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The Bitcoin value has recently risen above the $108,000 threshold, yet it faces challenges in exceeding its present high of $111,800, resulting in market uncertainty.
This continued struggle to advance has characterized the cryptocurrency’s behavior in recent weeks, leading analysts to ponder its forthcoming movements.
Analyst Forecasts Significant Surge
Crypto analyst Doctor Profit has delineated two possible scenarios for Bitcoin’s price movement in the near future, providing perspectives on both immediate volatility and a long-term optimistic outlook.
In a recent post on social media platform X (formerly known as Twitter), Doctor Profit highlighted the importance of the current market environment, suggesting that Bitcoin might reach between $120,000 and $150,000 in the upcoming months.
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According to Doctor Profit, the market is ready for a breakout. He remarked, “We’re on the verge of a breakout, one that could propel Bitcoin into the $120,000–$150,000 range over the next few months.”
This claim is underpinned by data indicating strong on-chain activity, positive technical patterns, liquidity movement, and macroeconomic influences. While the long-term perspective is favorable, he warned that short-term volatility will likely persist.
Two Outcomes for Bitcoin’s Price
Doctor Profit outlined two principal scenarios that traders ought to contemplate. The first scenario encompasses a bullish breakout from a bull flag configuration, enabling Bitcoin to surpass the $113,000 resistance level and persist in ascending without a retracement.
However, the analyst perceives this scenario as overly naive, asserting that market makers typically do not permit such parabolic advances to happen without a prior shakeout.
The second scenario, which seems more probable, involves either a rejection at the bull flag breakout or a liquidity grab around the $113,000 level. This could potentially direct Bitcoin back to the lower limit of the established range, roughly between $90,000 and $93,000.
Doctor Profit mentioned that this area is attractive because it harbors substantial liquidity and a noteworthy gap in the Chicago Mercantile Exchange (CME) futures market. He views a decline to these levels not as a bearish sign but rather as a chance to acquire additional Bitcoin.
In his analysis, he asserted, “$93K is not bearish. It’s undeniably a gift!.” Doctor Profit believes that this anticipated dip would not only recalibrate market leverage but also eliminate weaker positions, creating a firmer base for a subsequent rise.
Macroeconomic Trends Favor BTC
Regarding long-term potential, Doctor Profit emphasized that larger wallets continue to accumulate Bitcoin, signaling that substantial investors are positioning for a noteworthy upward movement.
He alluded to macroeconomic indicators, especially the M2 money supply, which implies that Bitcoin remains undervalued in relation to broader economic dynamics.
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Importantly, the Bitcoin price has been fluctuating within its current band for 226 days, mirroring patterns seen during previous accumulation periods ahead of substantial price surges.
As Doctor Profit concluded, the Bitcoin price trajectory seems bright, with projections suggesting a rise to between $120,000 and $150,000 in the foreseeable future.
He notes that although various routes may lead to this target, a dip into the $90,000 to $93,000 range would present a critical opportunity for accumulation and pave the way for a strong upward movement.
Featured image from DALL-E, chart from TradingView.com
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