bitcoin, the world's largest cryptocurrency asset, has finally entered a new price threshold, surpassing its previous all-time high (ATH) of $69,000, reached almost three years ago.
Following the latest milestone, crypto enthusiasts and experts are very optimistic about the digital asset and predict further upward movement to unprecedented heights in the coming months.
bitcoin Super Cycle Area Set at $80,0000
Cryptocurrency analyst Doctor Profit has shared a positive prognosis for btc with the crypto community on social media platform
Doctor Profit projection is based on technical analysis (TA), life cycle assessment (LCA) and psychological analysis. Drawing attention to a previous forecast, Doctor Profit stated that a break above $48,500 would send the price “up to the old ATH very quickly.”
Interestingly, this happened in a matter of weeks and at a rapid pace. He highlighted that the breakout, which sent bitcoin to exactly $60,000 as predicted weeks earlier, marked the start of the “golden bull phase.”
According to the analyst, any move in the “$48,500 to $70,000” range at this time is considered in the gold bull market. Meanwhile, “anything above $72,000” marks the beginning of the “Super Cycle Phase,” indicated by “major returns and surges of green candles.”
The expert is confident that before the asset rises, it will maintain a “movement within the gold bull and the supercycle.” Specifically, these sideways moves will continue for a while, mainly between “$60,000 (Golden Bull area) and $80,000 (Super Cycle area).”
Doctor Profit noted that the move is not because bitcoin appears weak or needs to correct itself. In contrast, his rally was very rapid, making it difficult for large market caps to grow. alternative currencies to keep up to date with the crypto asset.
Even though bitcoin reached a new peak, major altcoins like eth, BNBeither SUN We have not yet been able to record significant inflows, suggesting a pending activation of a robust altcoin market.
btc will move in four phases in this bullish cycle
So far, Doctor Profit expects bitcoin to move in four distinct phases in this next bull run. Experts stressed that the first aspect, “which means the conclusion of the bear market,” was between $16,000 and $25,000.
He explains that the next phase, the “pre-bull market,” comprises two aspects. According to the analyst, the initial step prior to the rise opened “between $25,000 and $38,500,” while the second extended between “$38,000 and $48,000.”
Meanwhile, “$48,000 to $70,000 is when the golden bull phase started.” He expects this to lead to the Super Cycle zone that “will last from $72,500 to all-time highs.”
Currently, the bitcoin price has risen more than 3% in the last 24 hours, trading at $72,139. Its trading volume and market capitalization are also showing strength, increasing by 78% and 3% respectively.
Featured image from iStock, chart from Tradingview.com
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