Popular Bitcoin price analyst shares what to expect next.
Insights include Bitcoin’s EMA50 breakout, liquidity pools, and psychological zones.
Report advices caution amid ETF-related sentiment.
In a whirlwind week for the crypto market, Bitcoin has once again captured the spotlight, leaving analysts and traders eager to predict its next move. Having gained high popularity for his accurate Bitcoin (BTC) price predictions, Doctor Profit makes his latest weekly report.
#Bitcoin – whats next ?The big Sunday report, all you need to know:It was an absolute crazy week once again, three weeks ago the perfect long order at $25.000 region that triggered, and this week the perfect long order that was triggered at 25.9k region exactly as mentioned… pic.twitter.com/LWZFRrO8NS
— Doctor Profit (@DrProfitCrypto) October 1, 2023
So far, his Bitcoin price predictions have been right on the money. Three weeks ago, a strategic long order was placed in the $25,000 region, and just this week, another perfectly timed long order was triggered at the $25,900 mark, aligning with the predictions from his previous Sunday’s report.
To summarize, the current position is a significant short from the $31,000 region and a long from the $25,900 region. This is what he expects to see for Bitcoin next. According to his chart analysis, he reveals that Bitcoin has finally broken above the EMA50 daily, as anticipated last Thursday.
Following this breakout, BTC retraced to retest the EMA50 daily, validating the earlier predictions. Next, he says there exists a liquidity pool around the $27,600 range, and it is highly probable that market makers will target this liquidity pool in the near future to maximize gains.
Consequently, TP2 (Take Profit 2) is set within this liquidity pool for the long position initiated at the $25,900 region. The final TP order is placed at the $28,000 range, depending on market conditions.
Up Next for Bitcoin (BTC)
Detailed updates regarding these targets will be provided in the forthcoming Sunday report, with a deeper exploration of psychological zones of greed and euphoria. He goes on to remark how important it is for him to emphasize that his analysis remains unbiased and rooted solely in chart data and psychology.
Meanwhile, regarding the liquidity pool established in the $25,800 to $26,000 region, it’s worth noting that last week, Bitcoin was longed within this range. Presently, there is a slight concern due to the proximity of the liquidity pool to our long region. If the market revisits our entry point, additional long positions will be added to capitalize on this signal.
However, he adds that this is contingent on the $27,700 liquidity pool remaining untouched. If Bitcoin touches $27,700 before retracing to $25,800 – $26,000, additional long positions in that range will not be advisable.
Both the short position initiated at $31,000 and the long position from $25,900 are currently yielding substantial profits. Still, he advises caution to navigate market volatility, especially given the potential for false ‘bull’ sentiment related to ETFs.
He concludes by saying that it is crucial to stay informed about market dynamics and reminds his audience that the true bull market is expected after the 2024 halving event.
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The post Popular Bitcoin Analyst Discusses What Lies Ahead for BTC appeared first on Crypto News Land.
