In the ever-fluctuating world of cryptocurrencies, crypto analyst Doctor Profit has shared his insights on the coming trajectory for Bitcoin amid the digital asset’s price slump.
This is what’s next for Bitcoin
The cryptocurrency analyst contacted the social media platform X (formerly Twitter). part his projections with the crypto community. Doctor Profit offered his insights after correctly predicting BTC’s recent decline, which started at the price of $48,000.
The analyst identified it correctly $48,000 level as a key resistance level and advised the community to short at this level. His accuracy in forecasting has earned him a lot of reputation and trust in the cryptocurrency space.
His recent predictions, detailed in the latest Sunday report, include technical, psychological and market analysis. It also provides an advanced perspective on both Bitcoin’s current status and its possible future movements.
Doctor Profit pointed out that the exponential moving average (EMA50) is a crucial aspect in determining Bitcoin’s next steps. He pointed out the importance of the EMA50, highlighting that the current market fell below it but closed above it, indicating the resilience of the market.
The message read:
One of these facts is the power of EMA50, which should not be ignored. I mentioned its importance two weeks ago, and you can see how the last wick below the EMA50 was completely eaten and the candle above it closed.
Moreover, he revealed the next price level for BTC, if a breakout occurs from the EMA50. “It is very important to keep an eye on the EM50. Any outbreak of the EMA will push us towards our target of 39,500 regions,” he stated.
Doctor Profit highlighted the current market dynamics and characterized them as manipulated by market makers. According to the analyst, the dump is part of a broader plan to exhaust and frighten investors.
However, as a result of the dump, he notes that prices will certainly be much higher in the coming months. He further urged investors to remain steadfast and avoid falling victim to market pitfalls as he believes the “mother of all bull markets” is imminent.
Phase two of the analyst’s big forecast
Doctor Profit emphasized that we are in phase two of his predictions, which triggers the ‘great manipulation’. Moreover, the phase will lead to ‘pumps and dumps’ to make investors ‘lose hope in Bitcoin’.
Despite the current bearish period, Doctor Profit’s long-term forecast for Bitcoin is still bullish. He further emphasized that the “continued correction will not end the ETF pump.”
So far, the expert believes that the “real bull market has not yet started.” Meanwhile, he expects the price of BTC to reach a new peak by the “end of the year.”
Related Reading: Bitcoin Price Remains Below $48,000 Despite ETF Approval, Is This Bearish?
Bitcoin’s price is surprisingly low despite the endorsement of several BTC Spot Exchange-Traded Funds (ETFs) by the SEC. BTC is currently trading at $42,624, marking a decline of 2.90% in the past week.
Featured image from iStock, chart from Tradingview.com
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