Amidst the general pessimism currently surrounding the cryptocurrency and Bitcoin space, renowned cryptocurrency analyst and trader Dr. Proffitt has made a bold prediction that the cryptocurrency asset will rebound to the crucial $70,000 level in the coming days.
Dr. Proffitt’s analysis, which has sparked optimism within the cryptocurrency community, is based on a bullish price formation indicating that a positive reversal is imminent. analyst progress This positive prediction is in his latest report on Super Sunday.
Bitcoin will review $70,000 soon
According to Dr. Proffitt, since the last Big Sunday report, in which he identified a sustained sideways movement, nothing significant has changed for Bitcoin. However, the landing wedge pattern They appeared on smaller and daily time frames, suggesting that $70,000 could be the next target for the major cryptocurrency in the coming days.
Dr. Proffit is confident that Bitcoin will return to the above level due to the fact that a falling wedge pattern usually indicates a strong bullish breakout. Despite the recent price decline and broader pessimism, this pattern suggests that crypto assets may be poised for a significant rally.
The expert pointed out that this development is consistent with the liquidity pool existing between the price levels of $70,000 and $72,000. For the first time in weeks, the funding ratio began to look strong and steady at the same time that the long and short ratio on the exchanges became balanced.
He also pointed to strong fundamental indicators on Bitcoin’s chart and on-chain data that led to his belief of a significant price increase in the third and fourth quarters of this year. However, there are several downtrends developing on smaller time frames Bitcoin For the loss of several important support lines, including the MA100 Daily, MA20 Daily, MA50 Daily, and EMA100 Daily.
“The daily MA50, a leading indicator of a bull market, collapsed on Tuesday, June 18, and two days later, BTC pumped towards the daily MA50 level, only to be rejected at $66,519,” he stated. As a result, he is watching for a breakout from the falling wedge on the daily chart and a breakout from the daily MA50 level.
No big moves before the close of the second quarter
If a breakout develops, the expert believes it could lead to a stronger rally than previous highs, prompting… Bitcoin Above the $72,000 mark in the short term. However, given the cryptocurrency’s sideways movements, Dr. Proffitt does not expect significant movements before the third quarter. And so he urged Investors Let’s keep a close eye on the daily MA50 level and any potential breakouts of the falling wedge formation.
In the previous Big Sunday report, the expert hinted that the liquidity pool constitutes around $64,400. Now, he warns that this level has been reached and there is no longer any liquidity left to take advantage of on the downside.
Featured image from iStock, chart from Tradingview.com