In the ever-fluctuating world of cryptocurrencies, cryptanalyst Doctor Profit has shared his thoughts on the next trajectory of bitcoin amid the fall in the price of the digital asset.
Here's what's next for bitcoin
The cryptocurrency analyst took to social media platform X (formerly Twitter) to share their projections with the crypto community. Doctor Profit offered the insights from him after correctly forecasting the recent btc drop, which started at the price of $48,000.
The analyst correctly identified the $48,000 level as an important resistance level and advised the community to sell at this level. His accuracy in predictions has earned him great reputation and trust in the cryptocurrency space.
His recent predictions, detailed in the most recent Sunday report, cover technical, psychological and market analysis. It also offers a sophisticated perspective on both the current state of bitcoin and its possible future movements.
Doctor Profit pointed out the exponential moving average (EMA50) as a crucial aspect in determining bitcoin's next moves. He pointed out the importance of the EMA50, highlighting that the current market wick fell below it but closed above it, suggesting market resistance.
The post said:
One of these facts is the power of the EMA50 that should not be ignored. I mentioned its importance two weeks ago, and you can see how the last wick completely ate below EMA50 and closed its candle above.
Additionally, it revealed the next price level for btc, if there is a breakout from the EMA50. “It is very important to keep an eye on EM50, any break of the EMA will send us to our target of 39,500 regions,” he stated.
Emphasizing the current market dynamics, Doctor Profit characterized it as manipulated by market makers. According to the analyst, the spill is part of a broader plan to wear down investors and instill fear in them.
However, as a result of the dumping, he noted that prices are sure to rise much higher in the coming months. Furthermore, he urged investors to remain steadfast and avoid falling victim to market traps as he believes that the “mother of all bull markets” is imminent.
Second phase of the analyst's big prediction
Doctor Profit highlighted that we are in phase two of his predictions that begins the “great manipulation.” Furthermore, the phase will lead to pumps and dumps to make investors “lose hope in bitcoin.”
Despite the current bearish period, Doctor Profit's long-term forecast for bitcoin remains bullish. Furthermore, he emphasized that the “continued correction will not put an end to the ETF pump.”
So far, the expert believes that “the real bull market has not yet begun.” Meanwhile, he expects the btc price to reach a new peak by “the end of the year.”
Related Reading: bitcoin Price Remains Below $48,000 Despite ETF Approval, Is This Bearish?
bitcoin Price Has Surprisingly Dropped Despite Multiple Approval btc Spot Exchange Traded Funds (ETFs) by the SEC. btc is currently trading at $42,624, indicating a drop of 2.90% over the past week.
Featured image from iStock, chart from Tradingview.com
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