In the midst of the general pessimism that surrounds the cryptocurrency space and Bitcoin currently, famous crypto analyst and trader Doctor Profit has made an audacious forecast that the crypto asset will rebound to the crucial $70,000 level in the upcoming days.
Doctor Profit’s analysis which has triggered optimism within the crypto community hinges on a bullish price formation that suggests a positive reversal is imminent. The analyst offered this positive prediction in his recent Big Sunday report.
Bitcoin To Revist $70,000 Soon
According to Doctor Profit, since the last big Sunday report, in which he identified a persistent sideways movement, nothing significant has changed for Bitcoin. However, a falling wedge pattern has surfaced on smaller and daily time frames, suggesting that $70,000 may be the next objective for the flagship crypto in the coming days.
Doctor Profit is confident that Bitcoin will revisit the aforementioned level due to the fact that a falling wedge pattern typically signals a strong upward breakout. Despite recent price declines and broader pessimism, this pattern indicates that the crypto asset could be ready for a significant rally.
The expert noted that this development corresponds with the liquidity pool located between the $70,000 and $72,000 price levels. And for the first time in weeks, the financing rate has started to look robust and steady at the same time that the Long and Short ratio on exchanges is balanced.
He further pointed to strong fundamental indicators on BTC’s chart and on-chain data that prompted his belief of a significant increase in prices in the Q3 and Q4 of this year. However, several bearish trends are developing on the smaller time frames prompting Bitcoin to lose several crucial support lines, including the MA100 Daily, MA20 Daily, MA50 Daily, and EMA100 Daily.
“The MA50 Daily, a key bull market indicator, broke down on Tuesday, June 18th, and Two days later, BTC pumped towards the MA50 Daily level, only to be rejected at $66,519,” he stated. As a result, he is keeping an eye out for a breakout from the falling wedge on the daily chart and a breakout from the MA50 Daily level.
No Major Movements Before Q2 Closes
Should a breakout develop, the expert believes it might lead to a more powerful rally than the previous ones, pushing BTC above the $72,000 mark in the short term. Nonetheless, given the sideways movements of the cryptocurrency, Doctor Profit does not expect significant moves prior to Q3. Thus, he has urged investors to keep a tight eye on the MA50 daily level and any possible breakthroughs from the falling wedge formation.
In the previous Big Sunday report, the expert hinted at a liquidity pool forming around $64,400. Now, he warns that the level has been hit and there is hardly any liquidity left to take from the downside.
Featured image from iStock, chart from Tradingview.com
Powered by WPeMatico
