What’s Next for Bitcoin?
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.
Doctor Profit’s Projections
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 Importance of EMA50
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 Next Price Level
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.
Market Dynamics and Manipulation
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.
Phase Two of Doctor Profit’s Predictions
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.”
Long-Term Bullish Forecast
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.
Hot Take: 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.
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