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- Doctor Profit decodes Bitcoin’s journey, emphasizing distinct market phases.
- Altcoins poised for gains amid Bitcoin’s strategic bullish sideways movement.
- Critical inflation data release prompts caution; join Dr. Profit’s Telegram for insights.
The silver-tongued Bitcoin and crypto analyst Doctor Profit, known for his accurate predictions, drops the latest weekly BTC update. This report explores what actions the pioneer crypto will take next.
#Bitcoin – What's Next?
— Doctor Profit 🇨🇭 (@DrProfitCrypto) March 10, 2024
The big Sunday report, all you need to know:
🚩 TA/LCA/Psychological Analysis: Bitcoin is currently moving at a significant yearly all-time high (ATH) resistance around the $69,000 region. It's crucial to understand the zones and phases through which BTC… pic.twitter.com/2Hw41UMBX4
With Bitcoin once again making a new ATH at $70,000, the anticipation for a massive Bitcoin (BTC) surge is more expected than ever. In detail, Doctor Profit, who believes Bitcoin will peak this crypto bull cycle between $170,000-$220,000 charts what happens this week.
Firstly, he says Bitcoin is currently navigating a crucial yearly all-time high resistance around the $69,000 mark. Understanding the distinct phases of this bull cycle is imperative for a comprehensive view. From the end of the bear market to the Super Cycle, each phase is delineated with precise price ranges.
Secondly, Doctor Profit recaps his prediction at the $48,500 level, emphasizing the breakout that swiftly propelled Bitcoin into the golden bull phase, ranging from $48,000 to $70,000. The Super Cycle, beginning above $72,500, signifies significant green candle returns. The chart analysis suggests a period of bullish sideways movement for Bitcoin between $64,000 and $80,000, fostering a favorable environment for altcoins.
Next, the report underscores the robust altcoin market, awaiting activation. While Bitcoin surged to a new ATH, high market cap altcoins like ETH, BNB, and SOL are poised for substantial gains. The prediction of Ethereum reaching $4,000 a month ago is validated, showcasing the responsiveness of altcoins to Bitcoin’s movements.
Thus, Doctor Profit anticipates a period of bullish sideways movement for Bitcoin on the mid-time frame, providing an opportune environment for altcoins to rise. The next 30-40 days are expected to favor altcoins in terms of ROI and market cap inflow, with Bitcoin maintaining a slower bullish momentum within the golden bull region.
Lastly, the report highlights the significance of upcoming inflation data releases, particularly the Consumer Price Index (CPI) and Producer Price Index (PPI) data, scheduled for Tuesday and Thursday, respectively. Traders are advised to stay alert as these releases may introduce volatility.