The general cryptocurrency market has seen a significant rise in the past few weeks, with Bitcointhe largest digital asset, leading the market and in what veteran crypto analysts believe is one of the most bull run.
Bitcoin Heading For Higher Levels
His latest reportDoctor Profit, a market expert and trader reveals that Bitcoin has recently experienced several significant bursts amid growing market power and optimism. After passing the main trends and levels, Bitcoin continues to show higher strength as Doctor Profit predicts that this significant breakout may indicate a possible entry into the much-anticipated major cycle of the crypto asset.
According to experts, many historical resistance areas, Fibonacci levels, and important moving levels have been broken next, including a major breakout of the bull flag on the weekly chart and a major Descending Wedge pattern following BTC’s renewed strength, they pointed out. except in his last major report.
Dr. Profit is optimistic about the development as he mentions this step from March this year. The analyst had previously predicted a threshold of $70,000 BTCafter that the crypto asset will change into a phase of long lateral movement. “Once again, my analysis proved to be correct. Now that it has happened, my prediction is playing out as expected,” he added.
As BTC crosses critical areas and patterns, Doctor Profit has placed the next target of the best crypto asset between $87,000 and $88,000. However, the expert expects a small correction between the range before resuming its ascent.
It is worth noting that this strong price performance of BTC is accompanied by a strong demand for stablecoins as institutions convert more USD to Tether (USDT), leading to $2 billion worth of Tether transactions in the past few days.
In addition, the analyst emphasized that the crypto exchange experienced a large stablecoin inflow of 20 billion dollars this past week. This shows that the expected big cycle has started as a center again retail investors hurry to buy more Bitcoin.
Investors Buying BTC On Coinbase
While investors are trying to buy more Bitcoin, Doctor Profit highlighted that over-the-counter (OTC) desks. now they are out of BTC. As a result, both institutions and major players are now required to buy directly from Coinbase, which indicates promising times ahead.
Dr. Profit noted that the extreme increase in demand Coinbase(COIN) stock also proves that the OTC desks are empty. Thus, Coinbase stock has seen high buying from large investors due to empty OTC desks.
Given the large acquisition, the expert is convinced that COIN is a must-have stock, noting that Coinbase’s quarterly profit will likely exceed COIN market expectations, which will lead to an increase in prices.
Featured image from Unsplash, chart from Tradingview.com
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