- Bearish analyst expects BTC rally between $79,000 – $84,000.
- This is expected to be followed by a massive dip in BTC price.
- The analyst expects BTC to bottom between $35,000 and $45,000.
The crypto market is near sure that the month of March will close in red, marking the sixth consecutive red close for Bitcoin (BTC). As bull and bear expectations clash once again, one reputed crypto analyst believes a rally will play out before a lower low can be set. This bearish analysts expects BTC rally between $79,000 – 84,000 before a massive dip to much lower targets under $50,000.
Bearish Analyst Expects BTC Rally Between $79,000 – $84,000
Presently, the crypto community is divided between expecting bearish and bullish action from crypto assets over the coming months. For instance, bullish analysts are convinced that BTC will pull a parabolic price pump, as the last time BTC closed a consecutive 6-month red close, the price of BTC went on to pull a pump of over 300%. Thus, they expect the same pattern to occur now, taking the price of BTC to targets above $150,000.
On the other hand, bearish analysts have been certain that the price of BTC will hit the $40,000 price range to bottom sometime this year. In fact, one analyst in particular, Doctor Profit, a silver-tongued analyst known for his many accurate predictions so far, believes that the crypto market has already entered a bear market based on the traditional 4-year bull cycle pattern.
Now, he expects BTC to set its bottom for a new cycle sometime this year between the $35,000 – $45,000 price range. As we can see from the post above, Doctor Profit shared his weekly market report and marked how, in February, he already expected BTC to stop its downtrend after hitting $60,000 and expected a relief rally. Soon after this, BTC soared back up to the $75,000 price range.
Massive Dip to Targets Under $50,000
He says at the moment, he expects a possibility for the price of BTC to continue the relief rally towards the $79,000 – $84,000 price range, but cautions traders to weigh out their risk-reward factors before choosing to wait for the rally or try to profit from it. Still, he confirms that there is still room for upside, and that the possibility is not yet completely off the table. He then concludes that his strategy remains the same.
He continues to hold his big short trade on BTC from when the asset hit $125,000, as the analyst believes that eventually the price of Bitcoin will go to bottom this year, is prices possibly under $40,000. Meanwhile, he is also waiting to see if the relief pump will continue, and if it does, he will place more short orders at the top to print substantial gains once the price of BTC finally starts moving towards its bottom.
