Bitcoin price sinks further to hit $68,000. Analysts prepare to accumulate at this level. A massive bullish recovery is expected next. The crypto market has experienced a brutal month in term
The crypto market has experienced a brutal month in terms of assets’ prices. Over the last 30 days, promising crypto assets have fallen from bullish support levels to much lower targets. To highlight, Bitcoin price sinks further to hit $68,000, leading analysts to debate the possibility of the end of the price dip. Instead, most analysts are preparing to buy the dip and hope to see a promising recovery stage soon.
The popular crypto analyst, Doctor Profit, known for making many accurate predictions, may have made an inaccurate prediction most recently. He expected the price of crypto to not dip below $79,000, and now here we stand with Bitcoin trading at $68,000. To this, the analyst says that if Bitcoin is to lose its current level, something really, really bad has happened to lead BTC to drop. He now expects a retest of the bull market confirmation to play out.
https://twitter.com/DrProfitCrypto/status/2119465094161789245Now, he draws attention to the MA50 weekly which is the white line on the chart accompanying the post above. He says that this is an important indicator in his framework for judging whether the market is in a bull or bear phase. Looking at the chart, its reactions have been incredibly accurate since the 2022 bear market. Bitcoin reclaimed this weekly trend area in 2023, pumped strongly above it and then retested it before continuing the bull market.
In the following months of the previous bull market, BTC visited the level of MA50 weekly several times and the retests marked local bottoms during the bull market. Then he goes on to conclude that BTC has to hold the current level of MA50 Weekly at all cost as losing it will be dramatic for bulls. Thus, he mentions the golden pocket to accumulate to sit between the $68,000 - $69,000 price range.
https://twitter.com/DrProfitCrypto/status/2121029405761757381The same expert makes another bold statement saying that the bulls are programmed to defeat the bear. The sidelined bears said Bitcoin would find its bottom in October; others said it would be in Q4 instead. Yet BTC is still up 20% from its $60,000 lows. Bitcoin went 40% up from the lows to the recent height, the bears have been wrong all the time. The worst thing about the side lined bears is that they always emerge in a bull market, every time Bitcoin dips a few percent.
What’s more, Bitcoin went 40% up and the bears said nothing, fully silent. It corrected 20% and the bears celebrated it as if it’s a new golden entry, as if their patience would have paid off, and they got their new low they speak about since months. He finishes off by stating that he remains insanely bullish on Bitcoin.
