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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why The Bitcoin Price Could See Another 70%-170% Jump From Here

Scott Matherson
Scott Matherson
18 hours ago
3 mins read
XRP

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The Bitcoin price is still holding above $100,000 despite suffering a crash right before the weekend. It has since bounced back from the $104,000 level, suggesting that bulls are making their stand at this major psychological level. Now, with the crypto market sitting at what looks to be a critical point, questions are arising about what the next step could be from here. Can Bitcoin still rally, or is this the end of a rather short and underwhelming bull market?

Bitcoin Price Still Has A Long Way To Go

Crypto analyst Doctor Profit has been a vocal voice when it comes to the bullishness of the Bitcoin price. He has continued to call for higher prices even at a time when the wider community is expecting the cryptocurrency to keep falling from here. In fact, the crypto analyst believes that the leading crypto could see its price double from here, despite already hitting multiple new all-time highs.

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In a post on X, Doctor Profit explained the reasoning behind this and why he believes that the Bitcoin price still has room to run. The first thing he pointed to was the fact that a rare Golden Cross had appeared on the Bitcoin price chart. This happened three weeks ago, and back then, the analyst called out the chart formation, explaining that this meant that the bull run was not over.

This is because every time Bitcoin had flashed a Golden Cross in the past, it had been the start of another massive run. Just like now, it is first followed by a 10% decline in price, which was achieved when Bitcoin fell from $111,900 to $100,000. Now that the first part of the trend seems to have been fulfilled, expectations are that the other parts will play out similarly.

In addition to this, he explains that Bitcoin has also formed its diagonal resistance, which it is now looking to break out from. A successful break would put it back above $108,000 as it gears up for the next leg-up.

Bitcoin price
Source: X

Macro Factors That Support The Thesis

Not only does the chart technicals show this possible recovery, but the upcoming Consumer Price Index (CPI) data, expected to be released on Wednesday, plays into this as well. Doctor Profit explains that Wall Street is already expecting the CPI to come in at 2.5%, a rather high number.

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Instead, he believes that the CPI will come in lower, putting it between 2.1% and 2.3%. A lower figure would mean that there is a slowdown in inflation, allowing room for more risk-taking and pushing markets such as stocks and crypto higher.

Also, there is the matter of the negative funding rate, which suggests that there are more shorters in the market right now, expecting the price to tank. Data from Coinglass shows the Bitcoin funding rate has dropped to one of the lowest levels this year, and the analyst says this is a sign of a healthy market.

Bitcoin funding rate
Source: Coinglass

“Overall, I see a strong trend and markets will continue to rise with first targets between 108-110k, and this is by far not the end,” Doctor Profit said. “The golden cross is promising us between 70-170% in gains in the coming months!”

Bitcoin price chart from TradingView.com
BTC bulls push toward new ATHs | Source: BTCUSD on TradingView.com
Featured image from Dall.E, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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