Bitcoin Price Declines to $104,000 Amid Market Fluctuations
Crypto analyst Doctor Profit, known for accurate Bitcoin predictions, forecasts potential upward movement following a recent all-time high of over $111,000. He highlights the significance of the Golden Cross formation on the weekly chart, indicating a historical pattern that typically precedes multi-month rallies.
Key Points
- Doctor Profit identifies the Golden Cross as a macro-level signal with historic accuracy.
- This pattern suggests that the current Bitcoin bull run may continue despite recent price corrections.
- A bearish divergence appeared on the weekly chart, but the analyst considers it lagging and not indicative of an imminent downturn.
- Profit-taking by short-term holders is contributing to the current price drawdown.
- Long-term holders remain stable, and BlackRock's outflows are low, signaling ongoing bullish sentiment.
- Bullish formations include a Cup and Handle pattern with a breakout zone between $113,000 and $115,000.
- Bitcoin is trading above major moving averages, supporting a bullish trend.
- The MACD line crossing above the signal line indicates strong momentum for bulls.
