Bitcoin Price Exceeds $108,000 as Analyst Foresees Rise to $150,000
The Bitcoin price has risen above $108,000 but struggles with resistance at $111,800, creating market uncertainty.
Analyst Predicts Major Upswing
Crypto analyst Doctor Profit identifies two scenarios for Bitcoin's price movement:
- Potential rise to $120,000–$150,000 in coming months due to favorable market conditions.
- Short-term volatility with possible dips to $90,000–$93,000 that could serve as accumulation opportunities.
Doctor Profit emphasizes the importance of current market dynamics, suggesting that strong on-chain activity and macroeconomic factors support a breakout. He forecasts short-term fluctuations will persist.
Two Scenarios For The Bitcoin Price
The first scenario includes a bullish breakout past the $113,000 resistance level, though this is seen as simplistic.
The second, more likely scenario, suggests a potential rejection at the bull flag breakout or a liquidity grab at $113,000, leading to a revisit of lower levels.
Doctor Profit views a drop to $93,000 as an opportunity rather than a bearish signal, marking it as a chance to accumulate more Bitcoin.
He highlights ongoing accumulation by larger wallets and macroeconomic indicators, particularly the M2 money supply, indicating Bitcoin remains undervalued.
Bitcoin has traded within its current range for 226 days, reflecting patterns seen before major price breakouts. Overall, expectations remain for Bitcoin to reach between $120,000 and $150,000, with significant dips providing accumulation opportunities.
