Following the highly anticipated 2024 Bitcoin Conference in Nashville, Tennessee, over the weekend, a notable spike in positive market sentiment pushed the Bitcoin price to a one-month high of $70,000 on Monday.
Analysts are now looking at the potential for an extended super cycle, with market expert Doctor Profit suggesting the recent rally could start a significant uptrend with plenty of room to continue.
Bitcoin Price Projections
According to a recent report by Doctor Profit, the current price action is the first phase of this potential super cycle, noting that during the 2021 bull run, he accurately predicted Bitcoin’s crash to around $18,000, followed by the capitulation event caused by the collapse of the FTX , where it hit $15,400.
“At this point I’ve posted that I’m going all in on the 2021 bull market gains, back on the market at prices between $16,000 and $18,000,” Doctor Profit said. “This price floor is of historic importance and is unlikely to be revisited.”
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The analyst further explained the different phases of the flow market cycleThis highlights the ‘pre-bull’ phase characterized by resistance at $38,500, which needs to be broken to enter the second pre-bull phase.
Doctor Profit believes that this phase was caused by significant buying activity from Binance, Changpeng Zhao (CZ), Justin Sun and Bitfinex whales, as well as the Bitcoin application submission. exchange rate fund (ETF) from BlackRock in June 2023.
The ‘Golden Bull’ phase, as seen in the chart above, followed the approval of the BlackRock Bitcoin ETF and saw the entry of traditional financial players into the crypto market, leaving the range of $48,000 to $74,000 as one of the most crucial support levels that will be defended during the coming bull market, according to the analyst.
“This region of the gold bull will mark the Bitcoin bottom, or very close to it, for the incoming bear market,” Doctor Profit explains. “Once again, this region is the entry point for BlackRock investors, and they will defend this region at all costs during this bull market.”
Considering these levels that could support the price of BTC in the coming months is Doctor Profit’s technical analysis points out that the initial target for this super cycle is set at the $86,000 threshold, with forecasts ranging between $110,000 and $120,000 in a conservative scenario.
However, Doctor Profit noted that in the most optimistic scenario, the Bitcoin price could rise between $180,000 and $220,000 if the price rises above $70,000 and consolidates above this milestone.
Investor confidence is peaking
Adding to the bullish sentiment is a recent one report from CoinShares showed that Bitcoin has seen healthy inflows of $519 million over the past week, bringing month-to-date inflows to $3.6 billion and year-to-date inflows to a record $19 billion.
The company noted that this increase in inflows and investor confidence can be attributed to the potential use of BTC by the US government as a strategic reserve following Donald Trump’s speech on Saturday, as well as the increased likelihood of a rate cut by the Federal Reserve in September. 2024.
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If reported On our sister site Bitcoinist, former US President Donald Trump reiterated his plans to create a national Bitcoin supply and turn the cryptocurrency into a strategic reserve for the US dollar.
Trump also promised that the US government would retain ownership of everything BTC in custody rather than participating in a market sell-off that could ultimately impact price action and potential upside.
At the time of writing, the market’s largest cryptocurrency is trading at $68,800, registering price gains of 1.3% and 2.3% within a 24-hour and 7-day time frame, respectively.
Featured image of DALL-E, chart from TradingView.com