Bitcoin Analyst Predicts Super Cycle With A Target Of $220,000, But This Must Happen First
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Following the 2024 Bitcoin Conference in Nashville, Tennessee, Bitcoin's price surged to a one-month high of $70,000 due to positive market sentiment. Analyst Doctor Profit has predicted a potential super cycle with Bitcoin reaching between $180,000 and $220,000 if specific conditions are met.
Doctor Profit highlights that the current price action is the start of a super cycle, just as he predicted the 2021 bull run and subsequent crash. Key support and resistance levels cited in the analysis include $38,500, $48,000, $74,000, and $86,000.
The approval of the BlackRock Bitcoin ETF and subsequent buying activity from major investors like Binance and CZ has been pivotal. The analyst points out that a Bitcoin price of $70,000 needs to be surpassed and consolidated for the super cycle to escalate.
Investor confidence is at an all-time high, with Bitcoin seeing $519 million in inflows last week. This can be credited partly to former President Donald Trump's plan to make Bitcoin a strategic reserve asset for the U.S. The increased likelihood of a Federal Reserve rate cut is also boosting optimism.
Currently, Bitcoin is trading at $68,800, showing gains over recent time frames.
Source : www.newsbtc.com ↗
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