Analyst Predicts Bitcoin Super Cycle, Sets Price Target At $80,000
11 Mars 2024 - 4:00PM
NEWSBTC
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
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Binance Coin (COIN:BNBUSD)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024