In the latest comprehensive Sunday report, Doctor Profit, a highly regarded Bitcoin and cryptocurrency market analyst, delivered a detailed analysis of Bitcoin’s recent performance and outlined his predictions for the immediate future.
Read CRYPTONEWSLAND onRenowned analyst Doctor Profit provides insights on Bitcoin’s next moves. His key takeaways highlight technical analysis, market sentiment, and upcoming events. To specify, all point towards bullish signals.
The technical analysis (TA), LCA, and psychological analysis indicates a significant shift in the market when Bitcoin broke out above MA100, EMA50, and MA50 daily. Predicting this breakout accurately, he asserted that the bulls are back, and his targets of 44k and 48k were hit with precision. Anticipating a strong bullish continuation, he foresees Bitcoin reaching the 50-52k region in the coming days.
Next, he emphasized the extreme bullish sentiment in the market, pointing out the monthly Supertrend turning very bullish for the first time since mid-2019. He drew parallels to historical trends, suggesting that the golden bull is awakening, and the third stage of the bull market is imminent after a clear breakout above 48k. Notably, over $400 million worth of Bitcoin spot ETF was bought recently, contributing to the market’s upward momentum.
Looking ahead, Doctor Profit highlights two crucial events in the calendar. He expects the CPI inflation data on Tuesday to cause volatility, with potential sell pressure on DXY and increased buying pressure on both the stock market and cryptocurrencies.
On Friday, the PPI data is anticipated to bring less volatility. Thus, Doctor Profit expresses confidence in Bitcoin’s upward trajectory in the coming days or weeks, minimizing expectations for significant retracements or dumps.
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