Bitcoin Analyst Predicts Super Cycle With A Target Of $220,000, But This Must Happen First
29 Julio 2024 - 7:30PM
NEWSBTC
Following the highly anticipated 2024 Bitcoin Conference in
Nashville, Tennessee, over the weekend, a notable spike in positive
market sentiment drove the Bitcoin price to a one-month high of
$70,000 on Monday. Analysts are now eyeing the potential for
an extended super-cycle, with market expert Doctor Profit
suggesting that the recent rally could begin a significant uptrend
with plenty of room to run. Bitcoin Price Projections According to
a recent report by Doctor Profit, the current price action is the
first phase of this potential super cycle, noting that during the
2021 bull run, he had accurately predicted Bitcoin’s crash to
around $18,000, followed by the capitulation event triggered by the
FTX collapse, where it hit $15,400. “At this point, I posted that I
am going all in with the 2021 bull market gains back into the
market at prices between $16,000 and $18,000,” Doctor Profit
stated. “This bottom price is historically significant and unlikely
to be revisited.” Related Reading: Dogecoin Price (DOGE) Eyes
Impressive Gains: Will It Break Through? The analyst further
explained the various phases of the current market cycle,
highlighting the “pre-bull” phase characterized by resistance at
$38,500, which needed to be breached to enter the second pre-bull
phase. Doctor Profit believes that this phase was driven by
significant buying activity from Binance, Changpeng Zhao (CZ),
Justin Sun, and Bitfinex whales, as well as the filing of the
Bitcoin exchange-traded fund (ETF) by BlackRock in June 2023. The
“Golden Bull” phase, as seen in the chart above, followed the
approval of the BlackRock Bitcoin ETF and saw the entry of
traditional financial players into the crypto market, leaving the
$48,000 to $74,000 range as one of the most crucial support levels
that will be defended during the upcoming bull market, according to
the analyst. “This region of golden bull will mark, or be very
close to the Bitcoin bottom for the incoming bear market,” Doctor
Profit explained. “Again, this region is BlackRock investors’
entry, and at all cost they will defend it during this bull
market.” Considering these levels that could support BTC’s price in
the coming months, Doctor Profit’s technical analysis points out
that the initial target for this super cycle is set at the $86,000
threshold, with projections ranging between $110,000 and $120,000
in a conservative scenario. However, Doctor Profit noted that
in the most optimistic scenario, the Bitcoin price could soar
between $180,000 and $220,000 if the price surges above $70,000 and
consolidates above this milestone. Investor Confidence Peaks
Adding to the bullish sentiment, a recent report by CoinShares
showed that Bitcoin has seen healthy inflows of $519 million in the
past week, bringing its month-to-date inflows to $3.6 billion and
year-to-date inflows to a record $19 billion. The firm noted
that this surge in inflows and investor confidence could be
attributed to the potential use of BTC by the US government as a
strategic reserve asset following Donald Trump’s speech on
Saturday, as well as the increased likelihood of a Federal Reserve
rate cut in September 2024. Related Reading: XRP Price Hints at
Breakout: Can It Achieve New Heights? As reported by our sister
site Bitcoinist, former US President Donald Trump reiterated his
plans to create a national Bitcoin stash and turn the
cryptocurrency into a strategic reserve asset for the US
dollar. Trump also promised that the US government would
retain ownership of all BTC in custody rather than participate
in a market sell-off that could ultimately affect price action and
potential upward movement. At the time of writing, the largest
cryptocurrency on the market is trading at $68,800, registering
price gains of 1.3% and 2.3% in the 24-hour and 7-day time frames,
respectively. Featured image from DALL-E, chart from
TradingView.com
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