To Infinity And Beyond: Analyst Forecasts Bitcoin To Hit $100,000 In High-Speed

Godspower Owie

1 year ago

3 mins read

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Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital for Bitcoin (BTC) presently, which could possibly propel the crypto asset’s price to unprecedented heights at a very fast pace.

For the most part, the cryptocurrency community is concerned about the way that Bitcoin’s price has performed during the last week. Nonetheless, Doctor Profit’s latest weekly update on the crypto market and Bitcoin has provided optimism for investors within the crypto space.

Bitcoin For A Massive Leg Up To $100,000

In his analysis, Doctor Profit explores the Life Cycle Assessment (LCA), psychological analysis, and technical analysis (TA) of Bitcoin’s recent performance.

Drawing attention to the previous Sunday report, the analyst predicted a sideways movement for Bitcoin in the longer term. However, the largest cryptocurrency asset is currently moving in the indicated sideways region, as he points out.

The expert claims that some people are unable to see the wider picture playing out within the sideways movement. Due to this, they fail to understand that price fluctuations in the 20% range are normal and even beneficial for moves in big market caps.

Thus, Bitcoin is preparing for its next big move, which will push prices over $80,000 and hit $100,000 at high speed. He noted that this bullish sideways movement is referred to as an accumulation area in trading terminology.

During this stage, a convergence of profit-taking, incoming investment, and undecided money, practically leads to a mid-term consolidation. Consequently, he is bullish about the sideways trend and anticipates a looming upward surge.

Furthermore, Doctor Profit underscored the significance of Bitcoin’s recent breakout above its previous all-time high (ATH) of $69,000, and the necessity of exercising patience as the coin consolidates close to its peak level.

He stated:

What many fail to understand is that Bitcoin just broke through its all-time high (ATH) in the last few weeks and is now slowly building support near the ATH region. People don’t realize that this is a process that takes weeks.

Doctor Profit asserts that before continuing to rise and entering the super cycle, the market would spend weeks in the area of the Golden Bull. “After confirmation at $72,500, it won’t be long until BTC rises beyond $70,000 and enters the super cycle,” he added.

Recent Retest Pattern Aligns With Past Trends

Doctor Profit seems to be pleased with Bitcoin retesting its previous ATH level in the $60,000 range. He highlights the potential of Bitcoin and the slow transformation of the $60,000 resistance level into a solid support point, paving the way for the upcoming super cycle similar to other ATH breakouts.

“Bitcoin now appears mature enough to withstand this pressure at $60,000 and maintain its above-average price without any difficulty,” he stated. Despite ongoing corrections, the analyst has urged investors to be confident, citing the Bitcoin Halving as a catalyst for an impending upward surge.

Featured image from iStock, chart from Tradingview.com

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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