Bitcoin, the world’s largest cryptocurrency asset, has reached a new milestone by surpassing its previous all-time high (ATH) of $69,000, achieved almost three years ago. This significant price increase has sparked excitement among cryptocurrency enthusiasts and experts who are eagerly predicting further upward movement for the digital asset in the coming months.
One notable cryptocurrency analyst, Doctor Profit, has recently shared a positive forecast for Bitcoin with the crypto community on the social media platform X. Referred to as the “Big Sunday Report,” Doctor Profit’s analysis incorporates Technical Analysis (TA), Life-Cycle-Assessment (LCA), and Psychological analysis to predict the next steps for BTC amidst the prevalent market optimism.
Key Phases of Bitcoin’s Price Movement
Doctor Profit has outlined that Bitcoin’s price movement can be divided into four distinct phases in the upcoming bull run. The first phase signifies the conclusion of the bear market and ranges between $16,000 and $25,000. The subsequent phase, known as the “pre-bull market,” consists of two aspects – the initial phase between $25,000 and $38,500, and the second phase stretching from $38,000 to $48,000.
The expert further explains that the golden bull phase begins when Bitcoin’s price ranges from $48,000 to $70,000. This phase is anticipated to lead to the Super Cycle area, where Bitcoin’s price is expected to soar to unprecedented levels, ranging from $72,500 onwards. Doctor Profit emphasizes that Bitcoin is likely to experience sideways movements between $60,000 (Golden Bull area) and $80,000 (Super Cycle area) before embarking on its next significant price surge.
Altcoin Market and Market Cap
Despite Bitcoin reaching a new peak, major altcoins such as ETH, BNB, and SOL have not seen substantial inflows, indicating the potential activation of a robust altcoin market. Doctor Profit attributes the subdued performance of altcoins to Bitcoin’s rapid rally, making it challenging for large market capitalization altcoins to keep pace with the leading cryptocurrency.
As of the latest data, the price of Bitcoin has surged by over 3% in the last 24 hours, currently trading at $72,139. Additionally, Bitcoin’s trading volume and market capitalization have exhibited notable strength, increasing by 78% and 3% respectively. These figures suggest a positive market sentiment towards Bitcoin and indicate a favorable outlook for the digital asset in the near term.
By carefully analyzing Bitcoin’s price movement, expert forecasts, and market dynamics, it becomes apparent that the future of Bitcoin appears to be highly bullish. With the digital asset surpassing its previous ATH and exhibiting strong market fundamentals, Bitcoin enthusiasts and investors eagerly anticipate further price appreciation and potential record-breaking levels in the upcoming months.
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