- Analyst says Bitcoin’s correction nears end, signaling potential for a bullish surge.
- TA indicators and bullish factors support a positive long-term outlook.
- Doctor Profit advises strategic buying amid media-induced fear.
In his highly anticipated Sunday report, renowned crypto and bitcoin market analyst Doctor Profit delves into the intricate dynamics of the current crypto market, particularly focusing on Bitcoin’s recent performance and the path forward.
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The report opens with a comprehensive technical analysis (TA), liquidity cycle analysis (LCA), and a psychological assessment of the market. Notably, fear has permeated exchanges, triggering panic selling among retail investors.
Onchain data reveals a significant inflow of altcoins and BTC to exchanges for selling, counterbalanced by large players and whales sending stablecoins to exchanges for buying. Doctor Profit suggests that the promised 20-30% correction is nearing its end, emphasizing the importance of understanding the nuanced market conditions.
Doctor Profit recaps a prediction made seven weeks ago, detailing market makers’ plan to induce maximum optimism before orchestrating a substantial crash. The analyst anticipates a bear trap and hints at an imminent bullish surge, emphasizing that the current correction is a precursor to more significant movements.
The report provides a detailed examination of six crucial technical indicators, including Moving Averages (MA), key support and resistance levels, and recent market events. Doctor Profit highlights Bitcoin’s bounce at MA100 Daily and the recovery of EMA50 Daily, signaling bullish momentum. The emergence of Bitcoin exchange-traded funds (ETFs) and the impending end of Grayscale selling pressure further reinforce the positive outlook.
Doctor Profit offers insights into risk management, advocating for a bullish stance in the current market. The report acknowledges a remaining potential for a 10% correction but emphasizes the overall positive sentiment. The analyst encourages investors to manage risk prudently, considering potential entry points and anticipating media-driven fear as a buying opportunity.
Expressing a bullish sentiment for the long term, Doctor Profit reassures followers that the all-time high (ATH) is on the horizon by year-end. Additionally, the report outlines a strategic long-term investment entry point and dismisses short-term concerns.
The report concludes with a note on upcoming events, including the Federal Open Market Committee (FOMC) meeting and earnings reports from major tech companies. Doctor Profit advises investors to stay vigilant amid potential market volatility triggered by these events.
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