Silver-tongued analyst drops his next Bitcoin report.
Analyst believes the next BTC ATH target could go to $116,000 and $120,000.
The price of BTC could retrace to a lower target before new ATHs arrive.
Bitcoin (BTC), the pioneer crypto asset, continues to show bullish continuity signals for its 6-digit price value. In detail, the price of Bitcoin has maintained its value around the $103,000 price range and analysts believe higher prices are on the horizon. To add to the bullish atmosphere, Doctor Profit, the reputed silver-tongued analyst drops his next Bitcoin Report and reveals the next BTC bull target.
Silver-Tongued Analyst Drops His Next Bitcoin Report
The crypto market is filled with highly capable and reputed analysts and traders, all of whom add valued opinions to various crypto community discussions. One of the most renowned is Doctor Profit, a crypto and financial expert and analyst who has made many accurate crypto market predictions so far. His silver-tongued predictions often come in the form of his weekly market reports, and the latest report focuses on Bitcoin’s next move.
To begin, the analyst’s report begins with a Technical analysis and psychological breakdown. Here, the analyst mentions his previous accurate predictions that included BTC’s price dip to $77,000 and recovery to $92,000, before finally taking the $100,000 price target. The analyst called $100,000 the first target out of a series of bull targets that’ll take the price of BTC to new ATHs much higher than the current ATH record at $109,000.
Next BTC ATH Set for $116,000 – $120,000
Next, Doctor Profit reveals that the next breakout target for Bitcoin (BTC) lies between $116,000 and $120,000. This aligns with the other bull target price predictions shared by other reputed analysts who also expect the price of BTC to hit $116,000 as the next bull pump ATH price. He then goes on to share that the next bull target being between $116,000 to $120,000 is highly likely and goes on to explain why he believes so.
To highlight, the analyst states that strong bullish divergence was spotted on the daily time frame and is certainly not something traders can ignore. Specifically, he highlights the daily bullish divergence that has a significantly higher success rate compared to those on the weekly or 3-day charts. He also adds how the funding rate looks very clean and that there are no over-leveraged positions at the moment.
Presently, Bitcoin is testing previous highs after having broken out of a massive double bottom formation. and is currently testing previous highs. Also, U.S. ETFs are buying eight times more Bitcoin than is currently being mined. This data, from the last 60 days, marks one of the most aggressive Bitcoin accumulation phases in ETF history, meaning that ETFs heavily bought during the latest crash. While retail traders were shaken out, the entire pump was scooped up by institutions and big players.
For this week, Doctor Profit expects to see a very volatile market opening in both directions. If history repeats, Bitcoin could quickly sweep into the $90,000 region to grab liquidity before bouncing to reclaim the previous ATH price and then pumping further to hit higher targets between $116,000 and $120,000. All in all, he concludes saying that the market is strong and very bullish, which could invoke altseason arrival as well. Read MoreBitcoin News, News, NewsNow, ATH, Bitcoin, BTC, Bullish, Crypto market, cryptocurrency, Doctor Profit
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