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Tuesday, February 20, 2024

Crypto Analyst Predicts Next Moves For Bitcoin As Price Dips

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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. 

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.”

Bitcoin
Next target for BTC | Source: Doctor Profit on X

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.

Bitcoin
BTC trading at $42,710 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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