Bitcoin, the world’s largest cryptocurrency asset, has finally reached a new price threshold, surpassing its previous all-time high (ATH) of $69,000, reached almost three years ago.
After the latest milestone, crypto enthusiasts and experts are very optimistic about the digital asset and predict a further upward movement to unprecedented heights in the coming months.
Bitcoin Super Cycle Area Set at $80,000
Cryptocurrency analyst Doctor Profit has done just that shared a positive prediction for BTC with the crypto community on the social media platform
Doctor Profit’s projection is based on technical analysis (TA), life cycle analysis (LCA) and psychological analysis. Doctor Profit drew attention to an earlier prediction, stating that a breakout above $48,500 would send the price “all the way to the old ATH very quickly.”
Interestingly, this happened in a matter of weeks, at a rapid pace. He emphasized that the breakout, which sent Bitcoin to exactly $60,000 as predicted weeks earlier, marked the beginning of the ‘Golden bull phase’.
According to the analyst, any move in the range of “$48,500 to $70,000” is currently considered a golden bull market. Meanwhile, “anything above $72,000” marks the beginning of the “Super Cycle Phase,” indicated by “significant green candle returns and spikes.”
The expert is confident that before the price rises, there will be a ‘movement within the golden bull and the super cycle’. Specifically, these sideways moves will continue for a while, mainly between “$60,000 (Golden Bull area) and $80,000 (Super Cycle area).”
Doctor Profit noted that the move is not because Bitcoin appears weak or in need of correction. Instead, the rally happened very quickly, making it difficult for large market cap gains altcoins to keep track of the crypto asset.
Despite Bitcoin hitting a new peak, major altcoins are loving it ETH, BNBor SOL have still failed to register significant inflows, indicating an imminent activation of a robust altcoin market.
BTC continues in four phases in this bull cycle
So far, Doctor Profit expects Bitcoin to move in four different phases in this upcoming bull run. The experts underlined that the first aspect, which “marked the end of the bear market”, was between $16,000 and $25,000.
He explains that the next phase, the ‘pre-bull market’, consists of two aspects. According to the analyst, the initial pre-bull move opened “between $25,000 and $38,500,” while the second extended between “$38,000 and $48,000.”
Meanwhile, from “$48,000 to $70,000 has come the moment when the golden bull phase began.” He expects this will lead to Super Cycle territory that will “last from $72,500 to unprecedented levels.”
Currently the price of Bitcoin is up over 3% in the last 24 hours to trade at $72,139. Trading volume and market capitalization are also showing strength, up 78% and 3% respectively.
Featured image from iStock, chart from Tradingview.com
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