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Crypto analyst Doctor Profit has been announced for making several almost perfect calls for the Bitcoin price. He had predicted the Bitcoin decline from $ 109,000 back down and was then called a bottom at $ 77,000, the predicting of the BTC prize would bounce for new all-time highlights, what it did. Now, with the Bitcoin prize that deducting back from reaching a new of all time above $ 111,000, the crypto analyst is back with the following steps and where the cryptocurrency could be led from here.
Why the Bitcoin price golden cross is important
In his X post, doctor’s profit begins explain The psychology of the current market and calls those who keep calling for a bear market. He refers to these people as ‘Exit -Liquidity’ for the real players and hints that they are wrong for their attitude. Instead, he points to an important formation in the Bitcoin price chart and that is the Golden Cross, which appeared last week.
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The analyst calls the appearance of this Golden Cross “a macro level signal with historical accuracy.” He explains that because this signal is so rare, but has been good every time, there is no reason to deviate from it. He also explains that the Golden Cross has always been a long-game signal. That is why it is not expected that the results will start so early.
The Golden Cross pattern had appeared on the weekly graph and the Crypto analyst emphasizes his historical accuracy. Every time the Bitcoin price has formed this Golden Cross, it usually led to a rally of several months. If this cycle is the case, this suggests that the Bitcoin Bull Run is by no means over.
Don’t worry about the bears
After the Golden Cross pattern appeared, another had taken place with regard to the development on the Bitcoin price diagram and that is a Bearish divergence on the weekly period. Normally this means an end to the rally and that the price can start to fall. However, the crypto analyst does not seem like this.
He refers to a similar Bearish divergence that appears when the Bitcoin Price was traded at $ 80,000 And nothing happened. Because the Cryptocurrency had continued its bullish run at that time, the analyst regards this as a hint that the Bearish divergence remains and only appeared because of Donald Trump’s rate announcement last week. “No usable value here,” said Doctor profit.
Things to pay attention
So far, the doctor’s profit attributes the drawing in the Bitcoin price to “standard cycle behavior”. This includes taking profit from holders in the short term that have bought in the past six months, while holders remain unmoved in the long term. Another bullish factor includes the fact that the outlines of BlackRock remain low despite the renewed rate war of Trump.
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Formations on the Bitcoin price chart that show bullish tendencies, include a cup and handle pattern on the daily graph that the Breakout zone between $ 113,000 and $ 115,000. The Bitcoin price has also included higher highlights and higher lows after recording the soil at $ 74,000, which shows that trend support remains strong.
The Bitcoin price is also traded above all important advancing averages (MAS), including the 20-day, 50-day and 200-day advancing averages. Last but not least, the doctor’s profit also pointed out that the MACD line above the signal line on the weekly graph has been exceeded. This means that the momentum remains for the bulls. Given this, the analyst believes: “There is no reason to be afraid at all.”
Featured image of dall.e, graph of tradingview.com