Analyst reveals next bull target for BTC. $88,000 begins to load for Bitcoin. Sentiments continue to grow bullish for crypto. The price of the pioneer crypto asset, Bitcoin (BTC), is finally
The price of the pioneer crypto asset, Bitcoin (BTC), is finally trading above the $80,000 price range. At the moment, BTC is trading in the $81,000 price range and experts hope to see it trade above $83,000 and hold as this would mark breaking past the final resistance level. One reputed crypto analyst reveals next bull target for BTC and as $88,000 begins to load for Bitcoin, sentiments grow.
The popular crypto analyst, Doctor Profit, shares his latest big Sunday report consisting of a technical and psychological breakdown analysis. He begins by declaring that something historic is happening, and reminds this audience of how last week he showed the chart with the MA50 Weekly and made one thing very clear, that he did not agree with the idea that this moving average should be treated like some magical resistance that cannot be broken.
He already stated that the price of BTC bottomed in the $50,000 price area and does not believe that the price of BTC will fall below $54,000 again. In fact, he believes that we have entered the early stage of the bull market phase and expects BTC to continue to break past crucial resistance levels with ease until it enters its next leg up. For now, the analysts expect this target to be at $88,000.
He also mentions how he compared the current BTC structure with 2022 - 2023, because back then too Bitcoin did not break it on the first try. It took several attempts, it trapped the bears, and then it broke out above it. Now, looking at this week’s chart: Bitcoin has done exactly what he says he was speaking about. The market managed to push above the MA50 Weekly, which on the chart is sitting around $78,700, and at the time of writing Bitcoin is trading around $80,375, making a weekly close above that area look very likely if price holds into the close.
Thus, he considers the MA50, Weekly, MA200 Weekly, on-chain signals and the wider structure together, rather than judging the entire market, and the overall picture is very bullish and confirms to me that the bear market is over. Presently, Bitcoin remains within the $71,000 - $82,000 price range, and a breakout above the $82,500 - $83K region remains the stronger confirmation.
https://twitter.com/DrProfitCrypto/status/2101655494763204977However, the breakout above the MA50 Weekly tells us that we can expect the $82,000 - $83,000 breakout to happen in the coming days. This is why today’s weekly close should be above the MA50 Weekly, which is currently at $78,700. A close above it would also confirm the start of a bull market, he concludes as we can see from the detailed post above.
He concludes by sharing one thing to keep in mind: of the seven times Bitcoin broke below the MA50 Weekly and then reclaimed it, five marked the start of a bull market, while two turned out to be traps, once in 2011, when BTC had virtually no liquidity, and once in 2020 during the COVID crash. Overall, reclaiming the MA50 Weekly has usually signaled the start of a bull run, especially after an exhausting bear market.
