Crypto Analyst Predicts Next Moves For Bitcoin As Price Dips
January 15 2024 - 7:00AM
NEWSBTC
In the ever-fluctuating world of cryptocurrencies, crypto analyst
Doctor Profit has shared his insights on the upcoming trajectory
for Bitcoin amid the digital asset’s price decline. Here’s What’s
Next For Bitcoin The cryptocurrency analyst took to the social
media platform X (formerly Twitter) to share his projections with
the crypto community. Doctor Profit offered his insights after
correctly foreseeing the recent drop in BTC, which started at the
$48,000 price mark. The analyst correctly identified the $48,000
level as a major resistance level and advised the community to
short at this level. His accuracy in predicting has brought him a
great deal of reputation and trust in the cryptocurrency
space. Related Reading: Bitcoin To $34,000? Analyst Predicts
Next Move For BTC With This Chart Pattern His recent predictions,
which are detailed in the most recent Sunday report, cover
technical, psychological, and market analysis. It also offers a
sophisticated perspective on both the current status 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 noted the importance of the
EMA50, highlighting that the current market wick dropped below it
but closed above it, suggesting the market’s resiliency. The
post read: One of these facts is the power of EMA50 that should not
be ignored. I mentioned its importance two weeks ago, and you can
check how the latest wick got fully eaten below EMA50 and closed
its candle above. Furthermore, he revealed the next price
level for BTC, if any breakout occurs from the EMA50. “Very
important to keep your eyes on EM50 any breakout of EMA will send
us to our target of 39.500 regions,” he stated. Emphasizing the
current market dynamics, Doctor Profit characterized them as being
manipulated by market makers. According to the analyst, the dump is
part of a broader plan to wear down investors and instil dread in
them. However, as a result of the dump, he noted that prices will
certainly go much higher in the coming months. He further urged
investors to hold fast and avoid falling victim to market traps, as
he believes the “mother of all bull markets” is imminent. Phase Two
Of The Analyst’s Big Prediction Doctor Profit highlighted
that we are in phase two of his predictions which kickstarts the
“big manipulation.” Additionally, the phase will lead to pumps and
dumps in order to make investors “lose hope in Bitcoin.” Despite
the current bearish period, Doctor Profit’s long-term forecast for
Bitcoin is still bullish. He further emphasized that the
“continuous 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 price of BTC to reach a new peak
by the “end of the year.” Related Reading: Bitcoin Price Stuck
Below $48K Despite ETF Approval, Is This Bearish? The price of
Bitcoin is surprisingly down despite the approval of multiple BTC
Spot Exchange-Traded Funds (ETFs) by the SEC. BTC is currently
trading at $42,624, indicating a drop of 2.90% in the past week.
Featured image from iStock, chart from Tradingview.com
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