Crypto analyst Doctor Profit has provided insight into what to expect from the Bitcoin price after it fell below $70,000 this weekend. This comes as the leading cryptocurrency remains under pressure the war between the US and Iran and volatile oil prices.
What to expect from the Bitcoin price
In one X messageDoctor Profit said he expects the Bitcoin price to move sideways between $57,000 and $87,000. The analyst noted that this sideways price action is not bullish, but is a preparation for what will happen in the coming months for the leading crypto. He predicts that BTC could fall to between $50,000 and $44,000 in the coming months.
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Doctor Profit also noted that the Bitcoin price is reflective of the 2022 price action, when BTC fell 52% from its price. all-time high (ATH) before rising 44% from the low and then falling again. As such, the leading crypto is expected to follow the same fractal and soar higher in the coming months, before falling below $60,000.
The analyst said market psychology supports a relief as the fear and greed index is currently at an extreme level of anxiety. As such, Bitcoin price could move in the opposite direction, with many expecting a decline. Doctor Profit added that before the next move down, the market needs to create additional liquidity in the downside and bring the accumulated liquidity to the upside.
However, Bitcoin price continues to encounter massive resistance at the $70,000 level, negating an ongoing rally. BTC is also facing pressure from the war in Iran, which has kept oil prices volatile. The leading crypto had risen to $71,000 yesterday but fell sharply below $70,000 after reports that Iran was planning to deploy naval mines. the Strait of Hormuz.
Another local bottom could form between $57,000 and $60,000
Doctor Profit said he considers $57,000 to $60,000 to be the local bottom, but it’s not the macro soiland expect this area to be tested multiple times. The analyst described this range as an area where it makes sense to buy. He also believes that there is no reason to sell at the moment as upside potential still exists.
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Doctor Profit said that the largest and most aggressive long-term bets will be placed much lower between the $50,000 level and the low $40,000 level. This is where the analyst plans to re-enter the market with “serious size” before the next one. bull cycle. This is also the area where he expects the Bitcoin price to form a macro bottom.
The analyst expects the Bitcoin price to drop to $50,000 to $40,000 later this year between September and October. In the meantime, he predicts that BTC will continue to see “long and boring” sideways price action.
At the time of writing, the Bitcoin price is trading around $69,800, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com