Crypto analyst Dr. Profit gave an update on what to expect for Bitcoin price after it dropped below $70,000 at the end of the week. This comes as the leading crypto continues to face pressure war between America and Iran and volatile oil prices.
What to expect from the price of Bitcoin
In one X postDr. Profit said he expects the Bitcoin price to move sideways between $57,000 and $87,000. The analyst pointed out that this is not a sideways price action, but a preparation for what is to come for the crypto in the next few months. He predicts BTC may go down to between $50,000 and $44,000 in the coming months.
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Dr. Profit also noted that the price of Bitcoin reflects the price performance of 2022, when BTC fell by 52%. highest time (ATH) before rising 44% from its lows, then falling again. As such, the leading crypto is expected to follow the same fractal and move higher in the coming months, before falling below $60,000.
The analyst said that market psychology supports a relief jump because index of fear and greed is currently at an extreme level of fear. Thus, the price of Bitcoin may move in the opposite direction and many expect a decline. Dr. Profit added that before the next downside, the market needs to create additional liquidity on the downside and absorb the liquidity that was created on the upside.
However, the price of Bitcoin is facing major resistance at the $70,000 level, rejecting any sustained rally. BTC is also under pressure amid the Iran war, which is destabilizing oil prices. The leading crypto rose to $71,000 yesterday, but after reports of Iran’s move to deploy sea mines in Strait of Hormuz.
Another local bottom can be from 57,000 to 60,000 dollars
Dr. Profit said he estimates $57,000 to $60,000 locally, but not the bottom of the macroand expect this area to be tested many times. The analyst described this range as where it makes sense to buy. He also believes that there is no reason to sell at this time because the upside potential remains.
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Dr. Profit said that the biggest and most aggressive long-term bets are placed between the level of $50,000 and the lower $40,000. That’s why the analyst plans to re-enter the market in “significant size” ahead of time period of the bull. This is also the area where he expects Bitcoin price to form a macro bottom.
The analyst expects the price of Bitcoin to fall to between $50,000 and $40,000 by the end of this year. Meanwhile, he predicts that BTC will continue to see “long and boring” sideways price action.
According to the publication, the price of Bitcoin is around $69,800, which has decreased in the last 24 hours. information from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
