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The Bitcoin price still keeps above $ 100,000, despite the suffering of a crash just before the weekend. It has since then reflected from the level of $ 104,000What suggests that bulls take their position at this most important psychological level. Now that the cryptomarket is on what a critical point looks like, there are questions about what the next step could be. Can Bitcoin still gather, or is this the end of a fairly short and overwhelming bull market?
Bitcoin price still has a long way to go
Crypto analyst Doctor Profit has been a vocal voice when it comes to the bullishness of the Bitcoin price. He continued to ask for higher prices, even at a time when the wider community expects the cryptocurrency to continue to fall here. The crypto analyst even believes that the leading crypto could see his prize, despite the fact that he has already touched several new all time.
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In a post on X, Doctor Win explained The reasoning behind this and why he believes that the Bitcoin price still has room to walk. The first thing he pointed out was the fact that a rare Golden Cross had appeared on the Bitcoin price chart. This happened three weeks ago, and then the analyst exclaimed the Hit glue formation and explained that this meant that the Bullrun was not over yet.
This is because every time Bitcoin had flashed a Golden Cross in the past, it had been the start of another massive run. Just like now, it is first followed by a price drop of 10%, which was achieved when Bitcoin dropped from $ 111,900 to $ 100,000. Now that the first part of the trend seems to have been fulfilled, the expectations are that the other parts will play in the same way.
He also explains that Bitcoin has also formed his diagonal resistance, which is now looking for to break out. A Successful break would bring it back above $ 108,000 While it is preparing for the next leg-up.
Macro factors that support the dissertation
Not only does the graph technology show this possible recovery, but the upcoming data from the Consumer Price Index (CPI), which is expected to be released on Wednesday, also plays in here. Doctor profit explains that Wall Street already expected the CPI to enter 2.5%, a fairly high number.
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Instead, he believes that the CPI will be lower, so that it will be placed between 2.1% and 2.3%. A lower figure would mean that there is a delay in inflation, so that more risks can be taken and markets such as shares and crypto can push higher.
There is also the issue of the negative financing percentage that suggests that There are more shorters on the market At the moment the price expects to refuel. Data from Coinglass to show The Bitcoin financing speed has fallen to one of the lowest levels this year, and the analyst says that this is a sign of a healthy market.
“In general, I see that a strong trend and markets will continue to rise with first goals between 108-110k, and this is by far not the end,” said Doctor Profit. “The Golden Cross promises us between 70-170% in profit in the coming months!”
Featured image of dall.e, graph of tradingview.com