His confidence stems from several positive indicators, including a strong bullish divergence observed on the daily chart\u2014a technical signal often associated with forthcoming price increases. He emphasized that daily divergences tend to have a higher success rate than those seen on longer time frames.<\/p>\n
Additionally, Doctor Profit pointed out that the funding rate is currently stable, with no over-leveraged positions in the market. He noted that BTC recently broke out of a significant double bottom formation and is now testing previous highs.\u00a0<\/p>\n
A critical factor in his outlook is the substantial accumulation by US exchange-traded funds (ETFs), which are reportedly purchasing Bitcoin at a rate eight times greater than its current mining output.\u00a0<\/p>\n
This aggressive accumulation phase, according to Doctor Profit, indicates institutional interest remains robust, even as retail traders have largely stayed on the sidelines during recent volatility.<\/p>\n
BTC Could Dip To $90,000<\/h2>\n
The analyst also highlighted that the strongest retail buying occurred around the $90,000 mark, which also represents a liquidity hotspot. Should the market revisit this level, he sees it as an optimal entry point, perfectly positioned at the bottom of the established trading box.<\/p>\n
Looking ahead, Doctor Profit anticipates volatility, particularly in light of Moody’s recent downgrade of the US credit rating from AAA to AA1\u2014the first major downgrade since S&P’s similar action in 2011.\u00a0<\/p>\n
Historical context suggests that such downgrades can lead to swift market corrections. In August 2011, following a downgrade, markets dropped by 5.5% in a single day. Doctor Profit believes that Bitcoin could similarly dip into the $90,000 range to capture liquidity before rebounding.<\/p>\n
Despite potential short-term fluctuations due to the downgrade, Doctor Profit maintains a bullish outlook for Bitcoin, reiterating his target of $116,000 to $120,000. He noted that the market had largely priced in the downgrade, and historically, stocks have rallied following such events.\u00a0<\/p>\n
With major institutions, including BlackRock, increasing their Bitcoin purchases in the exchange-traded fund arena, Doctor Profit sees no signs of weakness in the market, pointing to further price gains for the market\u2019s leading cryptocurrency.<\/p>\n
<\/p>\n
At the time of writing, BTC is trading at $105,400, marking a 12% increase over the past two weeks and a nearly 24% increase over the past month. Year-to-date, the cryptocurrency has gained 60%, lagging behind XRP’s gains of over 300% in the same period.<\/p>\n
Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
With Bitcoin (BTC) surging back above the $105,000 mark and nearing its record high set in January, market expert Doctor Profit has outlined bullish predictions for the leading cryptocurrency. In a recent post on social media platform X, he detailed the dynamics he believes will drive Bitcoin toward new highs. Bitcoin Breaks Key Levels As…<\/p>\n","protected":false},"author":1,"featured_media":4874,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,55,69,250,61,120,121,70,456,62,36,42,43,95],"class_list":["post-4873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/4873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=4873"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/4873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/4874"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=4873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=4873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=4873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}