A crypto analyst, Doctor Profit, made some bold Bitcoin price predictions back in March, and so far, they’ve been pretty spot-on. Let’s dive into what happened and what he expects next.
March’s Prediction: A Bullseye?
Doctor Profit’s analysis focused on Bitcoin’s relationship with the M2 money supply (a measure of money in circulation). He argued that while increased liquidity since February might seem bullish, Bitcoin’s big price jump starting last September already priced this in. He correctly predicted a bounce off the $76,000 support level (the 50-week EMA, or “Golden Line”), targeting a rise to $87,000-$88,000 before a correction. Bitcoin followed this pattern almost perfectly, dipping in early April before recovering.
The Next Dip: $70,000 – $74,000 Support Zone
Now that Bitcoin is back above $87,000, Doctor Profit sees the next move as a potential drop to the $70,000-$74,000 support zone. How Bitcoin behaves here is crucial.
Two Scenarios: Bull or Bear?
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Scenario 1 (Bullish): A brief dip to this zone, followed by a strong close above the Golden Line, would signal a reversal. This would be a good time to close any short positions (bets against Bitcoin rising) and start buying.
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Scenario 2 (Bearish): A close below the $70,000-$74,000 range could trigger a much larger drop, potentially down to $50,000 (a “Black Swan” event). This potential downturn is expected to play out by early May.
Long-Term Outlook: Still Bullish
Despite this short-term bearish prediction, Doctor Profit remains bullish on Bitcoin in the long run. He anticipates a renewed bull run around May or June, pushing the price towards new all-time highs of $120,000-$140,000.
Current Status and Invalidation
At the time of writing, Bitcoin is trading around $87,526. The bearish prediction would only be wrong if Bitcoin closes a weekly candle above $100,000.
