Despite BTC’s Recent Unimpressive Price Action, crypto analyst Doctor Profit shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a the parabolic movement was imminent and that crypto investors should position themselves accordingly.
The crypto market is preparing for a “third industrial revolution”
Doctor Profit mentioned in an X (formerly Twitter) job that the crypto market is “preparing for the third industrial revolution”, thus hinting at a reversal of trend for Bitcoin and altcoins rather early. “Be part of it, or regret [a] for life,” the crypto analyst added while warning crypto investors to miss out on this market rally.
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In a previous Message, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it takes its next step. He said the flagship crypto will hit $84,000 once trading ends between $60,000 and $72,000. In other Messagehe claimed that the super cycle would begin after Bitcoin reached $72,000.
Meanwhile, Dr. Profit suggested that the price corrections experienced were normal and usually occur each cryptographic cycle. He further noted that price fluctuations of 10-20% did not constitute significant changes. His statement echoes the sentiment of Alex Thorn, head of research at Galaxy Digital, who previously warned that bull markets were not “straight lines.”
Bitcoin is in the reaccumulation period
In a recent X (formerly Twitter) jobcrypto analyst Rekt Capital confirmed that Bitcoin is currently in the reaccumulation phase, which occurs after the Bitcoin halved. He further noted that the goal now “is for Bitcoin to move sideways to catch its breath, for the market to calm down afterwards.” [a] fantastic value for money before the halving.
According to Rekt Capital, this Re-accrual period can last several weeks “and even up to 150 days”. The analyst revealed that once this period ends, Bitcoin will experience a breakout of this sideways range, followed by a parabolic uptrend.
This uptrend phase it is said to last more than a year. However, given the likelihood of this being an accelerated market cycle, Rekt Capital noted that the duration of this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, predict that the flagship crypto will reach $100,000 when the time comes.
At the time of writing, Bitcoin is trading at around $64,360, up over the past 24 hours according to data from CoinMarketCap.
BTC bears pull down price | Source: BTCUSD on Tradingview.com
Featured image from Kapersky, chart from Tradingview.com
