The overall cryptocurrency market has seen notable upward momentum in the past few weeks Bitcointhe largest digital asset, leading the market back into what many veteran cryptocurrency analysts believe is one of the biggest bull runs ever.
Bitcoin is heading towards higher levels
In his latest work a reportDr. Proffitt, a market expert and trader, revealed that Bitcoin has recently witnessed several major breakouts amid growing market strength and optimism. After surpassing key trends and levels, Bitcoin continues to show upward strength with Dr. Proffitt predicting that these crucial breakouts may signal a potential entry into a highly anticipated supercycle for cryptocurrency assets.
According to the expert, several historical resistance areas, Fibonacci levels and crucial moving averages have been breached, including a massive breakout from the bull flag on the weekly chart and a massive descending wedge pattern following BTC’s renewed bullish strength, which he noted in his latest big report.
Dr. Proffitt is optimistic about the development given that he mentioned the move since March this year. The analyst had previously expected a threshold of $70,000 Bitcoinafter which the cryptocurrency assets will move into a phase of long sideways movement. “It’s another good moment, my analysis has been proven correct again. Now that the hack has happened, my predictions are going as expected,” he added.
As BTC crosses critical areas and patterns, Doctor Profit is in place The next target for major crypto assets Between $87,000 and $88,000. However, experts expect a slight correction within the price range before its upward momentum resumes.
It should be noted that this strong price performance of BTC coincides with strong demand for stablecoins as institutions convert more US dollars into Tether (USDT), leading to a whopping $2 billion being minted by Tether in a single transaction days ago.
Furthermore, the analyst highlighted that cryptocurrency exchanges saw massive stablecoin inflows worth $20 billion in just the past week. This indicates that the expected supercycle has begun institutionally Retail investors Rush to buy additional Bitcoin.
Investors are buying BTC from Coinbase
As investors rush to buy more Bitcoin, Dr. Proffitt highlighted this Over-the-counter (OTC) offices. We are currently out of BTC. As a result, both institutions and major players are now being asked to purchase directly from Coinbase, indicating promising times ahead.
Dr. Proffitt pointed out that the sharp increase in demand for… Coinbase(COIN) stock also proves that OTC desks are empty. Hence, Coinbase stock saw high buying from large investors due to empty OTC desks.
Given the massive acquisition, the expert is confident that COIN is a must-have stock, noting that Coinbase’s quarterly earnings will likely exceed market expectations for COIN, which will push prices higher.
Featured image from Unsplash, chart from Tradingview.com
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