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This Sunday, the main cryptocurrency of the market, Bitcoin (BTC), has once again crossed the sign of $ 87,000, following what analysts describe as a healthy correction that brought prices to $ 74,000 at the beginning of this month.
In a recent post on the Social Media X platform (previously Twitter), the Doctor Analyst Profit provided a complete analysis of the current prices on prices, outlining what investors can expect to go on.
The expert outlines critical price levels for BTC
Doctor Profit has opened his analysis by revisiting the Two potential results He had outlined a month earlier. The first scenario involved a healthy correction from the $ 70,000 to $ 74,000 range, which carried out exactly as expected.
The second scenario was a more serious recession, a “black swan” event, which could see bitcoin falling into the range of $ 50,000 to $ 60,000. It is important to underline that it identified a critical threshold, the “golden line”, capable of being located at $ 77,000.
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This level proved to be resistant since the Toro race began at the beginning of 2023 and as long as Bitcoin remains above it, Dr. Profit believes that the potential for a crash scenario is out of the table.
The analyst noted That bitcoin is currently facing challenges to break through the “line of hammers”, a level of critical resistance. Historically, every time Bitcoin approached this line, he faced an immediate waste. However, with strong support on the golden line, the doctor’s profit is prepared for two potential scenarios.
Bitcoin potential breaks of breakout
If Bitcoin can break over the Martelli line, he plans to close his short position from $ 90,000 and maintain his spot location acquired at $ 77,000. On the contrary, if Bitcoin returns to the level of $ 77,000, he intends to buy more, having already set limit orders to capitalize on this price.
Looking to the future, Doctor Profit provided that Bitcoin would probably continue to exchange laterally in the interval of the Hammer and Golden Line line, in particular between $ 77,000 and $ 85,200. However, with Spike on Sunday, the golden line has been broken for the moment, waiting for a consolidation above it.
However, several upward triggers remain on the horizon, including potential agreements between the United States and China, possible cuts in the rates of the Federal Reserve and an increase in M2 liquidity.
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Halfway in the long term, the Doctor Profit believes that Bitcoin is more likely to burst on the hammer line rather than getting below the golden line. He warned by trading within the dangerous area between these two critical levels, labeling it a “prohibited area”.
A breakout above the hammer line would signal the end of the correction and a renewed climb to the new maximums of all timeWhile a break under the golden line could indicate a significant change in the feeling of the market and the beginning of a deeper correction.
While trading just above $ 87,200, BTC records an increase of almost 4% in the weekly period.
First floor image from Dall-E, TradingView.com graphics