitcoin price until the following week. Due to the lower trading volume and fewer data releases, the market is expected to remain calm.
He identifies two pools of liquidity around $28,500, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points to a liquidity pool of around $25,200 that could be used for quick profit-taking by short-term long scalps.
BTC’s liquidity pools on the 1-day chart. Source: Doctor Profit on X
BTC’s liquidity pools on the 1-day chart. Source: Doctor Profit on XUsing historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He cautions against discounting this historical trend and cautions investors against assuming current market conditions are different.
The chart patterns, liquidity dynamics, psychological factors, and Bitcoin cycle are all pointing to a downtrend, suggesting caution and preparation is needed.
Selected image from iStock, chart from TradingView.com
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