Crypto analyst Doctor Profit, who called the Bitcoin summit, has predicted that BTC could still rise to $200,000, marking a new milestone. all-time high (ATH) for the leading crypto. However, the analyst suggested that now is not a good time to buy as BTC is still likely to move lower.
Bitcoin is still going to rise to $200,000, but it will fall first
In one X messageDoctor Profit indicated that Bitcoin would rise to $200,000, but now is not a good time to buy as BTC is likely to fall further, providing a better buying opportunity. He explained that someone who buys at the current price will get fewer coins than someone who waits BTC is going to fall to about $40,000.
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The analyst criticized those who might argue that buying today is the same as buying at any other time, as Bitcoin is still expected to increase to $200,000. He described this as ‘absolutely dangerous thinking’. Doctor Profit suggested that the focus should be on maximizing profits, as someone who buys at a lower price will make more money than someone who uses a DCA strategy.
Doctor Profit also suggested that there is no point in timing the bottom and that it is better to place buy orders within a certain range. He stated that his buy orders will most likely be between $40,000 and $50,000. The analyst added that placing buy orders above $60,000 or even close to $70,000 is not a good decision. He recently reiterated that Bitcoin is still in a… bear marketalthough he noted that there could be relief above $80,000 in the near term.
The signal says it is not time to buy BTC yet
Crypto analyst CrypFlow pointed to the 2-month Stochastic RSI bullish cross, noting that it has consistently highlighted the best buying opportunities in every cycle. He noted that the pattern is not there yet and has not crossed yet, indicating that it is not yet time to buy Bitcoin. Typically, momentum resets below 20, sentiment turns negative and the bullish cross confirms the shift.
This cross would have marked the beginning of the bull run in the 2015, 2019 and 2023 cycles. Currently, the stochastic RSI is reset again and the installation is built up, but the signal is not activated. The analyst added that he is not trying to time the bottom, but will build exposure slowly and add more to the weakness. However, the real confirmation comes with this bullish cross.
Related literature: Bitcoin price is only halfway to the bottom and will fall below $40,000, here’s why
At the time of writing, the Bitcoin price is trading around $66,800, up in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com