Bitcoin has hit a new record high, surpassing its previous all-time high of $69,000. Crypto experts are optimistic about the future of Bitcoin, predicting even higher prices in the coming months.
Analyst’s Forecast
Cryptocurrency analyst Doctor Profit predicts that Bitcoin could reach $80,000 in this current bull cycle. His analysis is based on technical analysis, life-cycle assessment, and psychological factors.
Phases of the Bull Cycle
Doctor Profit believes that Bitcoin will move through four distinct phases in this bull cycle:
- Bear Market Conclusion: $16,000 – $25,000
- Pre-Bull Market:
- Phase 1: $25,000 – $38,500
- Phase 2: $38,000 – $48,000
- Golden Bull Phase: $48,000 – $70,000
- Super Cycle Phase: $72,500 – Unprecedented levels
Current Market Conditions
Currently, Bitcoin is trading at $72,139, up over 3% in the last 24 hours. Its trading volume and market cap are also showing strength, indicating a bullish market.
Sideways Movements
Doctor Profit predicts that Bitcoin will experience sideways movements between $60,000 and $80,000 before it continues its upward trend. This is not a sign of weakness, but rather a consolidation period as the market adjusts to Bitcoin’s rapid rise.
Altcoin Market
While Bitcoin has reached a new peak, major altcoins like Ethereum, Binance Coin, and Solana have not yet seen significant inflows. This suggests that the altcoin market is still poised for growth.
