Despite the recent unimpressive price action of BTC, crypto analyst Doctor Profit remains bullish on Bitcoin and the broader crypto market. He believes that a parabolic move is on the horizon and advises investors to position themselves accordingly.
In a recent post, Doctor Profit mentioned that the crypto market is gearing up for what he refers to as the “third Industrial Revolution,” indicating a potential trend reversal for Bitcoin and altcoins. He warns investors not to miss out on this market rally, emphasizing the importance of being part of it.
In previous posts, Doctor Profit has shared his predictions for the crypto market, specifically Bitcoin. He expects Bitcoin to rise to $84,000 after trading in a sideways range between $60,000 and $72,000. He also suggests that a super cycle will kick off once Bitcoin hits $72,000.
Doctor Profit acknowledges that price corrections are normal in each crypto cycle, with 10 to 20% fluctuations being considered minor moves. He echoes the sentiment of other experts who warn that bull markets are not straight lines up.
Another crypto analyst, Rekt Capital, confirms that Bitcoin is currently in the Re-Accumulation phase following the Bitcoin Halving. This phase involves Bitcoin moving sideways to allow the market to cool off after a strong pre-halving performance.
Rekt Capital predicts that the Re-Accumulation period can last for weeks or even up to 150 days. Once this phase is over, Bitcoin is expected to break out from its sideways range and enter a parabolic uptrend that could last over a year. However, some analysts believe that the uptrend could be accelerated, potentially reaching as high as $100,000.
As of the time of writing, Bitcoin is trading around $64,360, showing an increase in the last 24 hours according to data from CoinMarketCap. The future of Bitcoin remains uncertain, but analysts like Doctor Profit and Rekt Capital are optimistic about its potential for significant growth in the near future. Investors are advised to conduct their own research before making any investment decisions.