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- Bitcoin (BTC) seems to be losing momentum as bullish sentiments drop.
- As the asset trades at the mid $60,000 range, one reputed analyst remains unconcerned.
- He says BTC will rise in the coming months to set a new ATH at the end of the year.
Bitcoin (BTC) continues to hang between the mid-$60,000 range and in turn, draws a sort of halt in the bullish momentum of all other altcoins. With Bitcoin (BTC) struggling to regain the $70,000 and above price mark, many investors are beginning to falter in their conviction for a greater ATH for the asset.
Silver-Tongued Analyst Remain Bullish on Bitcoin
One crypto analyst who remains unworried about Bitcoin’s current struggles is the reputed crypto and Bitcoin analyst Doctor Profit. This analyst has made many accurate crypto market predictions and is certain that Bitcoin will continue to trade in a slow sideways movement for a while longer.
Bitcoin is moving since the beginning of the year in the range of 56–72k. This is the exact range of the box that proved to be more than accurate in the entire cycle
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 1, 2024
We will move to a ATH from the box. It’s a matter of time. All you need is patience
In detail, Doctor Profit shares what he called a trusted box where he says Bitcoin (BTC) price will trade for months between $56,000 to $72,000, give or take a couple of thousands due to market news and fluctuating market sentiments. He says that after a short period Bitcoin price will break out of this trusted box to move into an all-time high (ATH) box.
Doctor Profit has set many new ATH targets for Bitcoin depending to bearing, base, and bullish market scenarios where the lowest target lies in the $80,000 level and the highest BTC price will take it to $220,000.
Doctor Profit Says BTC Will Set a New ATH This Year
Looking at the current crypto market, Doctor Profit reminds the crypto community to remain calm and trust the box. He also encourages traders and investors to keep up the bullish sentiment by telling them to understand how to plan an asset in a bullish sideways movement.
The low IQs will never understand how to play an asset in a bullish sideway movement. Take an example on the mother of all assets Gold, that moved 4 years in bullish sideways before exploding to the upside
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 1, 2024
Bitcoin wont even need 4 years, the new ATH will happen this year !
On this matter, he highlights gold, a traditional asset that moved in a bullish sideways manner for 4 years before exploding towards the upside. He believes the same will play out for Bitcoin (BTC) which is digital gold and expects BTC to set a new ATH this year.